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