The dream of most entrepreneurs is to one day sell their business and then sail off into retirement or another venture with a tidy sum.
But unlike financial planner John Chichester, who recently sold his business to a major player in his industry, many face a rude awakening when they put it on the market. They’re unable to get their asking price… sometimes they can’t find a buyer at all.
It doesn’t have to be that way. And in this episode we discuss what you should be doing right now to ensure your business is sellable, especially if you’re a professional services provider.
- Strategies for building equity (and how to tell if you don’t have any right now)
- Why “win-win” is the best way to approach negotiations
- The importance of candor and openness for both buyer and seller
- Navigating the emotional impact of selling your business
- And more
John Chichester TimeLine
00:11 Today Steve speaks with financial advisor, John Chichester.
01:44 John takes us through how he ended up where he is today in business.
07:43 John takes us through his thought process over the 18 months he spent in selling his business.
11:38 John is 49 now. He talks about how think that he would sell his business at the end of his career but cam 20 years earlier.
16:25 John made sure that when his company was being bought that his team would be part of the deal. He explains why he did that.
20:05 John talks about the pricing of his business.
24:23 Steve talks about the other, tougher side of acquisition and how John attracted the right buyer.
30:26 John talkes about being the quarterback for his business and how he changed positions.
33:35 Steve talks about the vital importance of finding the person you need to rely on to ask the right questions during an acquisition.
36:39 John tells us how best to get in touch with him.
Mentioned in the show
- Lehman Bros
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