{"id":2487,"date":"2025-06-30T09:00:00","date_gmt":"2025-06-30T09:00:00","guid":{"rendered":"https:\/\/stepstonecf.com\/wp\/testimonial-1\/"},"modified":"2026-09-30T14:01:22","modified_gmt":"2026-09-30T14:01:22","slug":"testimonial-1","status":"publish","type":"post","link":"https:\/\/stepstonecf.com\/en\/testimonial-1\/","title":{"rendered":"Selling your business? Here\u2019s what you need to know."},"content":{"rendered":"\t\t
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Imagine you want to sell your business. Or you\u2019re considering joining forces with another staffing company. What should you know before entering into discussions? Jurgen van Dijk of M&A firm Stepstone Corporate Finance+ shares five tips. <\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Do acquisitions actually create value? Or is selling a business simply value destruction? \u201cNo, that\u2019s nonsense,\u201d says Jurgen van Dijk. \u201cThose conclusions come from studies based on public financial data, mainly derived from deals between listed companies. Those companies are run by managers, not by an owner-entrepreneur making decisions with their own capital. Ego plays a much smaller role, and so-called \u2018herding\u2019\u2014where CEOs of large companies copy each other in high-profile acquisitions\u2014does not occur in the SME context.\u201d According to Van Dijk, a successful deal depends on a well-prepared and well-timed sale. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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1. Take your time<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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That\u2019s the first tip: allow sufficient time to prepare for a potential sale of your business. For example, if you plan to exit in six years and selling to private equity is an option, you should start today, says Van Dijk. \u201cPrivate equity firms that see your company as a platform for further acquisitions typically require you to remain involved for around five years as CEO and minority shareholder. This can be financially very attractive.\u201d <\/p>\n

You should also time your exit with economic cycles: during a recession your business is worth less, and potential buyers are often focused on other priorities. \u201cThis also applies to private equity. Especially in the first year of a recession, they are inward-focused: most of their time goes into stabilizing their existing portfolio. Only after about a year do they start looking for new investments again. Buyers have then fully priced in the new reality, while sellers may still be anchored to valuations from the previous boom. That gap only closes later.\u201d <\/p>\n

Finally, a sale process typically takes seven to nine months. Acquisition processes often take longer, as it is rare for a party to be immediately open to selling. <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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2. Price is not the same as valuation<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Don\u2019t focus too much on a valuation report: it has limited value, although it can provide useful insights into the key drivers of your company\u2019s value. \u201cUltimately, as a shareholder, you care about the price. Value and price can differ significantly. A professionally run sale process will lead to the optimal price, which may even exceed the valuation.\u201d <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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\u201cDon\u2019t be overly influenced by multiples supposedly paid for other companies in your sector.\u201d<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Also realize that historical results are of little importance to the company\u2019s value. \u201cAnd don\u2019t be overly influenced by multiples supposedly paid for other companies in your sector. In our experience, there is a lot of noise, and every company is unique.\u201d <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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3. Get the right advice<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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A professional and independent advisory firm is invaluable. But make sure it\u2019s the right fit for you. \u201cA common mistake, driven by greed, is choosing the advisor who promises the highest price. That advisor is not the buyer and won\u2019t make up the difference for you.\u201d It is better to engage a firm with experience in your sector. If you expect interest from international buyers, it\u2019s important that your advisor has an international track record. <\/p>\n

An advisor not only helps secure a better deal but also takes much of the workload off your shoulders, allowing you to stay focused on your business. And that is crucial, says Van Dijk. \u201cRemember that in the year you sell, your revenue and profit figures are under close scrutiny. Every additional \u20ac100,000 in operating profit can translate into \u20ac700,000 in value at a multiple of 7.\u201d <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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\u201cRemember that in the year you sell, your revenue and profit figures are under close scrutiny.\u201d<\/p>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Your accountant may seem like the first point of contact, but Van Dijk advises against relying on them for M&A advice. \u201cM&A advisory and accountancy are different disciplines. Accountants focus on historical accounting profits, while good M&A advisors focus on future cash generation. That said, your accountant can add value as a trusted member of the project team.\u201d <\/p>\n

It is, however, essential to engage a good and specialized M&A lawyer. \u201cA top-tier law firm is often not necessary; a strong alternative is an M&A boutique founded by professionals with experience at large firms. You often receive more attention and more competitive pricing.\u201d <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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4. Create a realistic forecast<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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An ambitious yet realistic forecast is crucial during the process. Spend sufficient time on this with your advisor, as it can directly impact the outcome: \u201cDuring the process, buyers expect monthly \u2018current trading updates.\u2019 Beating your forecast fuels the deal, while underperformance can seriously damage trust.\u201d <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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5. Step back<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Potential buyers are wary of companies that are highly dependent on the owner. \u201cThis is a common challenge. If you plan to step away after the sale, it is advisable to take a significant step back at least a year in advance and give your management team more responsibility. This is especially important for private equity buyers.\u201d <\/p>\n

Don\u2019t keep your plans to yourself. Inform your management team early. Reward them appropriately for their role in the process. \u201cIt is common to link incentives to both the successful completion of the transaction and the retention of key personnel after the deal. This also reassures the buyer that the management team will remain in place for at least two years post-transaction.\u201d <\/p>\n

With these tips, your chances of success are significantly higher, Van Dijk concludes. \u201cAnd even higher if you engage a specialist. Our track record shows that a well-prepared and well-timed sale has a success rate of over 95%. And remember: our fee model is fully aligned with our clients\u2019 interests. If we don\u2019t achieve a successful deal, it hurts us too.\u201d <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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This article was recently featured on fleXmarkt.nl.<\/a><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t

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