Prepare Your Business for Sale [THA 315]

Did you know 80% of small businesses do not survive the departure of the current owner? When is the right time to prepare your business for sale? The day you opened your business! How do you maximize your selling price? Is there a simple way to quickly valuate your business? Hear from 3 business coaches on the importance of properly planning your business for sale. <p style="line-height: 16.5pt"><span style="font-size: 12pt;color: #333333">Watch Episode <a href="https://www.youtube.com/watch?v=JnqcTi5nBno" target="_blank" rel="noopener">HERE</a></span></p> Bob Ward, President of Wardden LLC, Look for Bob’s Previous Episode<a href="https://remarkableresults.biz/?s=%22Bob+Ward%22" target="_blank" rel="noopener"> HERE</a>. Perpetual Business Co website <a href="https://www.wardden.com/#/home" target="_blank" rel="noopener">HERE</a>. Rick White, President and Lead Coach for <a href="https://www.180biz.com/" target="_blank" rel="noopener">180BIZ</a>, Listen to Rick’s previous episodes <a href="https://remarkableresults.biz/?s=%22rick+white%22" target="_blank" rel="noopener">HERE</a>. Chris Cotton, <a href="https://autoshopcoaching.com/" target="_blank" rel="noopener">AutoFix Auto Shop Coaching</a>, <a href="https://chriscotton.captivate.fm/" target="_blank" rel="noopener">Chris Cotton Weekly Blitz Podcast</a> <p style="line-height: 16.5pt"><span style="font-size: 12pt;color: #333333">Show Notes:</span></p> <ul> <li>Understand your business Profitability</li> <li>Selling your business properly takes planning- don’t have a reaction selling plan. Never make a decision in a ‘valley,’ aka emotional.</li> <li>You can’t sell sweat equity.</li> <li>Your business is for sale every day- every decision affects your business.</li> <li>Your goal as an owner is to work your way out of the company, not get stuck in the job.</li> <li>What is your identity? What is your identity post ownership?</li> <li>To maximize your selling price, you need two things: Sustained profit (typically an 8 to 10 year run