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Selling or buying a business is always a tricky negotiation. Should you go to auction? How do you value the business? How do you protect yourself?
One thing is clear: You can't afford to botch it up. "The key thing here is you have only one time to sell your business. If it's a busted auction or a blown sale, picking up the pieces can be expensive for you as the seller," says M&A specialist John Whorf.
In a talk this spring with participants in HBS Executive Education's Owner/Presidents/Management (OPM) Executive Program, Whorf discussed subjects including stages of negotiation, conflicting agendas, confidentiality agreements, setting value, and benefits of the intermediary.
Whorf established New England Business Exchange in Wellesley, MA with his current partner, Stephen Madden. The company is a mergers and acquisitions firm specializing in assisting buying and selling businesses.
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