Andy and JT welcome you to another episode of The Deal Board Podcast. This week, they are sharing advice for anyone selling their business and cautioning sellers against some common mistakes. Our experts are talking us through five of the ten most common mistakes sellers make when selling their businesses. From making sure records are in good order to cleaning up the appearance of the business, this episode is filled with pearls of wisdom for sellers. We even share some stories of our own selling disasters! To hear all this and so much more, be sure to press play now, and stay tuned for part two of this discussion!

Listing of the Week:

Garrick Foy from Transworld Flagstaff & Western Arizona is selling a third-generation construction business that's been around under its current ownership for just under 30 years for $3.25 million. The seller is looking for a really great buyer to take over the family legacy. For more information, call Garrick at (801) 380-5754 or email him [email protected]. Deal of the Week:

Evgeniy Krasowski from Transworld Boston recently sold a bookkeeping company that was in high demand in New England. Evgeniy's challenge was to find the right buyer for this seller who had built a personal relationship with local businesses and wanted the next owner to do the same. This sale wasn't about the price; it was about finding the right fit. For more information, call Evgeniy at (508) 972-7986 or email him at [email protected].

Key Takeaways From This Episode:

• [00:00] Today's topic: mistakes to avoid as a seller.

• [01:47] The importance of getting your books and records in order.

• [05:15] Why you need to keep good books and records going forward.

• [08:45] The power of 'keeping your eye on the ball'.

• [10:43] Why you need to clean your business up when selling.

• [14:04] The concept of 'fix it or throw it out!'

• [18:52] Deal of the Week: Evgeniy Krasowski (Boston) sold a bookkeeping company in New England to a buyer who was the perfect fit.

• [21:43] Listing of the Week: Garrick Roy (Western Arizona) is selling a third-generation construction company for $3.25 million.

Links Mentioned in Today's Episode:

The Deal Board Podcast

Subscribe to The Deal Board Podcast YouTube Channel

United Franchise Group

Transworld Business Advisors

Transworld on LinkedIn

Transworld on Facebook

Call us — (888) 719-9098

Email us [email protected]

JT Tatem

Andrew Cagnetta

#thedealboard #transworldbusinessadvisors #realestate #commercial

Quotes:

"[Taking your foot off the gas] is a major mistake. You've got to, not only keep your foot on the gas, [but also] accelerate. – 'Pedal to the metal', as we said earlier, to keep the business growing." — JT Tatem [0:09:00]

"You've got to run your business like it's not going to sell cause it may not sell." — JT Tatem [0:10:00]

"Take pride in the appearance of [your business] – once you've listed it!" — Andrew Cagnetta [0:13:52]

"[Buyers] are going to want everything they see." — Andrew Cagnetta [0:15:22]