Get Ready to Sell or Buy a Business
The Deal Board · Andy Cagnetta & Jessica Fialkovich
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Show Notes
Andy and Jessica welcome you to another episode of The Deal Board. Today you will hear two great interviews with special entrepreneurial characters who share their business' stories, Devin Miller from IP Law and Ray Scaug from Rainier Business Intelligence. You will also hear about extremely helpful services for business owners that are either ready to sell or buy a business. You already know the importance of keeping neat books and records, but you don't have to do all this work by yourself! In today's episode, you will hear from one of the companies that can assist you in getting your business's financial story ready for a great deal.
Listings of the week: Chip Redmond (Central Florida) sells an e-business focused on the automotive aftermarket selling performance and racing parts. Asking price: $290,000. SDE: $30,000 but there is $225,000 in inventory; these products have a 70% margin which makes it an amazing business. Email Chip at [email protected] or call (321) 299-6867.
Key takeaways:
[5:29] Devin Miller, IP Law.
[5:53] Devin shares how he got started in his career as a lawyer.
[8:37] Devin talks about how he helps his clients.
[12:10] Devin talks about other businesses he was involved in.
[16:00] Devin extends his advice to people interested in starting or buying a business.
[19:28] Deal of the week: Diane Hartz Warsoff (Utah County) sold a hamburger franchise that successfully pivoted during COVID-19. The buyer was relocating to Utah in March and had a background in the fast-food industry and wanted to join a new business with a couple of partners. Sold at $299,000. SDE: $100,000 per year.
[23:43] Raymond Scaug from Rainier Business Intelligence.
[24:45] Ray talks about his background and how he got involved in Rainier.
[30:01] Businesses that have their financial information to share at the moment of selling will sell for more money.
[31:05] The number one reason businesses won't get third-party financing is because of the lack of good books and records.
[38:52] Listing of the week: Chip Redmond (Central Florida) sells an e-business focused on the automotive aftermarket selling performance and racing parts. Asking price: $290,000. SDE: $30,000 but there is $225,000 in inventory.
Mentioned in this Episode:
Call us — (888) 711-9018
Email us [email protected]
Call Diane Hartz Warsoff (01) 694-4844 or email [email protected]
Call Ray Scaug at (614) 270-0609 or email [email protected]
Email Chip Redmond at [email protected] or call (321) 299-6867.
Tweetables:
"To sell a business you have to have good books and records and if you haven't been working on them, there are companies that can help you." #thedealboard #transworldbusinessadvisors #business #selling #buying
"If you want to know how to do something, ask a busy person." #thedealboard #transworldbusinessadvisors #business #selling #buying
"Having good financial information to share at the moment of selling is worth a lot of money." #thedealboard #transworldbusinessadvisors #business #selling #buying
"When you minimize risk in the cash flow, value increases." #thedealboard #transworldbusinessadvisors #business #selling #buying
"Most businesses that list, don't sell, and the reason is that either they are not prepared to sell or have horrible books and records." #thedealboard #transworldbusinessadvisors #business #selling #buying