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12 Fatal Mistakes While Selling Your Business
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Transcript
There are different experiences that sellers have when selling their business; Jessica and Andrew have seen 12 serious mistakes that can be made in this process and they address how to prevent them. Selling a business is not easy and having a great team, including a lawyer, an accountant, and a great intermediary are vital to assure a successful deal. There is a lot that great entrepreneurs don’t know since they might build a profitable business but yet haven’t been in the process of exiting. This great episode provides the tools to get prepared and avoid mistakes others have made.
Listing of the week: Chris Mitchell (Atlanta NorthWest). Med Spa. Beautiful office in a great part of town. Business owned for eight years and owners are ready to retire. Price: $130,000. Generating $75,000 per year. Owners can stay for up to one year to help new owners. Email Chris Mitchell [email protected] or call 404-600-1205.
Key Takeaways
[2:10] 1. Failure to maintain confidentiality
[2:48] 2. Failure to continue to run your business.
[4:05] 3. Don’t try to negotiate on your own behalf.
[5:25] 4. Failure to secure qualified buyers.
[6:48] 5. Failure to move the deal along.
[7:50] 6. Failure to place a proper value on your business.
[9:35] 7. Failure to properly structure the deal.
[10:49] 8. Failure to prepare properly for due diligence.
[12:11] 9. Failure to market the sale.
[13:35] 10. Failure to seek the right professional assistance.
[16:50] 11. Failure to properly package your business.
[18:51] 12. Failure to control the deal.
[22:56] Deal of the week: Chris Mitchell (Atlanta NorthWest). Roofing company. Eight months listing. Buyer: Investment Group. Sold for $475,000, 1.8 multiple.
[25:47] Listing of the week: Chris Mitchell (Atlanta NorthWest). Med Spa. Beautiful office in a great part of town. Business owned for eight years and owners are ready to retire. Price: $130,000. Generating $75,000 per year.
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