In this episode, David, who has created and sold many businesses, shares seven things you should not do when selling your business. Often, these relatively simple errors end up costing you a lot of money and making it far harder to sell, so the consequences of making these mistakes are serious.
David explains why these mistakes are so easy and common and, most importantly, how to avoid making them yourself. Including some things you need to start doing years before you eventually sell your business.
David helps owners and leaders to build their business without having to do it all themselves, so that they have a business that is ready to sell when they are ready. To build your business, so it is ready to sell, without the frustration and overwhelm,
Download David's Free Guide '3 reasons you will never sell your business and how to fix it FAST! https://businessbreakthrough.live/3reasons/3-reasons
KEY TAKEAWAYS
At some stage, the majority of successful entrepreneurs end up selling a business.
Even people who have no intention of selling their business end up doing so at some point. They get sick, priorities change, or their children do not want to inherit the business.
Running a business as an asset that you will one day sell, pushes you to build a far better business.
To be saleable a business needs a strong team, good processes, decent infrastructure, a sound culture and great products or services. All of which will also boost profits while you own it.
Your business should be able to run without you, so you can take time off when you want. This has the added benefit of making it easier to sell.
Sell to the right buyer, usually you will be partnering with them for months while you hand the business over.
Do full due diligence on the buyer. The last thing you need is for the deal to fall through after months of work.
Don´t get distracted, keep your business performing while the deal goes through. If sales drop off the buyer will likely pull out.
Have someone working alongside you on the marketing and selling process. They will provide perspective and help keep things on track.
BEST MOMENTS
“Having an exit plan for a business, even if you don't want to sell it right now, can help you to avoid making common business errors.”
“Do not ignore the chemistry with a potential buyer. You have to be able to get along. You have to be able to come to reasoned and rational decisions together. .”
“Don't get distracted by anything other than cash, profit, people and service.”
“Complete on the deal emotionally.”
“Remove that dependency on you.”
ABOUT THE HOST
David Roberts is a highly regarded CEO, mentor, and investor with 30 years of experience across multiple sectors. As an intrapreneur and entrepreneur, David has bought, grown, started and sold several businesses, working with values-driven start-ups, award-winning SMEs, and multinational corporations on strategies for service excellence, leadership, and profitable growth. David’s passion is for purpose and creating an environment where everyone can succeed, through building teams that get things done, execute on their mission with passion, deliver exceptional service and really make a difference.
CONTACT METHODS
LinkedIn - https://www.linkedin.com/in/david-roberts-nu-heat
Facebook - https://www.facebook.com/DavidRobertsPeopleWithPurpose
David’s Facebook - https://www.facebook.com/dave.roberts.5076798
Instagram - https://www.instagram.com/davidcroberts_
Email - david@peoplewithpurpose.live