The first ever guest on Start Scale Succeed, Moira Fuller returns to episode 99 of the podcast to tell Nicole all about how she sold her subscription box business. Moira is a business coach who helps small business owners boost profitability and create breathing space through online and one-to-one coaching. Listen in to find out about the process of selling a small business, how to know when it’s the right time to sell, preparing your business for sale, negotiating price, and so much more helpful advice.
KEY TAKEAWAYS
In Moira’s initial approach to selling her business she started with very informal conversations with other businesses who might be interested. It was only after this stage that she had more of a prepared pitch with facts and figures.
Working with a broker was something Moira knew she could do if she needed, but felt that she could do many of the things they offered for a high fee by herself. Many of them were offering to get her three times what she thought the business was worth which she felt was unrealistic.
The valuations for buying a whole business are 2 to 3 times the net profit of the business averaged across the last few years. The idea being that someone can get their investment back within 3 years.
From starting the process to completing the sale it took Moira around 6 months to sell her business. Timescales can vary depending on the scale of the business. You also have to remember that you’re going to put hundreds of hours of work into the sale.
When you’re looking at selling your business you need to already be implementing systems and processes so the business can run without you. If you are what makes your business work then why would an investor want to buy it and remove you from the picture.
BEST MOMENTS‘I explored working with a broker but it reminded me of working with an estate agent’‘If you can show you have high customer retention, that shows value’ ‘I wanted to sell to someone who I knew the team would get on well with’ ‘Get your business ready to sell’
EPISODE RESOURCESWebsite: https://www.moirafuller.co.uk/Newsletter: https://www.moirafuller.co.uk/newsletterInstagram: https://www.instagram.com/moirafuller_
ABOUT THE GUEST Moira Fuller works with small business owners to create more breathing space and profitability in their business, with online and one-to-one coaching.She’s run multi-six-figure businesses, including her subscription box, which sent tens of thousands of boxes to her subscribers, but started with just 22 in the first month - grown with profits from the business, before being sold.She coaches an aligned way to grow, giving founders more focus on strategic, exciting projects, and less time on the hamster wheel of day-to-day tasks.
ABOUT THE HOSTBuying & retail expert Nicole Higgins spent the last 18 years sourcing & developing products from all over the world, building strategies for blue chip businesses, and increasing bottom line sales and profit, adding over £40 million in incremental business to the bottom line. She now uses that experience and works as a consultant and coach for entrepreneurs and business owners, helping them start and scale their product businesses.Join the Start Scale Succeed waitlist. How to start & scale a product business. A 12 Week programme: thebuyerandretailcoach.com/startscalesucceedwaitlist
CONTACT METHODBook a call with me https://thebuyerandretailcoachltd.as.me/discoverycallGET IN TOUCH HERE https://thebuyerandretailcoach.com/instagram/Newsletter: https://thebuyerandretailcoach.com/newsletter-sign-up/
