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Ep133 Jeff Farren How to Sell a Business

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Manage episode 486998212 series 3600122
Content provided by Matt Nettleton. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Matt Nettleton or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

In this episode, host Matt Nettleton and guest Jeff Farren discuss the intricacies of selling a business. They explore the importance of preparing for an exit strategy well in advance, the psychological aspects of letting go of a business, and the necessity of having proper documentation and financial records. The conversation also delves into the risks associated with customer concentration and how to find buyers in a competitive market. Jeff emphasizes the need for business owners to prepare their businesses as valuable assets for potential buyers, ensuring a smooth transition and successful sale.

takeaways

  • The best time to prepare for selling a business is 3-5 years in advance.
  • Business owners should document processes to ensure business continuity.
  • Psychological readiness is crucial for owners selling their business.
  • Sales concentration over 10% poses a significant risk to business stability.
  • Having a clear vision for life after selling is essential for owners.
  • Documentation and record-keeping are vital for a successful sale.
  • Understanding your ideal customer profile can help in business growth.
  • Strategic buyers often pay more than financial buyers for businesses.
  • Preparing a business as a valuable asset increases its sale potential.
  • Finding the right advisor can help expose business opportunities in the market.

You can learn more about Jeff on LinkedIn https://www.linkedin.com/in/jefffarren/ or his company website http://www.accretivevalue.com/ to contact Jeff call him 317-513-4016 or send an email [email protected]

Subscribe to the Default Profitable podcast on your favorite podcast platform or visit http://defaultprofitable.com for 100+ episodes about how Indianapolis businesses get built

  continue reading

149 episodes

Artwork
iconShare
 
Manage episode 486998212 series 3600122
Content provided by Matt Nettleton. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Matt Nettleton or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

In this episode, host Matt Nettleton and guest Jeff Farren discuss the intricacies of selling a business. They explore the importance of preparing for an exit strategy well in advance, the psychological aspects of letting go of a business, and the necessity of having proper documentation and financial records. The conversation also delves into the risks associated with customer concentration and how to find buyers in a competitive market. Jeff emphasizes the need for business owners to prepare their businesses as valuable assets for potential buyers, ensuring a smooth transition and successful sale.

takeaways

  • The best time to prepare for selling a business is 3-5 years in advance.
  • Business owners should document processes to ensure business continuity.
  • Psychological readiness is crucial for owners selling their business.
  • Sales concentration over 10% poses a significant risk to business stability.
  • Having a clear vision for life after selling is essential for owners.
  • Documentation and record-keeping are vital for a successful sale.
  • Understanding your ideal customer profile can help in business growth.
  • Strategic buyers often pay more than financial buyers for businesses.
  • Preparing a business as a valuable asset increases its sale potential.
  • Finding the right advisor can help expose business opportunities in the market.

You can learn more about Jeff on LinkedIn https://www.linkedin.com/in/jefffarren/ or his company website http://www.accretivevalue.com/ to contact Jeff call him 317-513-4016 or send an email [email protected]

Subscribe to the Default Profitable podcast on your favorite podcast platform or visit http://defaultprofitable.com for 100+ episodes about how Indianapolis businesses get built

  continue reading

149 episodes

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