With a background as a broker, life coach, and fourth generation entrepreneur, it's safe to say that I have learned a few things over the years about how to grow a business as an asset that might later be sold.
I like to say that I'm a coach by trade and an entrepreneur by heart. I have owns and operated several businesses over the course of my career -- some were successful, some not.
Selling your business may seem like a far off possibility, but one thing is for sure: for a business to sell to a good buyer, it needs to have meticulous systems from the get go.
I have compiled a list of do's and don'ts that ever successful business should follow, especially if there is even the tiniest possibility of a change in ownership sometime in the future.
If you’ve ever climbed Mt. Everest, you probably had a kick*** sherpa.
Okay, so most of us haven’t climbed Mt. Everest, but maybe you’ve heard of a Sherpa?
A Sherpa is an expert mountaineer known for helping lead treks up Mt. Everest. They are highly skilled, well aware of the terrain, and highly regarded for their experience and know-how. As a business broker, I am like a deal sherpa. I bring a team of experts to help our clients get to the top of their “mountain”: buying or selling a business.
You do what?
That is usually the question I am met with when I tell people that I am a business broker.
So, let's break it down and figure out WTF a business broker actually does?
We sat down at the conference table across from two first time business buyers. They were eager to hear what we had to say and excited about the business opportunity that was before them.
But they weren't sure how to structure the purchase, how to form a business entity, or how to create a partnership that would survive the inevitable ups and downs of business cycles.
And so, we gave them a few very powerful pointers that I am going to also share with you in today's post.
I was in the back row of the conference hall on the 21st floor of a skyscraper in downtown San Antonio. I had to bob and weave between the heads that blocked my view to the stage where the presenter said,
"The purpose of selling a business is different from the purpose of starting one."
And I was fascinated because he is so right! And today I want to walk through a few reasons small business owners are motivated to do each. I hope you'll join me!
Katie is coach, entrepreneur, and deal-maker that partners with business leaders in creative ways to maximize potential. She understand the complicated lives of entrepreneurs and believes the world would be a better place with even more successful small businesses. A fourth-generation entrepreneur, Katie purchased her first business in 2010 and has partnered with hundreds of business leaders to accomplish their goals, challenges, and visions for a bigger future. Katie is certified in Conversational Intelligence® — the neuroscience of leadership, and holds a B.A. in Business Management from Luther College in Decorah, Iowa.