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Wayne Zell, an expert in business succession planning, discusses the importance of defining success beyond economic wealth and the value drivers for a multimillion-dollar business exit. He shares strategies for selling a business, negotiation tactics, tax planning, determining value, and increasing value before selling. He also explores what buyers look for in a business acquisition. Check out his book 'Your Multi-Million Dollar Exit' for more strategies and insights.
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Quick takeaways
- Success encompasses more than just economic wealth; it includes achieving personal goals and making a positive impact on others.
- Start thinking about your exit strategy from the beginning of your business journey and identify deficiencies in marketing, management, processes, social responsibility, and employee satisfaction to maximize your business's value.
Deep dives
Different Ways to Sell a Business
When it comes to selling a business, there are several options available. One popular strategy is taking the company public, which allows for liquidity through selling stock in the public market. Alternatively, a business can be sold to a strategic partner who sees the value in its services, products, or technology and wants to integrate it into their own business. Selling to a private equity firm, family office, or investor group is another option, as these parties recognize the long-term wealth potential of the business. Selling to the management team or even gifting or selling to family members are also common exit strategies.
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