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Three critical 2022 resolutions for exit minded operators

Three critical 2022 resolutions for exit minded operators

That recent Pacific tsunami isn’t the only one we will see this year. Based on incoming operator calls, a tsunami of baby boomers selling their businesses is coming. For the exit minded, it is time to act on three critical 2022 business resolutions.

Critical 2022 Resolution #1 – Get your team together

What I tell operators who are thinking about selling is that the process of selling your company properly takes time and it is critically important to start early. You need to get your team together. There are three important elements to building a team.

1 - You need to consult with a financial planner. Will you be in a position to retire or move on to the next chapter of your life? Will you need to continue working, possibly for the buyer?

2 – Talk to a CPA or a tax expert. Find out early on just how much of a bite Uncle Sam is going to take from your proceeds.

3 – Get a contract attorney on your team. It does not need to be a high-powered legal specialist, because these sales contracts are not particularly complicated. Ideally, you will have an attorney on board with extensive M&A experience.

4 – Of course, you need a sell side broker to manage the deal for you. Leading operators choose VBB Advisors, the industry’s #1 M&A specialist. I’m ready to work for you – finding multiple buyers and delivering the best possible deal – one that maximizes return on what will be the most important deal of your business career.

There is definitely an advantage to getting the right team in place and engaged early on.

Critical 2022 Resolution #2 – Get a business valuation based on your own financials

How can you negotiate with somebody if you don't know what your business is worth? As I tell operators every day, we don't necessarily need to share this valuation with the buyer, but we need to know the true valuation of your business.

Powerful Financial Software

At VBB Advisors, we use two sets of powerful financial software to prepare your business valuation. This high caliber software is used by private equity firms to generate valuation based on cash flow, assets and market multiples.

Additional valuation based on industry trends and deals

Once we utilize the software, VBB Advisors uses industry data, considering the deals that have been made in the industry over the past 24 months. Let’s say you have a $3 million dollar operation, with a specific business mix of OCS, vending, micro markets and/or foodservice. I pull industry data that answers the question - What did that type of operation sell for in Texas, Florida, Los Angeles, New York, or wherever your company operates? Previous sales history needs to be considered when you are determining the value of your company.

With our software and industry data, VBB Advisors takes the business valuation process to another level for operators. You will be in a position to sell your company with confidence, backed by a sophisticated process.

Critical 2022 Resolution #3 – Get your house in order

“Getting your house in order” encompasses several factors.

  • Gather all of your equipment related leases and finance agreements

  • Organize your location contracts

  • Check on vehicle leases

One thing that is often overlooked: Are there any liens on your business? This doesn’t mean that you actually owe a debt, but often, liens that should have been released were never properly taken care of by a supplier, financial institution or government entity. Run a lien search and get liens released before the buyer runs their search.

Some operators tell me that they have never worked harder on organizational matters than they did during the last 60 days before the close of the sale. There is no reason to wait that long – start the process early.

Our Philosophy at VBB Advisors

“No matter what is going on with the economy or the world, it is time to sell your business if you are ready and we can make the right deal, a deal that makes sense for you, your family and your company.”

My philosophy is driven by the fact that I do not represent buyers. I represent sellers. Operators just like you. Please consider what that means for you. I am not interested in just making a deal. I will not be jockeying from one side of the table to the other. I do not subscribe to the idea that a deal requires both sides to feel a little pain. As the seller – you know what you need to receive to move on, to retire, to go in a different direction – comfortably.

We never lose sight of the fact that there is more than one buyer out there for your business. This is a defining characteristic of a “sell side broker.”

That is why I offer free resources like the 2021 Exit Strategy Planner. I want you to have your eyes wide open when you consider whether it is time to sell your business.


Buyers come to me because they know that I serve sellers who have thoroughly and thoughtfully considered their exit strategy with my help. That is the type of seller that you want to be – a seller who has their ducks in order, has taken steps to make their business as attractive as possible and a seller who values their employees enough to make a deal that everyone will feel good about.

Take that critical first step. That is often the toughest one to take.

Order my free 2021 Exit Strategy Planner. At the very least, it will provoke some thought, and this is a good time to think about your future.

Why make VBB Advisors a part of your team?

There are at least three very good reasons to talk to me about being a part of your team for this important chapter of your business journey.

  1. Experience – I have done more significant deals than any other business broker in our industry.

  2. Access to buyers – Throughout the pandemic, I have been in ongoing discussions with potential buyers, from both inside and outside the industry.

  3. We are a sell side broker – We only represent the seller. Everything we do is on behalf of the seller.

Whatever your reasons are to sell your company - the timing, the current frustration, the desire to enjoy life or an interest in rewarding yourself for years of hard work – VBB Advisors can help you realize your goals.

I am Mike Kelner, the leading sell side intermediary in the convenience services industry. Contact me for a confidential conversation and to explore the possibilities.

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