Get Your Business Ready for Sale in Five Steps

The Deal Board

Andy and Jessica welcome you to another episode of The Deal Board Podcast, and today, they are talking about Jessica’s article in Inc. written by Minda Zetlin and titled Selling Your Business? These 5 Simple Changes Can Boost Your Price 50 Percent Some 80 percent of owners can't sell their businesses at any price. But you can flip those odds in your favor.

In today’s episode, they dive deep into the five necessary steps to get your business ready for sale and even significantly increase its value. Joining them is John Arnold, a renowned business coach who shares valuable information for entrepreneurs who struggle with letting their company go.

Key takeaways:

[1:37] Most businesses don’t sell and Jessica explains why.

[2:17] Get ready to sell your business: Step 1: Clean up your financial record.

[8:25] Step 2: Make the business less about you.

[13:35] Step 3: Review your contracts.

[17:43] Step 4: Create an owner’s manual for your company.

[21:16] Step 5: Take care of your business’ reputation (especially online).

[25:42] Jessica talks about the one key that has to happen in order to implement the change: Do the work.

[27:26] John Arnold (business coach) shares the stressors he sees currently.

[30:45] How does John help business owners go over the “paralysis by analysis”?

[33:20] John explains how he helps his clients to let go.

[35:22] John speaks about the importance of getting to know his clients personally.

[37:01] John speaks about his work helping leaders become more effective in their organizations.

[40:22] Does John have to adapt his style for each client or organization?

[43:48] John highlights the importance of entrepreneurs getting used to feeling uncomfortable.

[46:50] Listing of the week: Mark Keane (Boston) is selling a commercial landscaping company dedicated also to snow plowing that has been in business for seven years; listed at $985,000, its SDE is around $350,000 per year.

[49:40] Deal of the week: Aaron Fox (Boston) assisted three hair stylists to buy the salon that they were working for from the retiring owner. Full SBA financed deal. Sold for $250,000.

[50:59] Listing of the week: Marc Lazarus (New Jersey) is selling a great pizza place whose income is $60,000 weekly (over $3 million per year); the store is split in two, with dining and pizza areas. They are doing better numbers than they did pre-COVID-19. Listing Price: $2 million. Approved to be SBA financed.

Mentioned in this Episode:

The Deal Board Podcast

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United Franchise Group

Transworld Business Advisors

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Call us — at [phone]

Email us [e-mail]

The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It, by Michael E. Gerber

Call John Arnold at [phone] or email [e-mail]

Email Mark Keane at [e-mail]

Call Aaron Fox at [phone] or email [e-mail]

Email Marc Lazarus at [e-mail] or call [phone]

Tweetables:

“As entrepreneurs, we all want freedom and we want money, that is why we have created our businesses.” #thedealboard #transworldbusinessadvisors #sellingyourbusiness

“Owner-absentee-run business can dramatically increase the value of a business.” #thedealboard #transworldbusinessadvisors #sellingyourbusiness

“Business owners and leaders are experiencing stress that they have never felt before.” #thedealboard #transworldbusinessadvisors #sellingyourbusiness

“Business leaders often struggle to let go.” #thedealboard #transworldbusinessadvisors #sellingyourbusiness

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