How to Prepare Your Small Business for Sale with Mike Finger.
Why your business may not be salable, and what you can do to fix it. Mike Finger is an entrepreneur and an expert on what it takes to build a business you can exit. Mike shares his insights and experience on how to prepare your small business for sale. He also shares his personal entrepreneur journey. Mike also introduces his approach to validating how salable your small business may be: are your financial results desirable, can a buyer duplicate your results, and can you document your financial results.
Mike Finger is a successful small business owner, and the founder of Exit Oasis – coaching services and resources to help them 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.
Mike explains that 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 unsalable. 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 lives in Minneapolis-St. Paul area.
Topics and questions covered on this episode include:
- Mike “…helps business owners learn to leave.” What do you mean by this? What is the challenge for most small business owners, as it relates to thinking about, planning and preparing for a small business exit?
- “Most don’t sell because they lack basic elements required for a business to sell.” Would you please introduce some of these basic elements required to sell a small business?
- Many small business owners are rather delusional about what their business is worth, and want to use valuation formulas typically applied to much larger businesses. What are your thoughts on this and what are the basics of the formula you think is appropriate for valuating a small business?
- What are some of the common mistakes business owners make related to preparing their business for sale?
- What were some of the issues you had with your first small business, that you had to fix before you could sell it?
- What are your thoughts on the role of a business broker? What should I look for?
- What is the “secret wish business brokers have about your small business?”
- Where do I start as a small business owner, in getting my business ready to sell?
Resources:
Online Course: Will I be able to Sell My Small Business?
Use the Promo Code “HOW” to receive a 40% discount on this course.
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