In this episode of Business Addicts Podcast, we discuss Selling Your Business:

  • 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.