A summary of things you should know about Sell Your Business for More Than it’s Worth according to Michelle Seiler-Tucker: Introduction In this episode Michelle Seiler-Tucker takes a deep diveRead More
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]]>In this episode Michelle Seiler-Tucker takes a deep dive into her book, Sell Your Business for More Than it’s Worth, where she shows you how to get a twenty to forty percent higher selling price for a business.
In her book Seiler-Tucker provides valuable advice on the commercial real estate industry, reveals the issues that add value to your business, and many more inside tricks that selling advisors use to maximize the value of a business. The goal of the book is to help you increase your market share, make your business more profitable, develop a solid exit plan, and take advantage of a dying industry.
This book is perfect for entrepreneurs who plan on selling their business in the future, want to discover if their industry in thriving or dying, or simply want to increase the value of their business.
What makes my book unique is that I am an actual business broker and considered a leading authority in buying, selling, and approving businesses. Plus I have owned and operated several successful businesses so I am writing from that perspective.
The book is a step by step process of how to get your business ready to sell and how to sell your business.
I think the most important thing is to plan your exit and build your business to sale.
Chapter one is titled What Will Make My Business Sell For Maximum Value In The Quickest Amount Of Time. In this chapter I walk my readers through everything a buyer looks for and at the end of the day buyers want to know what type of industry you are in. Is it in an industry that is on its way up or on its way out? The first thing we do is talk about industries that are on their way out and industries that are on their way up.
In chapter three we talk about the more years in business the greater the return. If the business owner has only been in business for less than five years the chances are is that they are not going to get a very high multiple for their company.
In chapter four we really dive into the business and we talk about how customers are the fill in your business and without them you run out of gas. We work with our clients and readers in how to expand and improve their client base.
In chapter five we ask the question – is your business based on brown loyalty or location loyalty? Brown loyalty means that consumers go out of their way to purchase your products and services because you have a great brand. Location loyalty means that consumers are coming to your business because you have a convenient location but if you were to lose that location or lease for whatever reason it would be detrimental for your business.
In chapter six we talk about whether you are selling your business or selling a job. This is crucial because many business owners think they have a business but they really have is just a job in which they go to work every day. So we work with our readers and our clients to create a business that works for them rather than them working for it.
Chapter seven is Report All Your Income or Lose Huge Profits in the Sale of Your Business. This is a very difficult process where I come in and help my clients determine what they are really making and help them do financial house cleaning.
Chapter eight is the key elements to determine what a business is really worth and selling it for more.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 08:03
“No rearview mirrors.” -Michelle Seiler-Tucker
I have always wanted to write even since I was a little girl and I was not your typical little girl. At the age of 10 most girls are playing with dolls but I was walking around with a notebook and pen asking everyone a hundred questions and write short stories based upon what they would say. I have sold hundreds of franchises and businesses for years and many of my clients inspired me to write this book because the sale of a business is very confidential.
Eight out of ten businesses do not sell because the business owners have not planned their exit strategy and the best time to sell is when the business is doing well. The main purpose of the book was to help entrepreneurs plan their exit strategy and know their end game.
The Millionaire Mindset by Thomas J. Stanley
Rich Dad Poor Dad by Robert Kiyosaki
The Art of the Deal by Donald Trump
Buy Sell Your Business for More Than it’s Worth by Michelle Seiler-Tucker on Amazon today
Visit MichellTuckerInternational.com to learn more about Michelle and her book
Visit BetterBusinessBrokers.com to learn more about Michelle’s company and services
Follow Michelle Seiler-Tucker on Twitter and Facebook
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
The Exit Strategy Handbook by Jerry Mills
Sell Your Business for an Outrageous Price by Kevin Short
Final Act of Ownership by Jerry Baltus
Relevant advice and tips:
7 Important Things You Need To Know When Selling Your Business
What did you like and not like about this episode? Fill out this one minute survey here.
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]]>A summary of things you should know about The Exit Strategy Handbook according to Jerry Mills: Introduction In this episode Jerry Mills shares all his insights on his book, TheRead More
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]]>In this episode Jerry Mills shares all his insights on his book, The Exit Strategy Handbook, where he reveals the best way business owners can prepare themselves for selling a business.
In his book Mills walks you through a step-by-step preparation process and a host of extensive check lists that can be used as a guide for holding your financial advisor accountable when it comes to exiting your business. The goal of the book is to help you get the most value for your business and work the system when it comes to a competitive buyers market.
This book is perfect for entrepreneurs and small business owners who have little to no experience in exit strategy planning and want to be prepared when the time comes to sell.
This book is the only one of its kind that actually takes the business owner through the process. It’s also a living, breathing book, and there is software that is associated with it.
