Every month or so, another list pops up on the Internet offering tips to entrepreneurs on how to better sell their start-up.
June is, of course, no different.
Hedge fund manager/author/entrepreneur James Altucher has submitted a list on this very topic to the Washington Post. While it's filled with some that could use some more elaboration ("Most important: don't fail") on the whole it's rather useful.
For example, Altucher tells an anecdote of learning about the 20:6:3:1 rule from a broker friend of his:
Call 20 companies in the space. We identified 20 private equity firms, public companies, private rollups, and ancillary companies all interested in owning a mental health facility.
Out of that the ratio worked like magic. We got 6 follow-up meetings. Then three serious meetings, all of which led to offers. Then we took the highest offer (it was double the other offers) and sold the business for $41.5 million.
Others are more common sense, like to just keep your mouth shut after the acquisition has gone through and to keep growing your business -- not just stopping your organization after you've struck paydirt.
Read Altucher's full list at the Washington Post.