As a business owner, you may wonder what you should do to prepare your business for sale. In this episode, Andrew and Jessica bring three amazing guests who are experts in closing deals, such as Michael Shea, Mitra Sanai, and Jim Tatem; they are displaying the tools and advice you need to increase the value of your business while having it ready to sell. Listing of the week: Kevin Hickey (Fairfield County) Truck Company. Listing price $150,000. Gross income $300,000 or more. Easy to expand, now is a one-man operation business, with three different trucks. The owner is ready to retire!
[4:50] Jim Tatem: How does the seller take the first steps to sell in the following two years?
[6:10] Begin with the end in mind.
[7:05] Know the reasons why you are selling your business.
[9:05] People usually hate change.
[9:26] 8 steps of goal-getting (8 Ws)
[10:50] What do you need to learn before selling a business?
[12:05] Who do you need help from? A good broker.
[14:50] What's your game plan?
[17:15] Deal of the week: Marty Fishman, bus transportation, Marty Fishman (Fort Lauderdale) Bus Tour Business, original price: $850,000, Profit $200,000 a year. Equipment: $200,000. Pre-approved for lender financing. Messy Books and records and neglected equipment ruined the deal. Later, the parties got back in touch, the seller sold the equipment outside the deal and got $58,000.
[20:28] Mitra Sanai (Sacramento) Getting emotional in the selling process.
[24:45] Listing of the week: Kevin Hickey (Fairfield County) Truck Company. Listing price $150,000. Gross income $300,000.
[28:00] Michael Shea, an expert in helping sellers get deals done.
[29:07] Good books and records!
[31:50] Giving and creating value for a client and developing a trusting bond.
[35:55] More advice from our brokers!
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