Buying a company is always exciting—the prospects of growth and inheriting something already established and ready on day one can offset the pressure of starting a business from scratch. However, particular risks are associated with purchasing an organization. What are the common mistakes buyers make in company acquisitions? How do sellers ensure that their companies are sold on their terms?
In this episode, we discuss common setbacks in buying a personalized brand of business. We identify the questions buyers and sellers should ask before proceeding with a transaction. We explain how the concept of succession planning applies to acquisitions. We also describe how owners can protect their best interests during a business transaction.
“Most people don’t like approaching competitors, but that might be the best avenue for you to get the best value out of your exit.”
– Jean-Luc Johnstone
This week on the Expensive Advice Podcast:
- How to separate the owner from the business
- Defining succession planning and why it matters in business transitions
- Preparing yourself by way of succession planning
- Selling only parts of your business upon exiting
- Surrounding yourself with the right people to get your desired outcome
Connect with Matt Smith and Jean-Luc Johnstone:
Turning Boring Money into FUN Money
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