Scott Duke is the founder of OpnRoad.io and Gateway Capital, organizations focused on helping business owners with revenues of $1M – $10M prepare their companies for sale into the private capital markets. Scott holds an MBA from the Jack Welch Management Institute, and is a Certified M&A Advisor and Certified Business Intermediary.
Mentioned in This Episode
- International Business Brokers Association (IBBA)
- Scott’s Giveaway: A video walkthrough of the preparation and selling of a small company (Coupon Code – “merged”)
What you will learn:
- Scott’s story (1:25)
- Finding companies looking to sell (3:25)
- How does a business prepare to sell (11:15)
- $150 000 earning objective
- Evaluating your org chart
- How long does it take to sell? (22:47)
- Red flags for buyers: when is a business NOT ready to sell? (24:46)
- Managing owner dependency
- Staff loyalty and customer concentration
- Get in touch with Scott (28:46)
There are a number of processes that a business owner should go through when selling their company. Some of these include:
– preparing to sell the business, both financially and organizationally
– identify potential buyers
– selling price negotiations
This article aims to discuss how to properly prepare your business for sale. We’ll cover what you need to get in order in terms of selling your business. We’ll also discuss how to go about selling your company, and the changing dynamics you need if selling your business for a 5x-10x return.
Of course, selling a company is not an easy process – especially when selling it for up to 10 times what you bought it for. The selling process is long and drawn out – it will take months to sell your company, and can become draining.
The selling process begins with the business owner identifying what they want to do:
– Make a cash offer on an already listed business?
– Find a company that wants to be acquired and list yours for sale?
– Complete a merger and acquisition themselves?
The selling process is long, but the selling period also opens up dynamic opportunities for whoever buys your business. There are many different ways to structure selling a business – it’s important to make plans beforehand. If you want to sell your company for cash, you’ll need to determine how much capital you require (how much do you need to sell your company for?) and how much return you expect. This may sound vague – selling a company is not easy, but there are many different websites that can help with selling an already listed business. You can also pick up some books on selling businesses at any local bookstore.
The selling process becomes more difficult if the selling process is selling the business for a return. Selling a business may seem easier, but selling businesses for 5x-10x their worth is no easy task. This kind of selling process requires companies to find other companies who want to be acquired and connect both parties together. It’s not as easy as selling an already listed company – it takes more research and selling skills.
The selling process is full of ups and downs – it’s difficult, but selling a business for 5x-10x their worth is profitable, albeit challenging. If you are interested in selling your selling company for up to 10x what you bought the selling company for, click this link to start selling your selling company.
Business selling can be a lengthy process, but selling an already listed business is much easier than selling one for 5-10 times its worth. It takes more research and selling skills to sell your company for 5-10x what you bought it for – it’s not impossible, but it does require some selling skills to connect both businesses. It’s important to identify your selling goals before selling your business. You can pick up books on selling businesses at your local bookstore or you can try selling an already listed company that is for sale online. Finding a way to exit the selling process can be difficult, but once it is done it offers huge profit. If you’re interested in selling your business then listen to episode 97 of the Merged Marketing Podcast in full.
Preparing your company for sale is not an easy process – it’s complicated, but it does open up opportunities to sell your business at a premium rate.
Scott Mentality – Quotes From the Show
“You are a minority”
“You are valuable in your company – if you stay around, you reduce the risk”
“It takes a while to learn how to delegate”
“Am I one phone call away from oblivion?”