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Our client “John” doubled the sale price for his business. Here’s how.
Our client “John” doubled the sale price for his business. Here’s how. After decades of building and running his business, John was finally ready to sell. But the $10M valuation he was expecting came back cut by half – only $5M. Ouch. Here’s why. Like so many business owners, John was running every department and trying to be the go-to expert for every decision. And wearing way too many hats. He didn’t have a leadership team in place for key functions like sales, operations and finance. The team didn’t have clear goals or defined roles. Outdated pricing, processes and cash management were eroding value. And, he was using his business as his personal bank account. Potential buyers were understandably concerned about what the business would look like beyond him. And that showed up in the valuation. So here’s what he did. -Separated his personal finances from his business finances so buyers understood the true profitability of the company. -Hired key leaders in sales, operations and accounting. The results. -A much needed update to pricing and multi-year contract renewals drove more predictable long-term revenue -A streamlined process to onboard and service clients reduced costs and set clear metrics for the team. -A focused effort to track down receivables kept the cash flow consistent going forward. A few years later John sold for the price he hoped for. Some simple (not necessarily easy) steps that made all the difference. There’s a lot to think about in preparing to sell your business. Make sure you have a trusted advisor guiding you along the way to ensure you are getting the most for what you have spent a lifetime building. #BusinessOwners #Valuation #Leadership #SmartGrowth #BusinessStrategy #WealthPlanning #Entrepreneurship #BusinessValuation #ExitStrategy #FinancialPlanning #OwnerMindset #SuccessionPlanning #HNW
Business Owners – Don’t miss out on this critical tax saving strategy! (and join our next webinar)
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Business Owners – Don’t miss out on this critical tax saving strategy! (and join our next webinar)
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Think your tax-free 529 plan is just for college tuition? Here’s what you may be missing.
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Think your tax-free 529 plan is just for college tuition? Here’s what you may be missing.
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