Ever think about selling your business or buying a business, I get to talk to day with David Barnett helping business owners prepare to sell or buy a business this is his expertise. Preparing today for tomorrow.
David Barnett has been working with small and medium sized businesses for over 20 years. He’s been a business loan broker and a business broker. He’s sold over three dozen businesses for others and has worked as a consultant on over 200 more sale transactions. David works with people trying to buy and sell businesses all around the world and has authored 7 books. 3 of them have been Amazon Best-Sellers. David maintains a YouTube channel with over 250 videos all about buying, selling, managing and financing small businesses.
Some of the things we talk about are real eye openers when it comes to
- Why do owners sell?
- What does it take to get your business ready to sell?
- If your business is a just a high paying job is some one going to buy it?
- Do you have systems in place or is it all in your head?
This is what David talks about when he does his seminars.
Great so in your business do you write yourself a paycheck that is equal or greater than what you would earn doing the same work for somebody else.
to because to me if you have a business you have your salary
or your wages which should be equal to what you would earn someplace else and then you have a profit right and if you have a profit above your wages that your time and effort is worth that’s a business if you’re working for yourself and you’re just taking the same amount of money out as you would if you work for somebody else then you do according to me. I don’t actually own a business you own a job right.
There’s a lot of people out there who like the flexibility of calling their own shots and they want to own a job even if they have to work in harder to earn that profit they’d rather go fishing when they want to and that’s fine if that’s what they want to do and then there are the people who work all week and they take home less than what they would if they work for somebody else and those are the challenging situations that I call hobbies because a hobby is when you put time in and don’t make any real money.
The main reasons business owners put their business up for sale is
- Burnout and fatigue
- Need to relocate
I’m always telling people that they need to be running their business as though it was going to be put up for sale tomorrow all the time because quite frankly something could happen tomorrow that might make you
want to put the business up for sale and you won’t have time to get it ready or you’ll end up for example selling it for far less than you could if it were properly prepared and you know what’s funny is when you when you actually prepare your business for sale implementing systems policies procedures getting everything down on paper having the tools to manage it except for a miraculous thing happens.
In almost every case the business has become easier run. And more profitable. And running your business actually becomes a greater pleasure and more lucrative in the present even though you’re not selling it because you’ve gone through the steps of getting ready to go. Always being prepared.
Connect with David
Reach him at http://www.DavidCBarnett.com
There are so many ways to do almost free marketing you just have to think about it or you could just go to the web site and pick up the free download.
If you have a story to tell and would like to be a guest on this podcast email my assistant Shell at Shell@contractorssecretweapon.com and she will send you our guest sheet.
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