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Episode Info:

There are different experiences that sellers have when selling their business; Jessica and Andrew have seen 12 serious mistakes that can be made in this process and they address how to prevent them. Selling a business is not easy and having a great team, including a lawyer, an accountant, and a great intermediary are vital to assure a successful deal. There is a lot that great entrepreneurs don’t know since they might build a profitable business but yet haven’t been in the process of exiting. This great episode provides the tools to get prepared and avoid mistakes others have made.

 

Listing of the week: Chris Mitchell (Atlanta NorthWest). Med Spa. Beautiful office in a great part of town. Business owned for eight years and owners are ready to retire. Price: $130,000. Generating $75,000 per year. Owners can stay for up to one year to help new owners. Email Chris Mitchell cmitchell@tworld.com or call 404-600-1205.

 

Key takeaways:

[2:10] 1. Failure to maintain confidentiality

[2:48] 2. Failure to continue to run your business.

[4:05] 3. Don’t try to negotiate on your own behalf.

[5:25] 4. Failure to secure qualified buyers.

[6:48] 5. Failure to move the deal along.

[7:50] 6. Failure to place a proper value on your business.

[9:35] 7. Failure to properly structure the deal.

[10:49] 8. Failure to prepare properly for due diligence.

[12:11] 9. Failure to market the sale.

[13:35] 10. Failure to seek the right professional assistance.

[16:50] 11. Failure to properly package your business.

[18:51] 12. Failure to control the deal.

[22:56] Deal of the week: Chris Mitchell (Atlanta NorthWest). Roofing company. Eight months listing. Buyer: Investment Group. Sold for  $475,000, 1.8 multiple.

[25:47] Listing of the week: Chris Mitchell (Atlanta NorthWest). Med Spa. Beautiful office in a great part of town. Business owned for eight years and owners are ready to retire. Price: $130,000. Generating $75,000 per year.

 

Mentioned in this Episode:

United Franchise Group

Transworld Business Advisors

Transworld on Linkedin

Transworld on Facebook

Call us — 888-711-9018

Email us thedealboard@tworld.com

Email Chris Mitchell cmitchell@tworld.com or call 404-600-1205

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