The Process of Selling Your Business: A DEEPER Dive: Gathering Facts While Staying in Rapport

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This week on How2Exit:

E126: Business Coach Wendy Dickinson Discusses The Process Of Selling A Business

Summary/Abstract

Wendy Dickinson, a business coach, and Ronald Skelton, an entrepreneur, discuss the key elements that need to be in place before considering any type of succession or sale of a business. Dickinson stresses the importance of preparing a business for sale from day one by documenting the ups and downs of the business cycle, updating metrics, and collecting data. She advises entrepreneurs to create multiple scenarios to appeal to many buyers, separate personal and business finances, and follow certain accounting practices. Skelton adds that many people think there will be a hot market and they will get to select the best offer, but this is not always the case.

Dickinson and Skelton discuss the importance of having a business broker and an experienced attorney who specializes in mergers and acquisitions to handle the sale of the business. Dickinson emphasizes the need for the attorney to have experience in the business's specific industry. They stress the importance of preparing yourself and your family for the sale of the business by having conversations with your partner and children, separating your identity from the business, and waiting until the perfect storm of stressful events has passed before selling the business.

Dickinson creates an operating system for the company to empower the management team and enable the owner to separate themselves from the business gradually. From the very beginning, it is a good idea to create an operating system where the business creates an identity that is separate from the owner. After all the preparation, business owners may find that they don't need to sell their business and can instead choose to create a business that is self-sustaining and allows them to exit on their own terms (48:57) Listen Here

Don’t have time to what the show. Read what we learn in our AI-supported article here: 10 Thinks To Learn About The Process Of Selling Your Business with Coach Wendy Dickinson

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Disclaimer: This newsletter is provided for informational & educational purposes only, and should not be relied upon as legal, business, investment, or tax advice. We are not attorneys, tax, or financial advisors and not qualified to give any such advice. 

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