What happens when you realize that you’re NOT the best owner for your Small Business? Join us today for episode 127 of the Small Business Show to hear the story from one of your co-hosts that made just such a discovery after 13-years of being at the helm of TechRestore.
Dave and Shannon discuss how finding the “right” buyer is critical to any sale, tips to find that person (or company) and what requirements will you have after the sale is completed. Shannon talks about separating assets to streamline the sale, how to quantify “soft” assets like goodwill and reputation as well as working with your accountant to be sure to limit your tax exposure based on how you allocate assets in your purchase agreement.
We spend time discussing how to be sure the sale keeps moving forward to completion and how history shows (in both your co-hosts cases), how things can go sideways at the last minute. Along the way, you’ll hear about making the sale more of a partnership with the buyer and seller – working in everyone’s best interest towards success can help accelerate your sale and keep everyone working closely together in a positive manner.
Shannon gives his usual “watch out for bankers and lawyers” speech that can kill a sale quickly, even though you’ll need to have both involved to close your deal and we spend some significant time discussing how to actually figure out what your business is worth, before you start the sale process.
Join us today and then visit the Small Business Support Group on Facebook to comment and ask questions about selling YOUR business!
- 00:00:00 Small Business Show #127 July 12, 2017
- 00:01:13 We need your iTunes reviews <http://businessshow.co/itunes/>
- 00:01:50 Shannon sold TechRestore!
- 00:02:54 It only takes one buyer
- 00:03:41 The slow realization that the best owner … is not you.
- 00:05:31 How to find a buyer
- 00:08:09 Sticking around after you sell
- 00:09:58 What’s the asset for YOUR buyer?
- Not just physical. Goodwill counts!
- 00:15:11 How to tax-leverage the sale
- 00:17:38 Get to know your buyer so they can get to know your business
- 00:18:39 Make sure you have a plan B for your funding structure
- Time Kills All Deals!
- 00:20:36 Dave and Shannon almost sold a company once!
- 00:21:42 Watch out for bankers
- …and lawyers!
- 00:23:23 Make the sale feel like a partnership
- 00:26:14 The emotional struggle of the sale: The Story of TechRestore
- 00:28:50 How to value your business
- The charmed life doesn’t necessarily look good on paper
- 00:33:33 The post-sale intensity
- 00:37:13 SBS Outtro