Summary
In this episode, the hosts discuss the pros and cons of external sales as an exit strategy for business owners. They emphasize the importance of considering all options and having a team of professionals to guide the process. They also highlight the need for long-term planning and preparation for a successful exit.
Chapters 01:31 Missed Opportunities in Considering the Sale of a Business
03:29 Pros of an External Sale
04:50 Cons of an External Sale
07:05 Partial Sale of a Business
10:13 Importance of Planning the Exit Strategy
Takeaways - Consider both internal and external sales as options for exiting your business.
- An external sale can provide market value for your business and allow you to receive all or most of the money upfront.
- However, there are challenges to consider, such as the potential loss of the business name and key team members.
- Partial sales of a business can offer flexibility and allow for continued involvement in the business.
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