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SFB041 What Does It Take To Sell A Business with Andrew Cross and Damon Pistulka

| November 08, 2016
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Episode Summary

Andrew Cross is the Principal at Cross Northwest, Inc. and Damon Pistulka is the Managing Partner at Cross Northwest, Inc. This week’s topic dives into what business owners and business buyers need to know about selling/buying a business. Andrew and Damon tackle both sides of the coin to help business owners get an overall perspective of what they need to do, long before they decide to sell their business and retire.

What Was Covered

  • 03:35 - What is the biggest mistake business owners make?
  • 05:55 - Business plans should always have an exit strategy.
  • 08:20 - How much time do businesses need, in order to effectively hash out their exit procedure and sell the business?
  • 13:00 - It’s a common problem where business owners are the business. Business owners need to develop a company where people run the business, instead.
  • 15:55 - Can you take a vacation without the business falling apart?
  • 19:05 - What should people do before they buy a business?
  • 20:40 - What’s the difference between buying a business and buying a home? How much more complicated can it be?
  • 24:15 - How much money would potential business owners have to spend in order to acquire a business?
  • 26:10 - If 20 people look at buying a business, how many actually end up pulling the trigger and doing it? One, if that.
  • 27:45 - Not all businesses on the market actually end up getting sold. This can be a scary feeling for business owners who hope to retire.
  • 28:11 - For every 100 businesses on the market for sale, only about 30% of them get sold.
  • 33:25 - It can bring a lot of peace to your employees, if you let them know you’re building a company of value, that will stand the test of time.

Tweetables

"Do you own a business or do you own a job?"

"At a corporate job where you’re making 300k a year, you’ve got low risk. That’s not the life of a business owner."

"There’s data out there that buying a business has less of a failure rate than startups."

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