Women Business Leaders, interview business coach Kim Daly about how to sell your business QUICKLY, CONFIDENTLY, and PROFITABLY.
Kim shares how to make the business you’re selling attractive to potential buyers:
“Anybody who’s looking to buy an established business, and they’re excited about the idea of buying into a cash flowing business, the number one thing on their mind is, ‘If this is so great, why is the person selling it?’ So the thing that DOESN’T sell, is you, the owner, not having a clear, confident story. And the story is this: ‘I built this business to sell it.’
We all work better with a goal, right? We only rise to our own level of expectations, so thinking small when you’re a business owner serves nobody. So you go in with this mindset of building to sell, and if you get there and you’re having the time of your life and you’re not ready to sell, well, it’s still a winning mindset. So then when you go to sell what you’re telling the incoming, the person who’s looking at your business, is, “This was always my goal.” And any worry they had about, “Oh, there’s something hidden in this business, there’s some wart that you’re not showing me,” will go away.”
Answering Gigi’s questions about the key people to surround yourself with when you’re looking to sell your business, Kim offers this:
“I would say a CPA would be the best first place to go. Another thought that came to my mind was most communities have what’s called a small business development center. Oftentimes, those are very experienced, but retired entrepreneurs who are now giving back, and they volunteer at the SBDC. So that could be another resource if there’s one around you. I’d say a business attorney, you’re going to need some sort of legal document that transfers the assets of the business and the liability of the business and all of that to the new business owner. And a financial lender. The new buyer may need help funding the business or buying the business. They work with SBA loans, SBA express loans, home equity lines of credit, traditional bank loans. All they do is help fund small businesses.”
Selling your business can be a very exciting (and a very stressful!) process. I’d be delighted to align you with the best people in the industry to help guide you through the process and make it as simple and profitable as possible. Please reach out to me directly to discuss your business goals! My services are totally FREE to you!