You can jump in and out based on the information you need.
Typically a company who is prepared for a transaction is going to be much better than one who is not prepared and sometimes it takes years for the preparation. So the preparation is the key component and that’s typically where business owners cut corners.
We did a proprietary survey of business owners at the Inc 500/5000 conference and award ceremony in Washington DC in 2013 and published the results in the introduction of this book.
In chapter one of the book we talk about who needs this book and that’s typically owners of private account businesses that want to someday do something with their business. This book is not driven by who might buy this book but rather by the needs of the business owners.
We talk about the future and what the next 20 years is going to look like. Is it going to be a buyers’ market or a sellers’ market? We take in to account a lot of the statistics and analysis of baby boomers.
In chapter three we talk about the importance of building a team which is the kickoff of the success of a process. Most business owners don’t know who should even be on their team and our process helps the business owner with those decisions.
Chapter four is an issue that 99% of business owners will have happen to them if they ever engaged a merger and acquisition or investment banker to help them. That is calculating the realistic value of the company. Almost every business owner has a generic feel of what their company is worth and that generic feel is not always scientific and it also doesn’t reflects the market in terms of what a potential buyer considers the company is worth. We take you through the process of how a business owner can know what a potential buyer might think about the value of their company.
Typically when the business owner knows the value of their company often they want to know how they can grow the value. In this next chapter we explain the process of how to build value in the interim period to sell a business. We also talk about the role that the business owners should or should not be doing during this period of time.
Chapter six is titled Preparing for the Last Customer and we go through the philosophy that business owners are incredible at knowing what their client wants in term of what they do on a day to day basis. We want to use that same logic to prepare for the last customer which is the buyer. So we talk about what the buyer is looking for, what they want, what are the negative spots, and some of the things that we can do to cater that to the buyer.
Chapters 8 through 25 are series of checklists that we recommend that business owners consider doing on topics such as documenting their product and service lines, documenting the competition, and key customer information. Other things we go through in the book are the dos and don’ts of contracts and leases, litigation and claims, and taxes.
The last chapter is about how to track all of this complexity and there is a very simple way that we have developed for the business owner to be in charge of the entire process at all times.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 03:53
“A well prepared business gets more offers and usually better offers than a less prepared one.” -Jerry Mills
I went to Arizona State University, spent a good deal of my career with Arthur Anderson & Co., and started to be CFO in 1987. I’m also proud to be the father of four children and almost six grandchildren.
All through my career I have been on the side of helping business owners sell their companies and through quite a few transactions. In one particular I saw the frustration business owners go through; it’s very stressful and a difficult process. I also went on Amazon and ordered and read the top 25 books on this subject and found that nobody was covering it.
As A Man Thinketh by James Allen
Buy The Exit Strategy Handbook by Jerry Mills on Amazon today
Visit B2BCFO.com to learn more about the book and Jerry’s company
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
Sell Your Business For An Outrageous Price by Kevin Short
Final Act of Ownership by Jerry Baltus
Walk Away Wealthy by Mark Tepper
Relevant advice and tips:
7 Important Things You Need To Know When Selling Your Business
What did you like and not like about this episode? Fill out this one minute survey here.
The post A Preview of The Exit Strategy Handbook with Jerry Mills appeared first on The Entrepreneurs Library.
]]>A summary of things you should know about You Can Retire Sooner Than You Think according to Wes Moss: Introduction In this episode Wes Moss share his book, You CanRead More
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]]>In this episode Wes Moss share his book, You Can Retire Sooner Than You Think, where he gives a five-step process for getting on the fast track to a great retirement.
In his book, Moss uncovers his findings of an intensive study on retirement revealing that it does not take financial genius, millions of dollars, or high end investment skills to have a solid retirement. The goal of the book is to show you how to determine what you need retirement money for, figure out how much you need to save, and develop an income stream from multiple sources.
This book is perfect for entrepreneurs who are successfully running a business and are looking for a quick, painless transition from work to retirement.
I have determined that there are some concrete financial benchmarks that Americans need to set their sights on.
You can jump in and out. I would love for everyone to read the whole thing but if you just read the first 3 chapters, chapter 8 and the appendix you will get a whole lot out of this book too.
I want people to understand that contrary to popular belief being able to stop working and being in a financial position of security is more accessible than most people think.
My answer to the question does money buy happiness is yes but only to a point. Throughout the book you will find different financial thresholds to get to. In my study I found that the happy people needed to get to around 82,000 in income. This is a really important prevailing theme that goes throughout the book.
