Feb 7, 2020
Selling a business seems pretty straightforward – offer your
business to prospective buyers, sign the deal, and voila! However,
it is not always the case. Many business owners are struggling to
sell their business.
Finding buyers alone takes time. Some already find buyers, but as they take off, things begin to fall, and they end up going back to square one. In today's episode from Freedom Factory Robert discusses the single biggest mistake entrepreneurs make when selling their business, and how to avoid it.
Listen to the podcast or watch the video below
Hi again. Robert Hirsch here from Freedom Factory, talk
to you today about the single biggest mistake that I see sellers
make when selling their business. Now, In business you know there's
simple and there's complex. And I think we all know the Einstein
quote about, you know, any fool can make it more complex, It
takes a real genius to make it simple.
and I want to And when we go to sell our business, the one thing that I always tell the sellers is simplify, simplify, simplify. We don't get points in business for degree of difficulty. This isn't the triple Lindy. And if we're not getting judged by the Russian judge this is really simple.
And so when you look at your business and you're presenting it to buyers, we want to make it as approachable as possible. So many businesses develop their own lingo, their own slang. It's very difficult to understand. Well, at company X, we call it blank. And I said, well, why don't we call it what the industry calls it?
They said, no, Robert. I'm not sure if you understand our
business is different than the 99 other businesses that are similar
to ours and so on and so on, et cetera.
So when you're looking at your business, what I want you to do is look at it from the outside in and pretend you're explaining it to your teenage, your teenage son or daughter, and explain it in terms so that they can understand it.
Because if they can understand it, the buyers are going to
understand it, and that's going to be reflected in the valuation.
Remember, simplify, simplify, simplify. And if you need any help
with it, just give us a call at Freedom Factory and we'll go
through anything you want to.
Thanks for watching. Please hit like and subscribe and we'll see you soon.
Freedom Factory is the world's best business broker helping entrepreneurs sell their business for maximum value.
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