So, you’re ready to sell your company – and if you did your homework, you don’t have any prior engagements holding you back. Where do you start?

Back in May, we introduced you to the three phases of selling your company: development, marketing and closing. Given that it was the height of wedding season, a marriage analogy seemed appropriate. We’ve decided to take that comparison and run with it: Our next few posts will devote an in-depth discussion to each phase. For purposes of this mini-series, feel free to think of us as your FourBridges Relationship Advisors. (If this goes well, we’ll consider adding “Bridge to Marriage” to our list of services.)

In a previous post, we likened the process of selling a company to courtship. When things go well, the parties in question unite in marriage – the company sells, the deal closes.

But those of us who have made an appearance on the dating scene – or have yet to escape it — know that things don’t always go well. One minute, you’re on the fast-track to wedded bliss; the next, you’re tearing up photographs and listening to “One is the Loneliest Number” on repeat. (Maybe that’s just us.)

In Shakespeare’s Henry VI trilogy, Dick the Butcher proclaimed "The first thing we do, let's kill all the lawyers" (depicted above seizing the Clerk of Chatham),

….but the professionals at FourBridges disagree with Dick, particularly when it comes to eliminating experienced M&A attorneys (at least the ones who agree with our clients).

If you’ve seen, heard, or read anything about the economy recently, chances are you’ve heard the alliterative expression that strikes fear in the heart of businesses…“double dip.”

We cornered former FourBridges client Jeff Johnson to see if he had anything good to say about working with us...

Recently, FourBridges co-hosted a panel discussion with private equity fund River Associates and law firm Miller & Martin discussing options for business owners to partner with private equity.

With the CIM in our back pocket, it’s time to take the owner out on the town for the “dating” phase. We first present an anonymous snapshot of our client, known as a “Teaser,” to interested suitors. Those that demonstrate serious interest and execute a Confidentiality Agreement will receive the Confidential Information Memorandum, which reveals the company’s identity and details about its history, operations, management, financials, etc (buyers still don’t get to meet our client, though).

Soon we will ask buyers to get more serious and submit an Indication of Interest (IOI). This is non-binding, non-exclusive and includes price, deal structure, and a few key terms. We select the top candidates and finally allow the buyers and seller to “mingle” during management visits. The relationship eventually becomes exclusive when the seller selects “the one” and we negotiate a Letter of Intent, which when signed is like the “engagement.”

With closing (“the marriage”) as the final step, other parties such as attorneys and accountants get involved to facilitate due diligence and ensure everything is in order. If all goes to plan, the transaction closes and the celebration begins. There is a Motown band, a cake, champagne, dancing, and the occasional inappropriate toast. Okay, we made up some of that; but we have seen inappropriate toasts before. And dancing. And champagne. And cake. Okay, they really are pretty similar…

As an investment bank with a Facebook page, YouTube page, LinkedIn page, and even a Twitter account, we are probably considered something of an anomaly amongst our peers. And so I guess we’re about to get a little more anomalous (we checked - it’s a word) as today marks the introduction of the newest weapon in our social media arsenal – a blog.

You’re probably asking yourself: “Why is FourBridges Capital bothering with social media? Isn’t that stuff for celebrities, teens, and brand managers at Coke?” Good question. And believe us – as finance guys, we were skeptical ourselves. However, given the “black box” nature of the mergers and acquisitions business, we decided that social media can be used to bring clarity and understanding where obscurity and complexity often prevail.

So we hope that you might find some interesting insights here that can be helpful to you, your client, your friends, etc. And if not, it’s still fun for us to periodically purge our brains onto the page.

So we hope you enjoy the blog. If you have feedback, questions, comments, concerns – give us a shout (423.266.7490) or e-mail us ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it ) and tell us what’s on your mind.