This past year—after over three decades of being a business owner—I finally sold my business. There were a few things that I was fortunately prepared for and I was able to avoid devastating blindspots. Unfortunately, not a lot of business owners plan for their exit and, when they do eventually sell their company, they sell it for well under their expectations. How can you avoid this and ensure that you sell your business to its full value?

 

In this episode, I discuss the value of exit planning and building your business for the perfect buyer. I outline different business blindspots and how to detect them. I explain why it’s difficult for business owners to detect blind spots and why it can be challenging to let go of a business. I also describe the emotional struggles of selling a company and how I felt after selling mine.

 

“Preparing today through exit planning—planning the business for transaction—is just good business strategy.” - Justin Goodbread

 

This week on the Financially Simple Experience:

 

• Where a business owner’s net worth is locked up
• What a business concession is and the importance of exit planning
• What proximity blindness means for your business
• Why it’s hard for business owners to let go of their companies
• How business coaches have helped me see my business’s blindspots and challenged my thinking
• Business attractiveness and how to measure it
• Thinking about your ideal client and target persona for a business sale
• Owner readiness and why business owners should think about their personal wealth gap
• The emotional struggles of selling your company
• How I’ve felt since selling my businesses

 

Resources Mentioned:

 

• Book: The E-Myth Revisited: Why Most Small Business Don’t Work and What to Do About It by Michael Gerber

 

Our Favorite Quotes:

 

• “The perfect client is the individual or company who’ll acquire us and create a liquidity event.” - Justin Goodbread
• “A business owner who has gone through a transaction understands the emotion that you face as you consider a transaction.” - Justin Goodbread
• “Consider what your business’s attractiveness looks like right now and if you’re ready to sell it. And if they look good, consider who you’re selling your business to.” - Justin Goodbread

 

About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey. 

If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher

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Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).

 

This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.