Part Three – Selling Your Trade Business

Series: How To Sell Your Trade Business

Guest: Brandon Jacob from Contractors Financial Opportunity

 

In the last episode of this series, Brandon shares the actual process involved in selling and buying a business. This process requires professionals who specialize in business valuations and transactions. If you want to sell or buy a business, you need to get in touch with attorneys, marketers, and consultants for due diligence and a proper and legitimate process.

 

If you are interested in selling and business deals, check out these other episodes:

• TSS158 – Structuring Your Financial Deals – [LINK]
• TSS205 – How to sell your value and maintain a solid sales process – [LINK]

 

About this podcast, ‘Actual Process of Selling Your Business’

Podcast Highlights:

• 04:55 – The value of small businesses
• 07:30 – Pre letter of intent
• 10:40 – Importance of legal counsel
• 16:55 – Pros and cons of being approached by a buyer
• 19:34 – Seeking professional help
• 25:23 – Non-disclosure agreements
• 33:05 – Varying timeframes
• 38:04 – Negotiations
• 39:19 – Post letter of intent
• 46:24 – Different variables included in due diligence
• 49:52 – Difference between stock purchase and asset purchase
• 58:45 – Employment agreement

Brandon identified two phases of buying and selling a business. The first step is the pre-letter of intent, and the second stage is the post-letter of intent. The first phase signals how serious a buyer is to acquire a business. This pre-LOI phase has an expiration date. Thus, the buyer is required to decide within the given timeframe.

After the potential buyer and the seller signed the LOI, the prospective buy

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