The Deal Board Podcast
12 Fatal Mistakes While Selling Your Business

Episode 33

12 Fatal Mistakes While Selling Your Business

"Get Ready for a Successful Business Sale"

Description:

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 cmitchell@tworld.com 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.

Show Notes:

Mentioned in this episode:

Tweetables:

Have Questions?

Use the form below to submit your question.

Privacy Notice:

We are committed to safeguarding the personal data privacy of our clients. This policy applies where we are acting as a data controller with respect to the personal data of our physical and digital forms, website visitors and service users; in other words, where we determine the purposes and means of the processing of that personal data. By checking the opt-in box shown below, you are agreeing with the terms of this policy and allowing us to use this data for the purpose to evaluate you or your company as an applicant. In this policy, "we", "us" and "our" refer to united franchise group, a group of affiliated companies and brands. Please read our complete Privacy Policy at www.trustufg.com.

I Agree to Privacy Terms:*
Agreed