Get Ready to Sell or Buy a Business

Transcript

Andy and Jessica welcome you to another episode of The Deal Board. Today you will hear two great interviews with special entrepreneurial characters who share their business’ stories, Devin Miller from IP Law and Ray Skaug from Rainier Business Intelligence. You will also hear about extremely helpful services for business owners that are either ready to sell or buy a business. You already know the importance of keeping neat books and records, but you don’t have to do all this work by yourself! In today’s episode, you will hear from one of the companies that can assist you in getting your business’s financial story ready for a great deal.

Listings of the week: Chip Redmond (Central Florida) sells an e-business focused on the automotive aftermarket selling performance and racing parts. Asking price: $290,000. SDE: $30,000 but there is $225,000 in inventory; these products have a 70% margin which makes it an amazing business. Email Chip at [email protected] call (321) 299-6867.

Key Takeaways

Key takeaways:

[5:29] Devin Miller, IP Law.

[5:53] Devin shares how he got started in his career as a lawyer.

[8:37] Devin talks about how he helps his clients.

[12:10] Devin talks about other businesses he was involved in.

[16:00] Devin extends his advice to people interested in starting or buying a business.

[19:28] Deal of the week: Diane Hartz Warsoff (Utah County) sold a hamburger franchise that successfully pivoted during COVID-19. The buyer was relocating to Utah in March and had a background in the fast-food industry and wanted to join a new business with a couple of partners. Sold at $299,000. SDE: $100,000 per year.

[23:43] Raymond Skaug from Rainier Business Intelligence.

[24:45] Ray talks about his background and how he got involved in Rainier.

[30:01] Businesses that have their financial information to share at the moment of selling will sell for more money.

[31:05] The number one reason businesses won’t get third-party financing is because of the lack of good books and records.

[38:52] Listing of the week: Chip Redmond (Central Florida) sells an e-business focused on the automotive aftermarket selling performance and racing parts. Asking price: $290,000. SDE: $30,000 but there is $225,000 in inventory.

Mentioned in this Episode:

The Deal Board Podcast

United Franchise Group

Transworld Business Advisors

Transworld on Linkedin

Transworld on Facebook

Call us — (888) 711-9018

Email us [email protected]

Free Strategy Meeting

IPlaw

Meet Devin

Call Diane Hartz Warsoff (01) 694-4844 or email [email protected]

Call Ray Skaug at (614) 270-0609 or email [email protected]

Rainier Business Intelligence

Email Chip Redmond at [email protected] or call (321) 299-6867

Mentioned in This Episode

• The Deal Board Podcast
• Transworld Business Advisors
• Transworld on LinkedIn
• Transworld on Facebook
• United Franchise Group
• The Deal Board on YouTube