Mike Finger, a small business owner and expert in the transaction space, shares his insights on selling small businesses. He emphasizes the importance of understanding the basics of selling a business and dispels common misconceptions. Mike discusses the challenges faced by business owners in valuing and selling their businesses, including inflated expectations and lack of knowledge. He also shares his own experiences with buying and selling businesses, including turnaround acquisitions. Mike offers advice for business owners, encouraging them to focus on creating desirable results, ensuring the business can operate without the owner, and documenting the results.

Takeaways

• Understanding the basics of selling a business is crucial for small business owners.
• Many business owners have inflated expectations and lack knowledge about the value and sellability of their businesses.
• Creating desirable results, ensuring the business can operate without the owner, and documenting the results are key factors in preparing a business for sale.
• The market for small businesses is complex, and owners should seek professional advice and educate themselves about the process.
• Waiting too long to tackle the topic of selling a business can lead to missed opportunities and regrets.

Connect with Barnaby on LinkedIn: https://www.linkedin.com/in/barnabycook/

Join The Exit Plan mailing list: http://eepurl.com/iC8sIY