On this episode of Selling the Dream, business coaches Doug Howard and Kathi Fleck are joined by Jim Laird, owner of Laird Valuations. Jim is a business valuation consultant who specializes in tax-related valuations, medical practice assessments and sale related valuations—spanning industries including manufacturing, truck transportation, healthcare, restaurants and retail, and construction contractors.

They discuss early planning and preparation for selling a business, emphasizing the importance of accounting, marketing, and HR in business valuation and sale.

Learn more about Laird Valuations here.

Learn more about preparing your business for sale here.

On this episode of Selling the Dream, business coaches Doug Howard and Kathi Fleck discuss the business sales process from the buyer's perspective. Succession planning is crucial for family businesses to ensure a smooth transition from founder to the next generation. This requires the successor to gain a well-rounded understanding of the business through experience in various departments and financial literacy. While negotiation is key, even between family members, involving independent advisors helps guarantee a fair deal for both sides and sets the stage for the business's continued success.

On this episode of Selling the Dream, business coaches Doug Howard and Kathi Fleck discuss what happens during the transition period of a business sale, specifically when there are unexpected negative changes in the business.

The key takeaways are:

• The business seller should be aware that there can be unexpected negative changes during the transition period, such as a key employee quitting or a big client leaving.
• The seller should have a plan to mitigate these risks, such as by having a strong company culture and employee retention programs.
• The seller should also be prepared to negotiate with the buyer if there are negative changes, but the buyer should also be understanding that these things can happen and willing to work with the seller to find a solution.
• It is important for the seller to continue to run the business as usual during the transition period, even if they are eager to hand things over to the buyer.

Learn more: www.growthteams.com

In this episode, Doug Howard and Kathi Fleck discuss the importance of valuations when considering selling a business. They highlight the different types of valuations and how they can be used as a planning tool.

Kathi shares her experience of getting a valuation done and using it as a roadmap to strengthen her business before selling. They emphasize the need for forward thinking and measuring progress over time. They also mention the importance of staying informed about changes in tax laws that can impact the selling process.

The episode of Selling the Dream focuses on identifying and effectively communicating with potential buyers for your business.

Key takeaways:

• Don't make promises about the business future that you can't keep.
• Avoid pre-determining who will take over the business.
• Be upfront with potential successors about the financial requirements of owning the business.
• If you intend to sell the business, clearly communicate this to potential successors, especially family members.

For help navigating your business sale, check out our website.

On this episode of Selling the Dream, business coaches Doug Howard and Kathi Fleck discuss the importance of a positive relationship with a knowledgeable financial planner. They explore different factors that can affect your financial readiness to leave your business and the things you should be looking for in your financial planner.

Learn more about Growth Teams:

www.growthteams.com

On this episode of Selling the Dream, business coaches Doug Howard and Kathi Fleck discuss the importance of staying the course when selling your business—even during uncertain times.

They emphasize the importance of being ready to sell and establishing a plan that can weather an economic downturn.

Learn more about Growth Teams:

www.growthteams.com

On this episode of Selling the Dream, business coaches Doug Howard and Kathi Fleck discuss succession planning for business owners—emphasizing the benefits of determining a successor early and how to select a successor when there are several candidates.

The episode explores the importance of:

• Clear communication with potential successors about their roles and the company's expectations

• Using objective assessments to evaluate potential successors' strengths and weaknesses

• Creating a development plan for potential successors to help them acquire the skills and experience they need to lead the company

• Not making someone a leader if they are not suited for the role or if they are not taking the initiative to develop their skills

• Having a single leader in the organization, even if there are multiple people involved in the ownership or management of the business

Learn more about Growth Teams at www.growthteams.com