Ecomm Breakthrough Avoid These 12 Mistakes When Selling Your Business: Insights From Scott Deetz
Scott Deetz is the Founder and CEO of the Northbound Group, a Minneapolis-based financial advisory firm, providing strategic finance, corporate development, and merger and acquisition services to the e-commerce industry. After selling his first business, an eight-figure brand, Scott realized his passion for helping entrepreneurs and companies sell their businesses. Northbound’s 30-plus-members team is dedicated to the firm’s mission of helping e-commerce entrepreneurs achieve life-changing events. Before founding the Northbound Group, Scott was the Owner and CEO of the Amazon business Entrepreneurial Advantage.
In this episode…It takes several years to build a company, but you stand a chance to leave a bulk of money on the table if a business exit isn’t conducted properly. Over 50% of a business's earnings comes after selling it, so how can you ensure a rewarding exit?
According to mergers and acquisitions expert Scott Deetz, the best time to plan a business exit is before going into business. Many entrepreneurs make common mistakes during the exit process, such as failing to eliminate deal killers, having inaccurate financials, and misunderstanding a business’s full earning potential. To maximize your exit, ensure your company is in excellent financial health, have a clear exit strategy, hire a competent investment banker or M&A advisor, and be prepared to walk away from an unfair deal.
Join Josh Hadley in today’s episode of the eComm Breakthrough Podcast, where he welcomes back Scott Deetz, the Founder and CEO of Northbound Group, to talk about the top 12 mistakes to avoid when trying to sell a business. Scott expounds on the necessity of an exit and compliance and risk management plan, why small businesses and solopreneurs need to hold monthly CFO meetings, and critical questions to ask before closing the deal.
Resources mentioned in this episode:- Josh Hadley on LinkedIn
- eComm Breakthrough Consulting
- eComm Breakthrough Podcast
- Email Josh Hadley: Josh@eCommBreakthrough.com
- Hadley Designs
- Hadley Designs on Amazon
- Scott Deetz on LinkedIn
- Email Scott Deetz: Scott@NorthboundGroup.com
- Northbound Group
Special Mention(s):
- Kevin King
- Michael E. Gerber on LinkedIn
- The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It by Michael E. Gerber
- Roland Frasier on LinkedIn
- CampEcom
Related Episode(s):
- “6 Different Exit Strategies, Which One’s Best for You? With Scott Deetz CEO of the Northbound Group”
- “Kevin King’s Wicked-Smart Tips for Building an Audience of Raving Fans”
- “Unlocking Entrepreneurial Greatness | Insider Secrets With E-myth Author Michael Gerber”
- “Seven Acquisition Strategies to Scale to Eight Figures and Beyond”