In this episode of Small Business Quick Wins, host Jay interviews David Barnett, an expert on buying and selling small businesses. They discuss how to determine the value of a business, what makes a business attractive to potential buyers, common mistakes sellers make, and tips for successfully exiting a business.

Key Discussion Points:

- What buyers look for when evaluating a business to purchase - strong cash flow that will continue under new ownership (00:01:42)

- Importance of having systems, processes and organization in place to prove the business can operate without the current owner (00:02:06)

- Tips for maximizing business value before selling: focus on increasing profits first (00:05:33), benchmark against industry standards (00:06:07)

- Keeping plans confidential when selling to avoid employees and customers leaving (00:09:17)

- Selling when business performance is declining - it will sell for less but can still find a buyer (00:11:49)

Guest Bio:
David Barnett is a business sale consultant who advises buyers and sellers on valuations, deal terms, and acquisition financing. He is the founder of David C Barnett LLC and previously worked as a business broker. Check out his podcast on YouTube to learn more about buying and selling businesses, franchise issues, doing private lending deals, and much more!