Aug 29, 2022
There are a few ways to sell your business: you can sell to a family member or your employees or managers. But what if none of your family members want to take over your business? What if your managers don’t feel ready to take an entrepreneurial role? In that case, you may want to sell your business to an open market. Just like other exit strategies, selling your company to an open market comes with blindspots that every business owner should be wary of.
In this episode, I discuss the three common exit planning blindspots every business owner needs to consider when selling their business to an open market. I explain why many business owners are unsatisfied with the sale of their business and how to avoid renegotiating against yourself. I also reveal how a business advisor can help you manage your time and maximize value when selling your company.
“Selling your business to a third party has the highest value ceiling among all the exit strategies.” - Justin Goodbread
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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/
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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.