They had excellent employees and interesting clients who where paying them well. The insight Peter had about missing too much of his son's childhood was like cold water in the face. It woke Peter up to the fact that he had built a business that would probably be of interest to others. As Peter said, at the time they wanted to sell, the company had a, "forward momentum."

Topic for discussion: How do we know that Peter was right?

Answer: From a blind ad in the Wall Street Journal he received 72 inquiries! Peter didn't have one or two potential buyers; he had 72 people who saw the small ad and who took time to write a letter to a PO box at the Wall Street Journal. The entire process was kept secret from employees so Peter was careful to hone down the list so that there would not be dozens of strangers tromping through the business.

Topic for discussion: Why was the process a secret to all but the five-member transition team?

Answer: They were selling an ad agency. Ad agencies, more often than not, are privy to their client's proprietary information. In fact, the team at an agency is almost treated like employees by the client. The relationship, therefore, is complex and sensitive. If you think of it like a marriage, the sale of the business could feel like the founder is divorcing his or her clients. Peter was wise to manage the selling process closely so that both employees and clients were not disrupted.

You think about it: Peter's team for selling the business included his partner, his CFO, his accountant and his attorney. Who will be on your team if and when you sell your business?