The Truth About Selling a Business

There are so many people looking for a silver bullet today, listening to coaches that haven’t done what they are telling you to do. Mike Agugliaro gives you the real deal when it comes to building and growing a business that you can sell for a massive pay day. Key Lessons Learned: Building to Sell If you suck at business, it’s going to be hard to sell it. The only way to sell a business is to build in processes and systems that allow it to run on its own. Selling your business can’t be a move of desperation. You have to fix the issues before you go to sell. You have to have the right mindset for before you go to sell your business but you also have to have the right mindset for after the business is sold. There is no long term marketing plan, marketing is always changing and you have to be able to pivot. Marketing is an emotional game, you need to understand the emotion of the market in order to pick the marketing that will have the most impact. Marketing is just one of many systems that you need to build into your business. You have to be willing to modify the plan at any moment. That doesn’t mean you don’t have a clear vision of where you want to go. Keep in mind, your employees are watching and listening. Every word you say matters. They are making decisions based off what they see and how they perceive your behaviour. There is a good chance that any business that approaches you to buy your company is not interested in actually buying and they are really looking for information they can use to hurt you. Be wary. The minute you begin negotiation, it will get out to your employees. What you think your business is worth and what it’s really worth are two very different things. You have to plan how you’re going to approach the sale and you should absolutely work with someone who has been through it before. You must control your emotions from the process. If you lose control of your emotions you’re going to lose the game. Your culture and leadership team must be world class. If you’re going to sell your business, you better make sure you don’t spend all day working and you shouldn’t have an office. If you spend most of your time working in your business, you’re going to lose 30-40% of the price. If you’re not a good leader, you will not have a “everybody fights for everybody” culture. Don’t go and take leadership training, step up and start leading. If you want to know what your team needs from you as a leader, get them to write down what you need to be for them to follow you in battle. Change is mandatory. If your company is going to be around to serve for the next five years, you can’t be complacent. Champions are constantly training to evolve and become better. If you’re not a great leader now, you will fail once you sell your company. If you travel somewhere to learn something new, don’t waste time. Look for the piece of the puzzle you are missing. The skills you have got you to where you at, but they won’t get you to where you want to go. You have to look for the system, process, strategy, or mindset that will get your business to the next level. Don’t serve others until you have served yourself first. If you are going to step up and be a better leader, you must have a body, mind, and spirit that can support you on your journey. Links To Resources Mentioned http://www.servicebusinessedge.com Thank you for listening! If you enjoyed this podcast, please subscribe and leave a 5-star rating and review in iTunes!