Small Business School
The Case Study Guide
Small Business School  last update: January 2007  |   view prior episode Small Business School
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find a soulmate
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Overview Transcript Case Study Video
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Sell To Someone Like You

Peter Schenck and Lorraine Miller found buyers who are much like themselves.

Topic for Discussion: How did Peter and Lorraine go about finding their buyers?

Answer: Peter took the anonymous road and Lorraine took the friendship path. Peter wrote an ad (just like an advertising man, right?) and ran it in the Wall Street Journal. He described the type of person he was looking for which was the way he found a person like himself.

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Key Ideas of this episode
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Introduction: Think Now About Later
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1. Walk Away
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2. Give It Away
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3. Sell To Someone Close To You
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4. Sell To Someone Like You
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5. Sell To The Highest Bidder
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6. Sell To Your Employees
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7. Sell Through A Direct Public Offering
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8. Sell Into The Private Equity Capital Market

Lorraine told her banker friend that she wanted to sell and it turned out that she had more than one offer. The person who "won the right" to buy the business told Lorraine that he loves plants and that was the opening of the buy-sell negotiations. Because she was able to sell to a plant lover, Lorraine felt good about the sale. She felt that the employees and customers would be happy because the new boss is in simpatico with the founder.

The big bonus for Peter and Lorraine is they didn't just get money for their businesses; they transferred the business to a person that they felt would keep the business much like they found it.

You think about it: How could you go about finding someone like you to buy the business?

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