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The How of Business - How to start, run, grow and exit a small business.

278: Selling Your Small Business with Mike Finger

The How of Business - How to start, run, grow and exit a small business.

Henry Lopez, Levante Business Group

Entrepreneurship, Business

4.7522 Ratings

🗓️ 14 October 2019

⏱️ 53 minutes

🧾️ Download transcript

Summary

How to Prepare Your Small Business for Sale with Mike Finger. Why your business may not be salable, and what you can do to fix it.  Mike Finger is an entrepreneur and an expert on what it takes to build a business you can exit. He also shares his personal entrepreneur journey. Mike also introduces his approach to validating how salable your small business may be: are your financial results desirable, can a buyer duplicate your results, and can you document your financial results.

Henry Lopez is a serial entrepreneur, small business coach, and the host of this episode of The How of Business show – dedicated to helping you start, run and grow your small business. (TheHowOfBusiness.com)

Transcript

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0:00.0

Welcome to the How of Business with Henry Lopez and David Begin, the podcast that helps you start, run, and grow your small business. And now here are your hosts.

0:15.0

Welcome to this episode of the How What Business. This is Henry Lopez. My guest today is Mike Finger. Mike, welcome to the show.

0:21.9

Thank you, Henry. Great to be here. Yeah, I'm excited to have Mike with us. Mike is an entrepreneur and has a lot of experience, not just in managing businesses, but in successfully selling businesses.

0:33.4

So we're going to chat about Mike's entrepreneurial journey. How he got to where he is today.

0:38.9

And then get his insights, experiences, and practical tips on preparing your business for sale.

0:45.7

We've talked about this topic quite a bit on the show.

0:49.6

But it's such an important topic that it's great to always get different perspectives,

0:55.6

different experiences on how to do this. It's probably, you know, one of the key things. If we're able to successfully

1:01.4

manage a business and keep from failing at it, one of the biggest challenges is how do we exit

1:06.8

the business? And so that's why I'm looking forward to this conversation. If you want to

1:11.4

receive more information about the HowW business, including links to the show notes pages,

1:16.8

including this episode, just text the word biz, B-I-Z to 31996. So Mike Finger, as I said,

1:24.5

as a successful small business owner, over the last 25 years, Mike has bought,

1:29.3

built, and sold multiple businesses. Building his first business was a rewarding challenge,

1:35.4

but what really captivated him was selling his first business. Mike explains that selling his

1:40.6

first business was a miracle in his life, as he puts it. It changed everything,

1:45.2

but it almost didn't happen. He was 10 years in with 50 employees when he found out that the

1:50.7

business was unsellable. It was devastating, as you can imagine, but he moved forward and

1:56.2

focused on changing a few simple elements in the business. We're going to chat about what some of those

2:01.3

things were. Those changes made that first sale possible and it changed his life. He now focuses

2:08.7

on helping other small business owners experience that same miracle. Michael lives in the Minneapolis

2:15.0

St. Paul area, which every time I say that I think it's cold. We'll chat about why he lives there. But once again, Mike Finger, welcome to the show. Excellent to be here. Thank you for the invitation. So why do you live in Minneapolis? I'm curious. I mean, I know it's a great place to live, so I'm joking. And I have spent some time up there, but it's so darn cold in the winter, Mike.

...

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