Crossing the Goal Partners

for my ideal client, here is a great interview from Built to Sell Radio...of a landscaping business owner: https://lnkd.in/g4DQqVkk

There are 5 questions to ask yourself to ensure a happy and lucrative exit from your business. Whether you are looking to exit tomorrow or years down the road, use this 5-step checklist to get started. https://lnkd.in/gVpYB7wB #exitplanning #businessstrategy #entrepreneur

“Look at the revenue!” she said again. “Teresa, I’ve looked . . .” I started to reply. “Good,” she cut in. “So . . . how do I get that money?” “Teresa, it’s not . . .” I stuttered to a stop. I needed to regroup. She sat on the edge of her chair and looked at me intensely. “It’s not about the revenue,” I said. “It’s about the income the business provided you, because that’s the income it can likely provide for a buyer.” We’d finished discussing how meager her income had been over the years, so she remained quiet. “That’s what a potential buyer is going to look at,” I continued. “That’s what determines if a small business like yours has any transferable value. Revenue doesn’t really matter.” When I said that, she sat back in her chair, raising her hands up in front of her like she was fending off physical blows. “Wait . . . wait . . .just wait,” she said. “He told me it was two times revenue. That’s what the business is supposed to be worth. Two times revenue.” “Who said that?” I asked. “When?” “That was . . .”, she started to say and then trailed off. Then she just sat, clearly trying to process what I had been saying. (As I type this out, I can still feel the heaviness of the air in the small room we sat in.) After a long moment she asked, “So I can’t sell it for two times revenue?” “Teresa,” I replied. “I’m really sorry, but I don’t’ think you can sell it at all.” After hearing that, she gripped her hands together tightly in front of her, and then lowered them slowly until they rested on her knees. And then she just sat there . . . . . .speechless. -- Small business owners . . . What beliefs do you have about the sale of your small business that will end up leaving you . . . . . . speechless? -- Stop waiting. Start learning about this topic. Right now. (Notice I didn’t say “sell now”.?I said start learning about this topic now.?Do it while you still have time to change your business, and your future.) #business #smallbusiness #entrepreneurship

Check out my new short video... I'm no Harrison Ford, but the content is good and IMPORTANT. Watch my short "5-Steps to a Successful and Lucrative Exit" video. https://lnkd.in/gVyA_XNJ I will do more video in 2025, because I understand I have an important message to share, helping Gen X business owners determine their Endgame. Download the 5-Step Exit checklist - link in comments

Friday Facts from the Exit Planning Institute (EPI) ? 69% of owners have exit strategy on their priority list. ? 78% of owners say their business is less than completely ready for transfer to a new owner ? 58% have no written formal transition plan Are you among these numbers? That must be an unnecessary burden you carry, weighing you down. Now imagine how much less stressful it would be to have a plan and a business that is completely ready to be transferred to a new owner.

Understand your "Triggering Event" It could be an opportunity, personal matter, or a cycle in your business. Take the time to understand if it's the right time for YOU. What are your personal and business goals? When you're ready, take steps to prepare. This will attract buyers and maximize value. Dig deeper in this article from the folks at Transworld and Broker Michael Shea. https://lnkd.in/g-jx89KN

“So, what will they want to look at?” he asked. “Everything,” I replied simply. “What do you mean everything?” he asked. -- If you’re lucky enough to get an offer from someone who wants to buy your business, you’re going to find yourself in a new place. A place called . . . Due diligence. Due diligence is part of the purchase process where a potential buyer gets to look at your business . . . up close, in detail . . . intimately. Financial records. Business agreements. Contracts. Everything. -- There are three questions small business owners need to be able to answer “YES” to if they want to be able to sell their business someday. 1. Are your results desirable? 2. Can a buyer duplicate your results? And the last, and least talked about . . . 3. Can you document your results? Why is that last question so important? Due diligence. -- When they come looking, what will you be able to show them? Does your business keep clean records? Do your accounting records tie to your tax returns? Do you have up to date contracts? A written lease? Do you have . . . you know . . . proof that what you say happened . . . really happened? -- In due diligence, you need to be prepared for your buyer to investigate every deep, dark hole they can find. Why will they explore? Because they are deciding whether to move forward with the HUGE decision to buy your business.?And they want to ensure they are making a good decision, and uncover any deficits or deficiencies before they sign the final documents. So, they look. Everywhere. And if you want to sell the business, you need to be ready. -- But here’s the thing. It’s almost impossible to “get ready” retroactively. “Hey, someone wants to buy my business, I better go clean up the last three years of record keeping.” That doesn’t work. For example, how do you go back and re-create the process you used to on-board a client 24 months ago? You know the client that’s now 37% of your revenue? The same client that you don’t have a written agreement with . . . Guess how your buyer’s going to view that? -- Keep clean records. Preparing for due diligence is something you do as you go. By saying, “let’s document that" as it happens. You don’t have to be perfect, ?but you need to care about this . . . before your buyer puts the glove on. -- Can you document your results? That’s the question. I admit, it isn’t an exciting question. But it’s critical for owners to be able to answer it correctly if they want to sell their business someday. #business #smallbusiness #entrepreneurship

My father's heart surgery was a wake-up call. It sparked 'The Endgame Conversation' – a plan to build a business he could sell to secure our family's future. What will it take for YOU to start planning? After you've enjoyed the turkey and stuffing this Thanksgiving holiday- consider an Endgame conversation with your family... start here: https://lnkd.in/dwTjEgkP

Half of all business owner exits are unplanned because we rarely know when we're going to die or get sick. This article emphasizes the importance of having a business exit strategy, highlighting the "5 Ds" that can trigger a sudden need to exit: Disaster/Distress, Disagreement, Divorce, Disability, and Death. It argues that while these events are often unexpected, their impact on a business can be mitigated with careful planning. This includes having clear legal agreements, succession plans, and risk management strategies in place. Essentially, it encourages business owners to be proactive, not reactive, when it comes to the future of their company. https://lnkd.in/gvunpiXe #exitplanning #businessstrategy

This week celebrates entrepreneurs of all shapes and sizes, in every industry.? That means even more networking events, and a chance to get in front of new business owners. There were too many events to list them all, so check out?https://gewnevada.com/?for all the events statewide!