I had previously made a video highlighting how you can sell your business. Today I would like to piggyback on that video and provide a bit of an insight. ; Selling your business on your own & time.
You can watch a short video on youtube – https://youtu.be/xFLLmyDikyM
This week I had the pleasure to meet up with a seller of an Auto Tech business. The business was established over 20 years ago, making almost $1MM in cashflow.
We met at an outdoor dining facility and sat for about two hours, so that I can understand the business and his personal goals. I learned a lot from the meeting. I learned how he got started, the mechanics of the business, his motivation of selling the business. The strengths, the weaknesses, the opportunities and the threats to the business. This is what we call the SWOT analysis.
It’s very important for me to learn the business and what my client’s personal goals are. Why, because when buyers have questions I can answer them intelligently without bothering my client.
He was so passionate about his business. When I asked if he regretted anything in regards to his business, his response was that he wished that he started the business 10 years earlier as it has been very profitable for him. He told me that he has done his research and had thought about selling the business by himself, and he did just that. He listed his business for sale by himself.
But could not keep up with the sale process of the business, could not keep up with the inquiries, could not keep up with fielding the buyers, could not keep up with following up with the buyers, could not keep up with the buyer’s questions and request for financials, could not keep up with who has the money to buy his business from the tire kickers, all while running his business.At the end, he thanked me for my time and appreciated my eagerness to learn his business. This is what we do at GillAgency, we get to know you as a person as opposed to just a listing.
We have written an extensive article on what it takes to sell your business – https://gillagency.co/how-to-sell-my-business-a-step-by-step-guide. If you so decide to hire a business broker to handle this for you, please head on over to https://gillagency.co/our-process to learn how we can assist.
