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444: Understanding the Dynamics of Selling Businesses with Scott Bushkie
Elzie chats with Scott Bushkie, a 25-year veteran in business selling and the Founder and Managing Partner of Cornerstone Business Services. They unpack the often overlooked dynamics of selling businesses.
Scott compares running a business to training for a marathon and shares practical tips to enhance business value. He provides a sneak peek into the business selling process, from engagement to market entry, and highlights the crucial role of confidentiality. He also teases about the "three-legged stool" concept. The due diligence stage, buyer identification, and crafting compelling business narratives are also emphasized.
Scott delves into the unique mid-market segment, where Cornerstone specializes. This episode promises valuable insights for business owners, potential sellers, and anyone intrigued by business transactions! Tune in for an enlightening discussion.
Episode Highlights:
11:06 - With most business owners, it's almost like running a marathon where they start out really strong and they're excited, and then they kind of get into this rut and slow down, and it becomes more of a lifestyle business. And also now all the coaches go away, the mile markers go away, and you have no idea where you're in this process, and they don't know where that finish line is.
15:43 - The less important you are to the business ideally, hypothetically, the more valuable the company is. Because what I'm buying, there's a team there that's proven, no one's leaving, and I have a better chance of success moving forward. So, that's the first one. It's really building out your management team.
20:39 - Most business owners, unfortunately, they don't know what their business is worth. So, one day they wake up and say, "I"m burnt out. I'm going to call my CPA or my attorney. I'm going to call my competitor on the street and they'll help me put the deal together, and it'll be easy."
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