Sat in on an online webinar about buying and selling a business. The host was Ross from the Front Range Business Advisors. He did a great job and brought a lot of personal experience and information to the table. Here are some of my notes:

- Why certain deals don't close - what are the deal killers.

- Lots of prep work. He kept coming back to this topic.

- You need to have some written processes in place.

- Key players (person or persons that are critical to the deal and/or success of the business). This is a big deal. The new owners need to see themselves and/or some other person filling that role. What does that look like?

- Flushing out some of the real concerns. Lifting the rug and really showing what is going on. Over disclose and then manage what is needed.

- Communication is a huge key - alignment is needed. Things tend to unwind in silence.

- Owner's emotional attachment to the business. What is your identity and who you are? Are they tied to the business? That can create and cause problems down the road.

- Due diligence and looking for those skeletons in the closet.

- Often a buyer is looking for SOP's (standard operating procedures). You need to make the value of the company transferable.

- Take time and make sure and look at client relationships, operational knowledge, vendor relationships, brand/reputation, and employee loyalty.

- Small discussion on cold feet and a tire-kickers. This could be people who aren't sure, just looking for information, and/or aren't fully committed (yet).

- Confusing between buyer enthusiasm and buyer readiness. There is a difference.

- One of the biggest problems is trying to do renegotiation at the finish line.

- Dealing with emotional pressure, not data. Digging into the feelings of or what's behind the questions?

- Preparation is one of the main keys to really selling a business. Clean the books, reduce the owner dependency, align the advisory team, and prepare seller psychology (ask yourself hard questions).

- Figure on a 2-3 years exit prep (it could be shorter, but it takes time). Balance and look at both data and emotional factors. Make a strategic exit plan.