Steve McLean’s top 4 tips for selling your business

If you read our recent profile piece on Exit Partner Steve McLean, you’ll know how important collaboration is to him. Especially when you’re looking to exit your business.

Having worked in the arts sector for many years, Steve is hugely experienced in collaborating with highly motivated companies and individuals to create masterpieces. He is a firm believer in buyers and sellers working in tandem to achieve the best possible outcome for both parties.

To help you exit your business and reach the optimal outcome for you and your firm, here are four of Steve’s top tips.

1. Look deep below the surface

When you’re selling your firm, Steve’s an advocate of taking a long hard look at yourself and what you want from the sale.

He says: “Firstly, it’s so important that you go as deep as you can. If you only look on a surface level, there will be so much you’ll miss.

“Look deeply at yourself, your firm, and the buyer. Put yourself in the buyer’s shoes and work collaboratively to reach your joint goals.

“Make sure you truly understand why you’re selling. For example, what do you want to do after you’ve exited your business? It’s really important that you have some clarity for what is next.”

2. Collaborate effectively with the buyer

During the sales process, it’s important that both the seller and the buyer work in tandem to ensure the best possible outcome for both parties.

Steve says: “It’s vital that you collaborate effectively. Both parties must try and meet in the middle.

“As a seller, it’s also crucial to remember that the process doesn’t usually end when you’ve sold the firm.

“You may be working alongside the buyer for a while, so it’s important to have an open mind.”

3. “Listen to the idiot”

Back in the 12th century, court jesters were incredibly popular in medieval England. While their primary role was to entertain the king or queen and be made a fool of, they were also able to tell truths in ways nobody else could.

Steve believes that even the most ludicrous suggestions and opinions are worth listening to, especially when you’re looking to exit your firm.

He says: “Listen to the idiot! In the old court, there was always a jester. They could be made a fool of, but they would make a fool of others, too.

“However, the jester was allowed to tell the truth to the king in a way that others couldn’t, without the fear of losing their head.

“Somebody may come to you with the most ludicrous point of view, but it’s still worth listening to them. There may be truth in what they are saying and if you listen and adapt, you could change everyone’s fortunes.”

4. Trust the process

Even with the support of experienced exit strategists, the exit process can often take months to complete. However, Steve is a firm believer that the process is often more important than the outcome.

He says: “Make sure you understand the process and use it to further your personal growth. Doing so can lead to a better outcome.

“By understanding and trusting the process, you might find it easier to choose not to sell to a particular party, and truly know why you’ve come to that decision.”

Get in touch

So, if you’re looking to sell your financial advice firm and want the support of experienced professionals throughout the process, speak to Melo.

We’ll work closely with you from start to finish, from concept of sale right through to completion. Even once the sale is complete, we’ll act as a support network to help you adjust to what’s next in your life after exiting.

Email hello@melo.co.uk or call 0113 4656 111.