Another interesting part of my data found is that if you chart out the number of years to pay off a mortgage, relative to levels of happiness, very clearly in my data you’ll see that as the years come down the level of happiness reportedly goes up. So the lower years you have to pay off your mortgage you will find greater level of happiness. I have a whole chapter in the book on how to figure out a way to get rid of your mortgage as soon as possible.
Another thought in the book has to do with multiple sources of income. What I have discovered in the book is that there is a real sense of happiness as we increase the number of different income sources we have. There are a lot of psychological benefits from knowing that if one of those incomes goes wrong you have a lot of others to replace it with. I talk about that as we evolve in the next 20 or 30 years we must really understand and think about possibly not having multiple ways to earning your income.
This really is a book about how to make the right decisions that will lead you to retiring and hopefully retiring earlier than you think.
Instead of a favorite quote I have a favorite chart and that is the relationship between happiness and years left to pay off your mortgage.
I have been in financial media and the investment business for about seventeen years now. I have been a part of WSB Radio in Atlanta for the better part of six years and really have had a lot of fun in the last year after writing You Can Retire Sooner Than You Think.
I have always wondered if money could really buy happiness. As entrepreneurs I think we have all had this fear of running out of money. About four years ago I heard Dave Ramsey talk about a study at Princeton about money and happiness. I wanted to take this study a lot further and answer the questions about the financial levels and habits of happy people.
Outliers by Malcolm Gladwell
Buy You Can Retire Sooner Than You Think by Wes Moss on Amazon today
Visit WesMoss.com to learn more about Wes and his book
Follow Wes Moss on Twitter and Facebook
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books: The Art of Resignation by Steven Feiner | The Final Act of Ownership by Jerry Baltus | The Financially Savvy Entrepreneur by Emily Chase Smith
What did you like and not like about this episode? Fill out this one minute survey here.
The post A Preview of You Can Retire Sooner Than You Think with Wes Moss appeared first on The Entrepreneurs Library.
]]>7 Important Things You Need To Know When Selling Your Business Selling your business may be the hardest challenge you have had to deal with as an entrepreneur. It’s lengthy,Read More
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]]>7 Important Things You Need To Know When Selling Your Business
Selling your business may be the hardest challenge you have had to deal with as an entrepreneur. It’s lengthy, and troubling, and even infuriating at times. And it gets worse if you think that the issues will be resolved once the deal is done. But this isn’t so. As an entrepreneur, you need to have a clear idea about how you will handle this phase.
Here are 7 important things you need to know when selling your business
Take your time to make the decision. Whether you are planning to sell your business to spend more time with your family or invest in a bigger venture, you need to think about your decision for a hundred times. Sometimes, the length and complications of the process disgusts the best entrepreneurs and makes them rethink their decision.
Keep your focus on the reason you want to sell in the first place; and plan ahead.
Detach from the business. Well, you have put in money, time and effort to make your business grow. But think it from the buyer’s perspective – would you buy a business where the owner needs to invest 20 hours a day to run the daily operations? Or, rather one where the owner has the freedom to take off days and go on holidays?
Make sure the business runs smoothly; even without you being part of its daily operations.
Appoint professionals for the task. If you haven’t handled a business sale before, you may have no clue about the process. And if you have, the same may yet be true. It involves legalities, figures, numbers, and an array of documents. And it’s impossible for you to handle it all without specialized knowledge and experience.
Appoint a legal professional as well as an accountant specializing in this particular field.
Learn how to deal with the stress. Appointing professionals isn’t going to help you with the stress. Your legal team will unearth problems you never knew even existed. Your accountant will ask for figures you never knew anyone required. And dealing with it all will often feel too exhausting.
Cultivate a positive attitude; always remember that the professionals are for your help.
Set a realistic value. Every entrepreneur thinks of their endeavor as the best in the market. And this reflects in the price you set when you decide to sell your business. The only problem is – the buyers may not have the same opinion about it. Well, it’s true that they want to buy your business, but they want to do it at a reasonable price.
If you think you are biased, opt for an objective opinion before you decide on it.
Be wary of debts and documents. If you have adequate time to plan before you sell your business, you have the window to get rid of any debts you have incurred. Otherwise, it will lower the amount you get after the sale. Also, pay attention to any documents you have signed in the past that adds to your liabilities.
Discuss every detail with your lawyer and accountant; and get their advice about these.
Assess your team’s capabilities. If you have put together a winning team, it will prove to be one of your assets when you sell. But if your team comprises of family members, who take their paycheck just because they are family, or of employees who will never find another opportunity, you are in trouble.
A buyer will evaluate the capabilities of your team; do it beforehand and take measures.
Selling your business is a big decision; you need to plan from the day you decide to do it.
