Preparing to Sell Your Business—Tomorrow or in 20 Years

June 16th, 2021 by Chris Collier

The 2021 iteration of the International Window Film Conference and Tint Off™ (WFCT) is in the books. From June 7-9, the Orlando County Convention Center served as a hub of education, exhibition and engagement. The show may be over, but industry professionals will carry gained knowledge, insight and wisdom into the future. During Preparing to Sell Your Business—Tomorrow or in 20 Years, Matt Darienzo, CEO of Solar Art, Laguna Hills, Calif., and Ed Golda, 2014 Window Film Hall of Fame inductee, shared insight that’s sure to resonate and reverberate in film shops everywhere.

“Everyone has to have an exit-plan or an end-goal for their business and where they want it to go,” Darienzo said. “It’s important that, even if you want to give it to another generation, it’s good to always prepare for these things that come up in the future.”

Darienzo and Golda outlined 15 things that business owners should keep in mind for when they sell their business—whether tomorrow or 20 years down the road.

“People are the variable in whether businesses are successful or not—it all comes down to the people,” Darienzo said. “When you’re selling a business, if you have key employees and can use that as a selling point to the person that’s buying and say, ‘I have this person, they’re an all-star and they’re going to be able to run this department.’ That’s really valuable to a buyer if you have good, solid employees. If your employees are wishy-washy, then it’s liability.”

Golda said that prospective buyers aren’t far—in fact, they could be right down the hall.

“I ended up selling my business to my in-house accountant,” Golda said. “[It was] somebody who knew my books backwards and forwards—they kept them for me. That person knew exactly what the company was worth. When we were trying to come up with a number to assess what the actual company is, it was a lot easier.”

Golda said that networking events like WFCT provide rich opportunities for valuable relationship building.

“Come to events like this—network with people,” Golda said. “That relationship that you establish early on might end up being fruitful. That might be an avenue for when you’re ready to get out. . . . The worst thing you can do is put in X amount of years and not reap any reward. Your end becomes just discontinuing the phones, wrapping it up and walking away. There’s no reason to—there’s a lot of value in the window film industry.”

This article is from Focus on Film, the weekly e-newsletter that covers the latest news regarding window film and related products, including paint protection film. Click HERE to sign up—there is no charge. Interested in a deeper dive? Free subscriptions to Window Film magazine in print or digital format are available. Subscribe at no charge HERE.

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