10 Worst Times to Sell Your Business as an Entrepreneur
Valuetainment
Valuetainment Episodes
4.8 • 1.7K Ratings
🗓️ 27 February 2024
⏱️ 17 minutes
🧾️ Download transcript
Summary
Patrick Bet-David explains in great detail, the 10 worst situations where business owners sell their business. Avoid these mistakes! Connect one-on-one with the right expert to get the answers you need with Minnect: https://bit.ly/3MC9IXE Purchase one (1) new Future Looks Bright T-Shirt & one (1) Future Looks Bright Hat and you could win a signed baseball from Trevor Bauer or a signed boxing glove from Ryan Garcia: https://bit.ly/3SOzA66 Purchase Patrick's new book "Choose Your Enemies Wisely": https://bit.ly/41bTtGD Register to win a Valuetainment Boss Set (valued at over $350): https://bit.ly/41PrSLW Get best-in-class business advice with Bet-David Consulting: https://bit.ly/40oUafz Visit VT.com for the latest news and insights from the world of politics, business and entertainment: https://bit.ly/472R3Mz Visit Valuetainment University for the best courses online for entrepreneurs: https://bit.ly/47gKVA0 Chapters: 00:00 - Intro 01:20 - Don't Sell in a Down Year 02:58 - Do Your Research 05:20 - Interest Rates Matter 06:40 - Hire a Consulting Firm 08:18 - Disorganized Financial Records 09:22 - Don't Sell When You're Burned Out 11:27 - AI Is Disrupting Your Industry 12:46 - Personal Crisis 14:43 - You Only Have One Buyer 16:08 - Outro Text “PODCAST” to 310-340-1132 to get the latest updates in real-time! SUBSCRIBE TO: @VALUETAINMENT @vtsoscast @ValuetainmentComedy @bizdocpodcast @theunusualsuspectspodcast Want to be clear on your next 5 business moves? https://bit.ly/3Qzrj3m Join the channel to get exclusive access to perks: https://bit.ly/3Q9rSQL Download the podcasts on all your favorite platforms https://bit.ly/3sFAW4N Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal Bestseller “Your Next Five Moves” (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida.
Transcript
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| 0:00.0 | Thinking about selling your business, do you know what is the difference between selling your business at a good time and a bad time? |
| 0:05.1 | It could be the difference between five times multiple, right? |
| 0:08.0 | Meaning you could have sold it at a bad time for five million because you have so much pressures. |
| 0:12.0 | Four years later, 28 million dollars, four years later, 28 million dollars, |
| 0:14.4 | three years later, 101 million dollars. |
| 0:16.6 | You know how I know this? |
| 0:17.6 | Because I went through it. |
| 0:18.4 | When my business I could have sold for $10 million |
| 0:20.6 | because the stress was so bad, and I said five more years then it's |
| 0:23.9 | 50 million dollars and then I get an offer for 120 I said three more years then the |
| 0:29.2 | number was beautiful when it closed and the money hits the bank, it's life-changing. |
| 0:33.4 | But today, I'm going to talk to you about 10 worst times to sell your business. |
| 0:38.8 | If you have value out of this video, give it a thumbs up and subscribe to the channel. |
| 0:43.0 | So let's get right into it. |
| 0:44.0 | Today I'm having a call with a guy that runs a transportation company with his father. |
| 0:47.0 | These guys used to do 60 million a year in 2022. |
| 0:50.0 | He takes over. |
| 0:51.0 | The business is at 20 million a year right now. If you're in the logistics business |
| 0:55.2 | You know how frustrating it is a truck was worth a hundred fifty thousand dollars today. They're selling you for 50 k |
| 1:00.9 | And trucks are parked not going out because orders are not what they used to be in |
| 1:04.6 | 2022. So this guy is sitting there saying well maybe do I sell the business do I not sell the |
| 1:08.0 | business the stress is up to here in-fighting all these things that are going |
... |
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