Walk Away Wealthy by Mark Tepper – Listen to my interview with Mark here
Final Act of Ownership by Jerry Baltus – Listen to my interview with Jerry here
Sell Your Business For An Outrageous Price by Kevin Short – Listen to my interview with Kevin here
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]]>A summary of things you should know about Final Act of Ownership according to Jerry Baltus Introduction In this episode Jerry Baltus provides his expert opinion on exit planning whenRead More
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]]>In this episode Jerry Baltus provides his expert opinion on exit planning when it comes to selling your business. The difference with Final Act of Ownership is that Baltus focuses on small businesses and talks directly to business owners only. This book is less technical and is written to make it easier for a lay person to follow. Most business owners who read the book may not realize all the ends and outs of what it takes to sell the business and people only get one shot at this for the most part.
What I find is that other resources on this topic tend to be targeted at larger businesses and not so much at the smaller ones. My book is less technical and is written to make it easier for a lay person to follow. Most business owners who read the book may not realize all the ends and outs of what it takes to sell the business and people only get one shot at this for the most part. It’s meant to educate the owners not the professionals that might be involved.
The reader can skip through it and read different sections. I think it reads fine from beginning to end as well but there are tidbits of information throughout that if you were interested in a specific topic you would be able to read just that chapter and get a sense of it. I am also proud of the information in the book of the emotions of buying and selling which is a topic that is not often talked about.
The one lesson that I repeat through the book is this idea of not waiting until the last minute. Even when you start a new business, it’s important to be aware of the things that create value and begin working on those things immediately.
The book starts out talking about the emotions involved in buying and selling your business. We talked about the fears that a business owner might have in never having sold a business before and how to go about it. I think there are a lot of business owners who have the idea that their business has no value and there is sometimes a lack of trust among small business owners about some of the professionals that could really help. We deal with those emotions; we deal with the idea of the culture that the owner wants to maintain with the business so that a new buyer would be able to carry on the legacy that the owner has created.
The second chapter talks about the various types of buyers that you might look for and why certain types of buyers would be attracted to certain businesses. And how the buyer might impact the actual evaluation of the business or the price they would be willing to pay.
Chapter three talks about valuation and we talk about the numbers and what your business is worth on paper. I would like to stress that valuation is only skin deep, it’s important to know but it doesn’t necessarily determine the price. The price is always determined by what the buyer is willing to pay and what the seller is willing to sell the business for. Valuation is really helpful in terms of educating both the buyer and the seller in terms of where you are at.
Chapter four takes a different view of valuation and it’s based on a gentleman that I’ve come to know named John Warrillow who wrote a book called Built to Sell. John did a great job talking about the non-numerical factors that make up valuation and he created a tool called the sellability score which I find tremendously useful in educating businesses. We talk about the level of satisfaction that the customer has and the type of uniqueness that the business has in its market and the growth potential.
In Chapter five we talk about preparation for sale and having a strategic plan as you prepare your business for sale. The buyer might be interested in knowing what the seller’s viewpoint of the businesses future is so that they have a feeling that there is a future. One of the most important things is we try to educate people how you go about creating a list of target buyers for your business.
Chapter seven is short but it deals with putting a team together and not trying to do this all on your own.
“Before you think about selling your business, ask yourself if you’ve built a business that supports your life. If it does support your life, it probably can support someone else’s life too, so you have a sellable business. In the final act of ownership the business you’ve built may now be able to support the rest of your life as well. “- Jerry Baltus
I am located in Plymouth, Wisconsin. I have been a business coach for nearly eight years and have built my business around helping business owners be more successful in their business in a variety of ways. I am an avid reader and bicyclist too.
I really didn’t start out to write a book, I just wanted to write a white paper to support some of the work that I do in regards to exit planning with business owners. It grew as I realized that familiarity with all the aspects of selling a business just was not there. As I started to write I realized I had a lot to say on the subject and it grew in to a book.
Outwitting the Devil by Napoleon Hill
Buy Final Act of Ownership by Jerry Baltus on Amazon today
Visit Baltusgroup.Advicecoach.com for more information about the book and business coaching
Follow Jerry Baltus on Facebook and Twitter
Download the full transcript here
Listen on iTunes, Stitcher , and SoundCloud
Related books: Walk Away Wealthy by Mark Tepper | Sell Your Business For An Outrageous Price by Kevin Short | From Idea To Exit by Jeff Weber
Relevant advice and tips: 7 Important Things You Need To Know When Selling Your Business
What did you like and not like about this episode? Fill out this one minute survey here.
The post A Preview of Final Act of Ownership with Jerry Baltus appeared first on The Entrepreneurs Library.
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