When I was a kid, my hockey coach used to harangue us to keep our sticks down. “Stick down” meant being prepared at all times. You never knew when you’d have a chance to intercept, or if a teammate might see an opening and pass to you. You couldn’t control the situation if your stick was up off the ice. You couldn’t act on opportunities.

When it comes to opportunities in the buy-sell arena, we’ve talked about being prepared so you can take action and avoid pitfalls. As far as pitfalls, we don’t see labels and specialty converting falling out of favor with buyers, but there are uncertainties we can’t control that will definitely affect us in the next 24 months. Since profitability is critically tied to asking price, we tell clients to weigh the factors of selling now versus trying to grow or hold steady.

What are the benefits of selling now versus holding? Economic conditions are favorable. All types of buyers are interested in our sector. Private equity and large buyers are eager to access new markets and expand geographic strengths. For smaller sellers, strategic buyers appear to be willing to put money into the game and be patient for results. This can help private sellers who’ve had a rough couple of years during Covid. In fact, we’re seeing some EBITDA calculations that give more weight to pre-Covid numbers.

However, don’t expect to receive that courtesy if you’re being courted by a buyer who is bound by a regulated process. Even in CEO-to-CEO transactions, you’ll be expected to show strong uptrends in profit this year. Buyers want to see that you’ve modified operations to deal with Covid, as well as rising fuel prices, issues with staffing, emerging supply chain issues, and so forth.

All these external factors indicate it’s an ideal time to move forward with selling, if you have been considering it.

What about internal factors, those within your own business or your family? From the “stick down” perspective, it’s vital to be prepared for common issues and anticipate new ones that are cropping up.

Start with your succession or exit program. Planning this early will help you deal with these new issues. For example, something we’re seeing right now is non-owner family members who aren’t sure they want to return to work. Family members who are employed in the business may be dealing with childcare issues, their own health, or caring for a loved one.

The hassle and costs of commuting to work may not be worth it anymore. I’ve had many owners tell me their family members have not committed to returning to work permanently. We’re not out of the woods. Issues like these are putting owners in a wait-and-see mode.

To sell a business in today’s buy-sell arena, you need an advisor who can help you get fully prepared to deal with obstacles and capitalize on opportunities. Here’s what I recommend:

Choose your allies. You’ll need them, especially if supply chain issues continue. Hire trustworthy industry experts to advise you. Invest in current research and data on your market and your specific business. Here at LaManna Consulting Group, we call that an RMA – our proprietary Road Map Assessment – and it’s a key building block in your master plan. Order a business valuation, and we can help you with that. Create a 6-month task list that gives you plenty of options and gets you in the habit of making decisions and taking action.

You’ve got to be ready. We’re two years into Covid, and we’re looking at two more years of disruption. Whether you’re comfortable with it or not, you’ve got to square off and skate with purpose. Heighten your peripheral vision so you can see who’s coming from behind and from the sides. Anticipate obstacles. Get moving.

The moving part especially. Sellers tell us how much they rely on us to get them moving and keep them moving. Taking action seems risky, I know. Owners say to me, “But, Rock – what if?”

• What if my kids aren’t ready or interested in buying the business?
• What if I want to sell to a competitor who won’t pay a fair price?
• What if a buyer wants to radically change things – or wants me to stay on?
• What if the results aren’t worth the pain and the cost to change?

Sometimes owners confide their deeper fears.

• What if my business tanks before I can sell?
• What if I get so sick I can’t run the business?
• What if my spouse divorces me?
• What if my business partner wants out before we can get things market-worthy?
• What if my kids decide to buy the business… and fail?

And the biggie.

• What if I die?

Yes, those are potential scenarios to consider. As you create your 6-month task list and your master plan with your advisor, address each contingency. Incorporate points along the way to measure your progress. Establish a schedule, and keep to a timetable. Take nothing for granted.

Understand what still needs to be taken care of and work to get it done promptly. Being prepared means checking the boxes in every category.

For the seller who is thoroughly prepared, we see possibilities of all types in the buy-sell arena. The opportunities are out there when you have your stick on the ice and the puck in your control.


Rock LaManna is The Deal Flow Guy. He helps qualified buyers and investors find businesses that are ready for acquisition or transition. On the sell side, he helps owners improve their businesses, increase value, and position strategically in anticipation of sale, exit or succession. Sign up for his newsletter at TheDealFlowGuy.com and start the process with a no-obligation discussion of your timeline.