10 Mistakes to Avoid When Selling a Business: Part 2

Transcript

Andy and JT welcome you to another episode of The Deal Board Podcast. This week, they bring you Part 2 of a conversation about the top 10 things you want to avoid when putting your business on the market. We start by recapping the first five points from the previous episode before diving into the next five. Starting with unpacking how to sell off old inventory, we discuss what it might look like to get it to a workable level. Next, we remind you just how important it is to take home the money, and describe what it means to be a positive seller. Finally, you’ll hear our take on getting your business in the box. Join us today for all this and more!

Listing of the Week:
Don Bray, from Transworld Buffalo, is selling a medium-sized daycare center with real estate in the suburbs of Buffalo. It is currently listed with seven offers, and it has just sold for 1.275 million. If you are looking to sell a daycare, reach out to Don on (716) 395-1430 or send him an email on [email protected].

Deal of the Week:
Justin Pines, based DC, Annapolis & Baltimore North, sold a virtual events and experiences business in just 65 days. It was sold to a business that was acquiring other event companies and adjacent companies who made an offer that beat the others. For more information, find Justin Pines on LinkedIn, call him on (610) 457-7110 or email him at [email protected].

#thedealboard #transworldbusinessadvisors #realestate #commercial

Quotes:

“You have to walk around, and you have to decide what’s personal to you and what really doesn’t matter to the business [when selling].” — JT Tatem [0:05:54]

“You have to get your business to the point where it makes financial sense to buy it.” — JT Tatem [0:11:47]

“You don’t want to go to the market if the price is too low and leave money on the table, that doesn’t make sense for anybody, and you don’t want to go to market with a price that’s too high and you don’t get buyers to call or you don’t get deals done.” — Andrew Cagnetta [0:13:18]

Key Takeaways

[00:53] A recap of the key points in the first episode of this two-part series.

[01:45] Why it’s important to sell off old inventory or get it to a workable level.

[05:28] Taking home the money.

[07:39] Choosing to be a positive seller.

[10:01] Getting your business in the box.

[17:55] Deal of the Week: Justin Pines, based in DC, Baltimore North, Indianapolis, sold a virtual events and experiences business in just 65 days.

[20:54] Listing of the Week: Don Bray, from Transworld Buffalo, is selling a medium-sized daycare center with real estate in the suburbs of Buffalo.