When Is It Time to Sell?

Transcript

This is a special episode since it is the first video podcast, join The Deal Board Youtube Channel.

This episode is about a question that people usually ask: “When is a good time to sell?” Even though it is a personal preference, there are specific times when the most convenient thing is to really consider selling; your ship is coming in and it is time to go!

Andy and Jessica welcome the experts to give their input on this matter — two great business sellers, Nathan Willis and Allie Allman, who will share relevant information about their transactions, as well as negative and positive scenarios that they both had to go through during the selling process and Michael Altshuler, who started in the entrepreneurial world owning a family copy business and after decades of growth received an offer that could not be refused.

Listen to this episode for very valuable advice to get your business ready to be sold and to make it the best transaction of your life!

Listing of the week: Pete Sheehan (Long Island). Retail and internet-based in the camera and photography industry. $2.7 million in sales. $700,000 in inventory. Amazing growth, 60 years in business, third generation. Call Pete at 516-639-2465 or email at [email protected].

Key Takeaways

[4:03] Michael Altschuler.
[5:10] Michael Altschuler talks about his entrepreneurial background.
[6:24] Being emotionally attached to a company but knowing it’s time to let go.
[7:35] Roll-up times.
[8:45] When is it time to put emotions out of business?
[9:33] You need to be educated when making a sale, as it is the biggest sale you ever going to make.
[14:13] Fear of losing your identity by selling your business.
[16:22] Nothing is guaranteed; move forward.
[17:31] Helping entrepreneurs to get their companies ready for sale.
[18:15] Comfort is the killer of success.
[19:23] Start with the end in mind.
[20:58] Deal of the week: Todd Bailey (Wichita). Chinese entrepreneur about to graduate, making over $600,000 over the past three years and planning to move back to China after graduating. Annual revenue: $600,000. SDE $130,000. Sold at $200,000.
[23:45] Recording from the House of Pod.
[24:23] Nathan Willis used to own Denver Gym and Fitness.
[25:00] Allie Allman who recently sold her business in the hospitality industry.
[26:08] Allie talks about the first questions she had while starting the process of selling.
[26:55] What is it to recast?
[28:44] What to do when having a lot of assets in the sale.
[30:32] Valuation is an art.
[31:13] Nathan Willis talks about the sale of his business.
[32:02] The issue regarding businesses with a lease.
[34:15] Getting rid of the liability.
[35:22] Lease and SBA financing.
[37:48] To get out of a lease is not an easy process.
[40:51] The positive and negative aspects of the selling process.
[41:33] Dealing with delays.
[43:45] It’s not just a financial transaction, it’s also an emotional process.
[45:03] Keeping confidentiality.
[45:40] Unexpected events happen, it is not over until is over.
[46:12] Have great books and records.
[47:16] New owners really need employees who know about the business.
[47:53] Allie’s advice to entrepreneurs who are getting ready for an exit.
[49:49] Focus on your business when somebody else is trying to sell it.
[52:26] Listing of the week: Pete Sheehan (Long Island). Retail and internet-based in the camera and photography industry. $2.7million in sales. $700,000 in inventory. 60 years in business, third generation.

Mentioned in This Episode

• United Franchise Group
• Transworld Business Advisors
• Transworld on Linkedin
• Transworld on Facebook
• The Deal Board YouTube Channel
• Call us
• Email us
• Email Michael Altshuler
• Call Michael Altshuler
• Or visit MichaelAltshuler.com