We all know how it goes…
If you really want to buy something, you’re going to find a way to buy it.
The same holds true for selling.
If you really want to sell something, you’re going to find a way to sell it.
Valuation slows the process down.
It...
Looking for the best time to sell the bank?
The best advice I know of comes from Aswath Damodaran, professor of Finance at the Stern School of Business at New York University, and his story of the lemmings.
The lemmings became famous, or infamous, when they appeared in a 1958...
Your potential acquirer will be five to seven times your size.
If we can get an idea of the size of a potential acquirer, we can extrapolate an estimate of what the legal lending limit would be for that bank.
That’s good information to consider.
You likely have...
You know your bank better than anybody.
If you had a magic wand you could wave to buy another bank, and the bank would fix all of your bank’s weaknesses, what would the bank look like?
What market(s) would it serve?
What products would it offer?
What would the deposit mix look...
Every bank, every CEO/owner, every bank sale is unique.
Bo Burlingham, author of the 2014 book “Finish Big: How Great Entrepreneurs Exit Their Companies on Top” broke out the process into four stages:
- Stage One: Exploratory
- Stage Two: Strategic
- Stage Three: Execution
- ...
In Part 1, we talked about the fact that you only sell your bank once. And we asked the question “How can you possibly prepare for that?”
We also pointed out that selling a bank isn’t like selling a house.
You can't just put a fresh coat of paint on things, get the...
You only sell the bank once.
How can you possibly prepare for that?
You are already feeling there are too many things to focus on that affect our results today.
You’re also thinking I can’t possibly afford to take time away from today to work on a one-time event that may...
When you bring serious people to the table, you are signaling to your potential buyer pool,
“We are serious.”
Your advisor team, your investment banker, your lawyer, and your accountant.
These are the serious people you are bringing to the table.
When...
Your job as CEO is to make yourself replaceable.
You do that by hiring the right people, who can keep the bank running well, without you.
Don’t get me wrong, you have unique and specialized talents like being a visionary, being adaptable, being a motivator, and being a...
It’s when you’re prepared.
Being prepared allows you to be more confident in your decisions, actions, and communication.
You hear athletes talk about the game “speeding up” and the game “slowing down”.
It speeds up when you’re unprepared and...
Today we’re going to focus on who may be interested in buying your bank.
It sounds elementary, but the more people you have at the top of any sales funnel, the greater likelihood of a sale in the end. More than one potential buyer goes a long way in your efforts to getting a good...
Generally, there are 3 possible ways to go to market with your bank:
- The “one-buyer” approach
- The “one-bid” approach
- The “strategic” approach
Today, I am going to walk you through each of the approaches.
The approach you choose matters and your board...
