In this episode of Finding Financial Freedom, author and entrepreneur David Barnett navigates the ins and outs of buying, running, and selling small to medium sized businesses.
With years of hands-on experience, David offers insights designed to explain the complexities of entrepreneurship, empowering listeners to approach each stage of business ownership with confidence and clarity.
David dives deep into the critical factors that affect business value, including financial health, market trends, and industry conditions. He provides a roadmap for both buyers and sellers, guiding them on how to realistically assess value and negotiate profitable deals.
With expert advice on financing, hiring strategies, lead generation, and sales processes, David shows entrepreneurs, including physicians, how to increase profitability and prepare for successful business transitions.
Key Topics Covered:
1. Common Reasons for Selling
Over the years, David has identified the most common reasons entrepreneurs choose to sell their businesses, providing valuable insight into the decision-making process.
2. Tips on Valuing a Business
David breaks down the key factors that go into assessing a business’s worth, including financial health, market trends, and industry conditions, offering clarity for those looking to buy or sell.
3. The First Steps in Buying a Business
For potential buyers, David outlines the crucial first steps to take when considering a business purchase, ensuring they start on the right track.
4. Opportunities and Risks During a Recession
David discusses the pros and cons of buying businesses during economic downturns or distressed periods like COVID-19, highlighting key opportunities and risks.
5. Maximizing Sale Value
David explains why most businesses sell for less than expected and offers practical tips for business owners to maximize their sale value and secure a better deal.
6. Increasing the Value of a Medical Practice
David provides actionable advice on how physicians can make their practices more valuable, helping them prepare for a successful sale.
Resources Mentioned:
Listener Takeaways:
Connect with Us:
Host: Dr. Disha Spath, The Frugal Physician
Guest: David Barnett, Small Business
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This episode is sponsored by:
PearsonRavitz – Helping physicians safeguard their most valuable assets.
This episode is also sponsored by
FacetWealth – Discover how Facet is transforming financial planning for physicians with personalized, flat-fee financial planning—visit facet.com/frugalphysician to start building your financial future today.