Wealthyist E79 | Selling Your Business: Is Your Company Worth What You Think? Don't Be Surprised

Today, we're going to talk a little bit about selling a business.

And really, it's more around what you should and shouldn't be doing.

How should you start planning and are there things you should avoid? I'm going to start with a very simple first question, at least I'm going to call it simple.

Are there things, is there a starting point that you think you should have?

It is not a simple question.

In fact, it's one that trips a lot of people up.

You look at the statistics, everybody knows they should have a plan, but say less than half actually have a plan in place.

And part of that is because you don't really know quite where to start.

I think that as I think about where to start, it's just thinking about what are your options.

So I know you and I have talked a lot about this in terms of a decision tree.

Yeah.

You don't have to have all the answers today, but you have to start thinking about what's the universe of ways that I could maybe exit this business.

And if we're focused really on the sale aspect of it, is it an internal sale to key employees, to family members maybe? Or is it an external sale to a third party or maybe private equity?

So kind of take a, you know, and I like that, the idea of like the, all those different options.

And we do, we have a picture of it.

We should probably put that online someplace because it's very helpful.

Today, we're going to talk a little bit about selling a business.

And really, it's more around what you should and shouldn't be doing.

How should you start planning and are there things you should avoid? I'm going to start with a very simple first question, at least I'm going to call it simple.

Are there things, is there a starting point that you think you should have?

It is not a simple question.

In fact, it's one that trips a lot of people up.

You look at the statistics, everybody knows they should have a plan, but say less than half actually have a plan in place.

And part of that is because you don't really know quite where to start.

I think that as I think about where to start, it's just thinking about what are your options.

So I know you and I have talked a lot about this in terms of a decision tree.

Yeah.

You don't have to have all the answers today, but you have to start thinking about what's the universe of ways that I could maybe exit this business.

And if we're focused really on the sale aspect of it, is it an internal sale to key employees, to family members maybe? Or is it an external sale to a third party or maybe private equity?

So kind of take a, you know, and I like that, the idea of like the, all those different options.

And we do, we have a picture of it.

We should probably put that online someplace because it's very helpful.