Many of us chose to start a business to create a lifestyle of freedom and passion. Too often we realize too late that somehow we ended up trading one job for another.
If you're still trading your time for dollars - if you don't have systems in place - if you ARE the business, then you're really not building a business. You're creating a job that no one is going to want.
And that's a problem.
You see, I've worked with owners who got sick. Or others who needed to move to a new area. Or some who just decided they needed to change careers.
But they had little options.
It's said in the business brokering industry (these are folks who buy / sell businesses every day) that 4 out of 5 businesses don't sell.
In reality it's been my own personal experience that the numbers are more like 9 out of 10. And worst of all it typically takes 6 to 8 months to sell a business - that's one that DOES sell.
We're going to cover -
Since 2006, I've been helping business owners with their planning and strategy. Over the years I've learned that these hard working folks really do support our economy. But unfortunately it also means that they often don't benefit from their hard work because they are missing just a few key pieces of the puzzle.
Now it's my job to help entrepreneurs and small business owners to see how their business isn't just a way to serve their customers. But it can also serve as a vehicle to reach the success and freedom that they've always dreamed of.
This course is for educational purposes only. Everyone should seek legal and financial advice from professional advisers. (Photo: Ramin Hossaini)
Just a few words on why this course is so important to all entrepreneurs and small business owners.
(Please see attached outline.)
What We Don't Cover in This Course
We will only briefly mention: customers, employees, and partner.
Learn how to answer the #1 question of business owners and understand what matters to buyers. Avoid the worst place to try & sell your business. Don't make this mistake that can lose your business.
Learn what are some key considerations. When is a good time to get an appraisal? What is the difference between an appraisal and an "opinion of value" or valuation report? Does an appraisal tell me how much my business is worth? How do we use "multiples" in deciding the value of my business? When is the best time to sell a business? When is the worst time to sell?
Who are the key advisors you need? What are their roles? How will they help you get the most for the sale of your business?
Every business needs key players for success.
This is, of course, the critical step to selling your business. Take the time to make sure you have done your homework.
You can end up spending a lot of time wasted on buyers who will never buy - much less even make an offer. By screening prospective buyers the right way you will make sure handle those who are serious.
You can spend a LOT of time chasing buyers.. DON'T DO IT! This is the biggest mistake I've seen with business sellers. Here are my top tips to save time and avoid aggravation!
Yay! You've gotten your first offer - now what? Well, the fun is just beginning. Keep your eye on the prize, and you'll move one step closer to successfully selling your business.
Ok, you've made it this far. Does this mean that it's over? Not yet.
Escrow is the critical last mile in this marathon. Time to finish strong!
Over the years there are a few key traits that separated businesses that owners were able to sell from those that did not. Here's a summary of these.
Here's a short summary on what you've learned. Now let's go forth and make it happen!
Thanks again for making it this far - well done!
Be sure to stay in touch and discuss what you're learning.
If you have questions that other students may benefit from learning, please share it in the Discussion section.
Feel free to reach out to me and let me know how I can help you on your entrepreneur's journey!
Over the years John has helped entrepreneurs and business owners to achieve the freedom and passion they wanted in starting their businesses. He has helped them to buy / sell businesses as well as put their marketing on auto-pilot.
Since 2012 John has been teaching students how to start their own businesses in field inspection work after publishing his first book, Field Inspection - Get Started in One of Today's Best Home Business Ideas.
Last year he published his second Kindle ebook, Local Alchemy - How to Transform Your Business with Online Marketing.
Nice to know stuff.. John Chang has a B.S. degree from Illinois Institute of Technolgy and MBA degree from Kogod School of Business, American University. He has lectured at the Haas School of Business, University of California and taught workshops at Independent Mystery Shoppers Coalition (IMSC) conferences in Las Vegas.
Most important of all, John is passionate about helping entrepreneurs and business owners bring the gift to the world that only they are meant to give!