Part Two – Preparing Your Trade Business For Sale

Series: How To Sell Your Trade Business

Guest: Brandon Jacob from Contractors Financial Opportunity

 

After evaluating your business, the second step is to prepare it for selling. This preparation is challenging, but it’ll be easier with the help of the right professionals and the right mindset.

 

In this episode, Brandon shared a list of things you will need to prepare your business for sale. The first on the list is to have a service and replacement residential work mix. The second is to have proper management in place. The third on the list is about updating your assets. He also noted that service agreements and warranties are essential aspects.

 

If you are interested in selling your business and other topics related to what we discussed today, check out these episodes:

• TSS205 – How to sell your value and maintain a solid sales process – [LINK]
• TSS008 – Job Management with TradiePad – [LINK]

 

About this podcast, ‘Preparing Your Trade Business For Sale’

Podcast Highlights:

• 6:01 – Other considerations regarding a business’ earnings
• 11:38 – Looking over financial records, forecasts
• 16:10 – Tax management
• 21:37 – Possible misuse of company funds
• 23:29 – Non-reoccurring expense
• 27:03 – Replenishing assets
• 29:22 – Book reviewing
• 31:14 – Other things that make a business more attractive
• 36:00 – Having proper management in place
• 40:06 – Detailed processes as an advantage
• 41:45 – Well-branded business with a good reputation
• 43:41 – Updating assets
• 46:26 – Risk exposure
• 50:15 – Handing over the balance sheet
• 53:31 – Preparing your business to sell
• 56:53 – Mindset needed when selling a business
• 59:07 – Common transition period
• 1:00:51 – Debt levels
• 1:03:00 – Service agreements
• 1:08:35 – Warranties

 

An owner’s mindset is equally important when selling your business. You must prepare yourself to let go of the business

Your Next Step:

Join Tradie Academy, our free community packed with templates, checklists, and resources shared by podcast guests, coaches, and successful tradies.

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