EP92. David Barnett: How to Sell My Own Business

Three-Time Amazon bestselling author David Barnett returns after writing another bombshell: How To Sell My Own Business. An educator in the field of local investing and small business transactions, David is achieving his big dream by having multiple income streams. Now, he shares how you can privately sell your own business.

David Barnett - How to Sell My Own Business

David Barnett: Speaker, educator, seminar host, consultant, buy and sell process coach are but a few of his bylines, not to mention multiple bestselling author.

He was a prior guest on Revenue Chat discussing how to safely invest in businesses with superior returns (EP17).

After a career in advertising, which let him peek inside the workings of hundreds of small businesses, David began the first of several advisory practices in 2006.

He is now author of the new blockbuster How to Sell My Own Business: A guide to selling your own business privately and not pay a broker’s commission. That is his third bestseller!

David shares how you can privately sell your own business, on this episode of Revenue Chat.

=Highlights=

  • How it all started for David Barnett who has his 3rd blockbuster How To Sell My Own Business at Howtosellmyownbusiness.com
  • David Barnett started out learning how to be a middle-manager.
  • David’s trial by fire in the advertising world.
  • David sold his business and then got involved in the world of financing prior to the 2007 crisis.
  • Business brokering was a great opportunity that came out of the 07-08 financial collapse.
  • About efforts and money fluctuations on brokering business cause all your work is not compensated until the business sells.
  • One of his sales took 3 years to orchestrate which made it impossible to run a house and take care of the family.
  • Even though he sold his business and left the industry, the calls and referrals kept coming to him specifically.
  • The constant referrals brought David back to the industry where he consults on how to sell your own business, instead of brokering it.
  • Discussion and questions about my reading the book, How To Sell My Own Business.
  • What kind of circumstances could arise that would make you want to sell your business? The answers will surprise you.
  • 65 years old is not the retirement age if you own your own business. It’s usually in the 70s.
  • Should you sell your own business without a broker? We talk about choosing business brokers, but 80% sell without a broker.
  • How to get the best of both worlds: The expertise of a broker, but yet do it yourself at a much reduced cost.
  • We discuss what are some of the common mistakes that sellers make.
  • The biggest mistake in selling your own business is in not putting the right price on it.
  • There are 3 types of buyers for your business. David discusses each in depth.
  • Talking about how the tire-kickers work when they low ball offers.
  • One of the biggest mistakes is in asking too much when trying to sell your business on your own.
  • There is not a simple guide for pricing the sale of your business, and why.
  • Determining how many years of income, or revenue or other figures is not as easy as it sounds, but there is a method.
  • The bigger a business gets, the less risky it is, but the less profitable it is as a function of net income.
  • The bigger a business gets, the more layers of middle management are required.
  • A business over a million in cash flow may see max 10% go to the owner, while a business under a million can see as much as 20%.
  • When should people begin to prepare to sell their business? You’ll be surprised at the answer and why.
  • Most businesses go into sale without much notice due to breakup, health reason and others that prohibit much planning.
  • These actions make your business more profitable in the here and now. Very simple steps.
  • A buyer wants to see an organized operation and ideally and operations manual.
  • Discussion about the E Myth by Michael Gerber as regards to charts, job descriptions and other items.
  • David Barnett’s purpose and drive. What keeps him going.
  • Howtosellmyownbusiness.com has the 5 steps to sell a business.
  • Three time Amazon bestseller David Barnett first book info at InvestLocalBook.com
  • David’s 2nd bestselling book is Franchise Warnings discusses the risks of the franchise business model.

A very enlightening interview with three time bestselling author David Barnett, who returns with another bombshell and this time it’s How to Sell My Own Business. If you want to get your own business or have one, you really want to hear this interview because you will need this information at some point in your business life cycle. Guaranteed!

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