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(1 of 3) So, You Decided You Want To Sell Your Business, Now What? What You Will Need To Know To Sell Your Company.
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#52. Whether you want to sell your business to an outside source, someone inside of the company, or to a relative, there’s a lot of preparation involved, and if you don’t follow the necessary steps, you stand to lose or owe a lot of money. We’re starting with the most important aspect, which is the money. How to prepare, present, and create value.
#smallbusiness #exitstrategy #entrepreneurship
Here is a link of a report on what the common multiples used for various industries and businesses: https://www.bizbuysell.com/learning-center/industry-valuation-multiples/
Article References:
Famous Examples:
Charlie Javice: https://www.newsnationnow.com/crime/charlie-javice-woman-duped-chase-bank/https://www.sec.gov/news/press-release/2023-74
Indra Nooyi: https://hbr.org/2015/09/how-indra-nooyi-turned-design-thinking-into-strategy
Recommendations:
John Warrilow's Podcast: Built to Sell
John Warrilow's Book: Built to Sell and The Automatic Customer - Build a subscription based business in any industry.
Empire Flippers PodcastDavid C Barnett Buy and Sell Small Business Podcast
Hire a CPA, lawyer, and possibly a business broker to help you understand how to sell your business and to help you with the transaction of selling your business!
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About BBSB -
We are two business owners with two very different perspectives on building business, and the business behind that in order to achieve your goals. One of us built to sell, and will continue on the serial entrepreneur path, which means your focus and drive should include very particular tools and tips in order to achieve your goal. The other, is building a generational business, one that can go on long after she’s let go of the wheel. This type of business also requires very specific tools and platforms to achieve this goal. Both women have been successful in their own right, but in honesty - haven’t scratched the surface!
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Disclaimer - We are NOT licensed financial experts, nor do we give financial advice. Anything we share with you here on our podcast, whether it be a personal experience or submission, or advice/tips that have worked for us, or that we believe would work for you should not be viewed as either financial, business, or tax advice. We ask for you to do your research, have open and honest conversations with your company’s own support providers and make decisions based upon that. Throughout this broadcast we will share our knowledge and give suggestions and hope you will receive them as part of your overall research to better your own company.
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