In this episode Denise Hall from Business Brokers talks about selling your business, sharing insights into what you should be doing now to adequately prepare yourself so that you will have choices when it comes time to exit the business.
Denise has built, owned and sold three businesses. She sold her last business in 2011 and since then has been helping Business Owners from all around Australia do similar. She has sold businesses of all shapes and sizes, including one person operations turning over $10,000 through to much larger operations with turnovers in excess of $10million.
In addition to helping people “sell their business”, Denise also runs workshops for Business Owners looking to commence the “exit journey”, as well as workshops for aspiring want-to-be Business Owners on “How to Successfully Buy a Business” upon request.
Selling Your Business
In this episode we discuss
- The issue many business owners often find themselves in, where they become trapped in an unsellable business because the business is heavily reliant on them as the owner.
- The difference between building a business as a job replacement and building a business as an asset
- The importance of recording and systemising work practices so that business becomes less reliant on you as an owner.
- The pros and cons of productising services to differentiate your business offerings and giving you the ability to scale.
- The different stages of the business lifecycle.
- How to know when your business is ready to sell.
- The importance of planning for the tax implications when selling your business.
- The different types of people who buy businesses and how that can impact what they are prepared to pay.
- How to calculate what your business is worth.
- The value of “poking the market” rather than winding up your business, even if you don’t think your business is saleable.
- What you need to do to put your business on the market.
- How to attract the right buyers who will pay what your business is worth.
- What’s involved in a business sales transaction and are there any pitfalls we need to look out for.
- How long it usually takes to sell a business.
- The various options available to you if you can’t find a buyer for your business.