Part of building to sell is knowing who you are going to sell to. If you don't start thinking about your potential buyers list early, you may end up growing an entire appendage of your business that an acquirer will neither want nor value. Take Northern Lights as an example: Michael Glauser started Northern Lights to offer low-fat frozen yogurt through a growing wholesale distribution network of stores selling his desserts. At the same time, he built up a network of 60 company-owned stores under the Golden Spoon brand. The company-owned stores were expensive to start and complicated to manage. Glauser went on to sell Northern Lights to Cool Brands International for five times net income. Cool Brands turned around and immediately sold or shut down the 60 company-owned stores because they wanted Northern Lights' wholesale distribution channel – not a bunch of expensive retail stores. During our interview, I couldn't help but wonder how much more Glauser and his shareholders would have gotten for their company had Glauser figured out what a buyer would value and then invested all of his limited resources into building his brand and its wholesale distribution channel from the start.

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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