Doing the Dirty Work - Sarah Grossman - Leadership in Action- Episode #014

The idea of selling your business or buying a new business can seem like an impossibly daunting task, but there are ways to make the process simpler. Sarah Grossman, a brilliant business broker is here to fill you in on all of the tricks of the trade. Learn better ways to approach owning a business, when to start planning to sell your business, and some of the steps involved with selling your business. 

 

Takeaways:

It is essential as a business owner to not only work on your business but also to work in your business. Working in your business provides you with many benefits, such as creating better connections with employees and learning the company’s processes. 
The biggest concern of a business owner should be the health and wellbeing of their employees. If the employees know that you care about them and you are invested in the company, they will want to show up and work hard.
Although it can be hard to do, you should sell your company when it’s doing well, instead of trying to sell it when you’re tired of running the company or it’s not doing well.
Have a 3-5 year plan laid out for selling your company. This will help you understand your options and buyers much better. Meet with your advisors or brokers on crafting this plan.
As a business owner, you should be involved with the business, but you should not be involved to the point where the business can’t run without you. It’s imperative to put people in place to help run your company. 
When it comes to your business, don’t skimp on hiring advisors. In the long run, it will be worth it to pay a little extra to get lawyers, accountants, etc. who specialize in your industry. Cutting corners here can lead to huge problems down the road.
The seller must accept the fact that the buyer will not run the company the same exact way that they did and that is OK.

 

Links: 

LinkedIn: https://www.linkedin.com/in/sagrossman/
Company Twitter: @MABizBrokers
Company website: https://www.baystatebusinessbrokers.com/

 

Quote of the Show

“You have to accept the fact as a seller, that whoever you sell the company to is probably not going to run it exactly the way that you do and you have to be okay with that” - Sarah Grossman

 

Ways to Tune In:

Apple Podcast - https://podcasts.apple.com/us/podcast/leadership-in-action/id1585042233
Spotify - https://open.spotify.com/show/2t4Ksk4TwmZ6MSfAHXGkJI
Stitcher - https://www.stitcher.com/show/leadership-in-action
Google Play - https://podcasts.google.com/feed/aHR0cHM6Ly93d3cubGVhZGVyc2hpcGluYWN0aW9uLmxpdmUvZmVlZC54bWw
Amazon Music - https://music.amazon.com/podcasts/4263fd02-8c9b-495e-bd31-2e5aef21ff6b/leadership-in-action
YouTube - https://youtu.be/M6x_Fg1t1vc