Is Your Business Sellable? with Mike Finger.
Is your small business sellable, and what you need to have the freedom to sell your small business when and if you choose to, with Mike Finger.
On this episode we focus on preparing your business for sale, common misconceptions and mistakes, and determining if you should sell your business.
Mike Finger is a successful small business owner and the founder of Exit Oasis – providing coaching services and resources to help small business owners prepare for the sale of their business.
Over the last 25 years Mike has bought, built, and sold multiple businesses. Building his first business was a rewarding challenge, but what really captivated him was selling his first business.
For Mike explains selling his first business was a miracle in his life. It changed everything, but it almost didn’t happen. He was 10 years in with 50 employees when he found out the business was unsellable. It was devastating. But he moved forward and focused on changing a few simple elements in the business. Those changes made that first sale possible, and it changed his life. He now focuses on helping other small business owners experience that same miracle.
Mike was previously on this podcast back on episode 278, released October 2019, and has been downloaded a total of 8,130 times to date. On that episodes we discussed Mike’s entrepreneurial journey, and how to prepare your small business for sale.
On this episode we will revisit the topic of preparing your business for sale, some common misconceptions and mistakes, and determining if you should sell your business.
Mike lives in Minneapolis-St. Paul area.
Questions and topics covered on this episode include:
- What makes a business sellable?
- Are my results desirable?
- Can a buyer duplicate my results?
- Can I document my results?
- “Sellable and Ownable are the same thing.”
- What are a couple of the most common issues that make a small business difficult or impossible to sell?
- How long before I want to sell do need to get the business ready? Why should I always have the business ready to sell?
- What are some common misconceptions small business owners have about selling their business, including the ability to sell it and the process of selling it?
- If I get to choose, how do I determine if I should sell my small business?
- How do I value my small business? And understanding that what matters is what a potential buyer can pay for your small business.
- Should I hire someone to help me determine the market value of my small business?
- What should I consider related to offering seller financing?
- Should I engage a business broker? What to look for or avoid?
- When should I engage a coach like you, and do you work along with a business broker?
- Where should I start with preparing my small business for a potential sale?
- Don’t wait to prepare your small business, and yourself, for a potential exit.
Episode Host: Henry Lopez is a serial entrepreneur, small business coach, and the host of this episode of The How of Business podcast show – dedicated to helping you start, run and grow your small business.
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