The WealthAbility Show with Tom Wheelwright, CPA
Selling Your Small Business
Mar 15, 2024
Discover essential strategies for preparing a business for sale and maximizing its value, including creating a sustainable business and exploring the shift to intangible assets. Contrasts between private equity and venture capital in acquiring small businesses are highlighted, along with key strategies for maximizing profits and minimizing tax liabilities.
32:10
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Quick takeaways
- Businesses should be built to operate without owner's constant presence to become attractive to buyers.
- Efficient systems and automation are crucial for scalability, reducing owner dependency and increasing marketability.
Deep dives
What Makes a Business Valuable
A key aspect of a valuable business is its ability to operate without the owner's constant presence. Businesses that are owner-dependent are less attractive to buyers. Having a strong secondary management team and predictable revenue streams are crucial factors. For instance, a business should be able to function smoothly even if the owner is not available.
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