On this episode Bella speaks with David Barnett, an Author, Speaker, Educator, Seminar Host, Consultant, and Business Buy/Sell Process Coach.
David Barnett
They discuss things you need to keep in mind when considering selling your business. These include:
Biggest mistake pet business owners make when running their business
Understanding that there are several reasons people sell businesses. Most of the time it is not for retirement.
Learning that keeping your business in the best shape to sell (i.e. have strong processes in place) will actually benefit you even if you aren't yet selling it.
When you will and when you won't benefit by using a broker.
A high level overview of the selling process.
David Barnett has been working to help the owners of Small and Medium Sized businesses for almost 20 years. As a former business broker and financing broker, Barnett has helped people buy, sell, plan, manage and finance businesses.
Since 2014, Barnett has authored 6 small business books, 3 of which have become Amazon best-sellers.
You can reach David in the following ways:
FaceBook: https://www.facebook.com/DBarnettMoncton
Clarity: https://clarity.fm/davidbarnett
Twitter: https://twitter.com/dbarnettmoncton
Linkedin: http://ca.linkedin.com/in/davidbarnettmoncton
Blog: http://www.investlocalbook.com
YouTube: http://www.youtube.com/c/DavidBarnettMoncton
Soundcloud: https://soundcloud.com/dbarnettmoncton
Websites:
www.DavidCBarnett.com
BusinessBuyerAdvantage.com
HowtoSellMyOwnBusiness.com
Subscribe To The Show:
Transcript:
This is episode 51 of Bella in Your Business. Welcome to Bella in Your Business, where Bella will discuss anything and everything about your pet sitting business to help you land on target. So get ready—Bella’s got your chute. Let’s jump.
Welcome to Bella in Your Business. My name is Bella Vasta with Jump Consulting, and today I have David Barnett with us. David has worked to help small and medium-sized business owners for almost 20 years. As a former business broker and financing broker—so he’s a double threat—Barnett has helped people buy, sell, plan, manage, and finance businesses. Since 2014, he’s also authored six books, three of which are Amazon bestsellers.
Bella: Without further ado, welcome to the show.
David: Hey, Bella. Thanks for having me on.
Bella: I’m excited to have you because the topic of buying or selling a pet sitting business is hot. The pet industry’s been around since the late eighties, really picking up in the nineties, and by the 2000s people saw it as a true alternative for pet care. Now, there are business owners who’ve been at it 10, 20, 25 years and are ready to get out, while newcomers are asking how to value these businesses. So, starting from the beginning, what’s the biggest mistake pet business owners make that makes their business hard to sell?
David: Pet businesses are service businesses, like auto repair shops or salons, and the main mistake owners make is getting caught up working in the business instead of on it. They forget to build systems, policies, and procedures—the backbone that makes a business function without them. When a buyer looks at a business for sale, if they can’t easily see how everything fits together, they’ll feel unsure about managing it. Without clear systems, the only people who’ll buy are those who already know how to run that exact type of business, which limits your buyer pool.
Bella: That makes sense. It’s like you have to corporatize your small business a bit so someone else can step in. I see many pet businesses—including my own when I started—where the brand revolves around the owner’s name. That’s hard to sell, right?
David: Absolutely. If your business is named after you, it’s difficult for someone else to step in and be “you.” It limits scalability too. Bella can’t be everywhere. Changing that early helps if you ever plan to grow or sell.
Bella: Great advice.
