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Angels, Dragons and Vultures: How to Tame Your Investors And Not Lose Your Company by Simon Acland

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Achieving a trade sale

So that is the destination. Perhaps not quite as described in the brochures, but how do you get there? Part of it, as I said earlier, is about building a good business. It is very difficult to sell a business which is running out of money. Occasionally you find two potential buyers who are keen enough to bid against each other for an interesting piece of intellectual property. In those circumstances a skillful corporate finance adviser may just be able to create enough competitive tension to achieve a vaguely respectable price. Much more often, though, the potential buyer will simply watch and wait while the cash trickles away until he can buy the business for next to nothing just before it goes bust – or buy the assets, ...

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