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Crispy Like Toast: What Happens When Your Business Owns You with Mike Finger
Manage episode 508538904 series 2904195
A lot of business owners wake up one day looking like "crispy toast" and realize they need to exit only to discover their business isn't sellable. Mike Finger lived this nightmare firsthand and spent five brutal years rebuilding his company with buyers in mind before successfully selling.
This Gen Xer has bought and sold multiple businesses over 25 years, learning hard lessons about what makes companies truly transferable. His approach cuts through the industry complexity and sorcery filled advice to focus on practical reality for the 98% of businesses with under 20 employees.
Mike's wake-up call came when business broker after broker hung up on him. Despite having 50 employees and thinking he was doing everything right, his business failed the basic sellability test. The five year rebuild process was grueling because he was mentally checked out but couldn't leave. This experience taught him that exit preparation can't wait until you're ready to sell.
The conversation reveals why so many small business owners sabotage their own sellability through tax avoidance strategies that show zero profits for years. When it's time to sell, buyers only see businesses that "never made any money" rather than the owner's explanation about reinvestment and creative accounting.
Mike's simple framework cuts through the complexity: three basic questions determine sellability. Are your results desirable? Can a buyer duplicate your results? Can you document your results? A "yes" to all three means you have a sellable business. Any "no" or "maybe" reveals problems that need addressing.
Highlights:
- Exit almost always sneaks up on owners through divorce, diagnosis, or new opportunities.
- Business ready to sell is fabulous to own forever sellability equals ownability.
- Biggest danger is waiting until ready to sell before getting ready for sale.
- Start sustainability first, then succession chaos rules early business stages.
- Industry focuses on 2% of businesses while ignoring the 98% with under 20 employees.
- Half hour monthly lunch dates with your future self can transform daily decisions.
Ready to build a business you could sell tomorrow but might choose to own forever? Don't wait until you see crispy toast in the mirror.
Subscribe to Blue Collar BS for more honest conversations about the realities of business ownership, exit planning, and building transferable value. Share this episode with any business owner who thinks sellability is something they'll worry about "someday."
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