If you’re like most business owners, you’ve likely never sold a business before, which presents challenges to the sales process when you do. In my opinion, the biggest challenge is having a clear understanding of what YOU want after the sale. Outsiders think it’s all about the money, but 33 years in business tells me that’s rarely the only motivator. …
If you’re thinking about selling your business anytime soon, read this. Effective June 1st, 2025, getting an SBA-backed loan just got a lot harder for 99% of buyers. The SBA just changed its underwriting procedures, making it very hard for buyers to get a loan to buy you out. The biggest mistake you can make as a seller is to …
For many, a successful exit can mean finding the right buyer. Not everyone wants to hand their company off to someone who doesn’t care about your legacy, employees, how long you’ve been in business, and all that you went through to build your company. Some people don’t want to sell to someone who only cares about the money. Of course, …
The costliest mistake you can make when considering selling your business is talking to a business broker. Don’t get me wrong, there are some outstanding business brokers out there, especially if you’re an absentee owner with annual profits of over $2 million. But, unless you fit into that category, there are some things you need to be aware of before …
What does your business need to sell at a high exit price? If you’ve read anything I’ve written or heard me speak, you know I don’t agree 100% with Dave Ramsey because savvy investors use leverage to build wealth. Without leverage, what could take 5 years can take 25 years. Yesterday, a business partner and I were on a Zoom …
Business Valuation… The question of the century is, how much is my business worth? I talk to 10 to 15 business owners every week. What’s interesting is that if you ask them how much their business is worth, the variations in answers are extreme. In the past few weeks these are some of the answers I got. Two times gross …
If you’re trying to sell your business and have had no reasonable offers, you could be in for a rude awakening without the right exit plan. The stats don’t lie. Most businesses never sell. They close their doors not because the business doesn’t make money, but because there aren’t any buyers. They close because… A business broker told them they …
Will the sale of your business determine the lifestyle you’ll live during retirement? If so, your retirement will likely need lender approval. When you’ve been in business for a while, you’ve experienced cash flow problems. We’ve all been there. If you still have cash flow problems, the real question is why? Over the past 33 years, I’ve started, acquired, and …
Small business owners with retirement on the horizon face a massive obstacle. It’s staggering how many don’t have enough retirement savings to continue their current lifestyle. Let’s face it: owning a business has its perks. But if you’re like most, selling your business will be the number one driver of your lifestyle in retirement. For the rest of your working …
