Selling your Business – Broad Goals

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Do you you know what you want? What you really want? Hi, this is Judi Otton with GrowthCast and today we’re going to continue talking about exiting our businesses and we’re going to talk about goals today and I’m gonna give you three things to think about. The first thing I want you to think about is what do you need financially out of your business? Keep in mind that this, you should be thinking about an after tax number, what do you need to live on to retire comfortably taking into account all of your other assets. And does that need to be a lump sum payment, a lump sum payment or can you take a payment plan or even an earn out? An earn out is where you stay with the business and make sure the transition goes well and any potential in the business is realized. And that leads right into the second point . How do you envision your lifestyle after this, after you sell your business? Are you willing to stay on in an earn out capacity or stay on as a consultant or do something else entirely or do you just want to go and play golf and go fishing and play with the grandkids like we talked about last week? Finally, and this is a biggie. I want you to think about your legacy and what you envision for this business after your exit. There are many business owners that have built strong brands and strong cultures that feel very strongly that they, that this culture continues and that their employees are taken care of and their customers get the same kind of service and those situations require a special buyer. Also, do you want to pass this business on to family or employees? That requires much more planning and the finances will probably look different than if you were to sell it to a non-related 3rd party. So start thinking about all these things. It’s never too early to think about this and subscribe to my YouTube channel ( so you don’t miss the next video. Next week, we’re gonna talk about valuations. This is Judi Otton with GrowthCast and I’ll be back next week again talking about valuations with your Fiscal Fitness Tip of the Week.

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