35. What Buyers Actually Look for in a Business with Eric Harrison

Eric Harrison spent his entire life in the women's shoe business, growing up in his family's wholesale distribution company before taking over from his dad in 2008, right before the financial crisis hit. He sold the business to his brother in September 2019, just six months before COVID changed everything. Now he's the Director of Business Development at DBG Advisors, where he helps business owners maximize the value of their companies before they sell. Eric and Jack get into the family business lessons Eric learned (and unlearned), what it actually felt like to hand over a company he'd run his whole adult life, and why some businesses are flat out unsellable. Eric also breaks down the real dollar difference between a business with systems and processes in place versus one running on gut instinct alone, and it's bigger than you'd think. Chapters: 00:00 Scrappy or sophisticated, Eric's early verdict 02:00 Selling newspapers and candy bars as a kid 06:20 Lessons learned and unlearned from his parents 08:06 Growing up inside the family wholesale shoe business 12:37 Taking over the company in 2008 right before the crash 13:18 Selling the business to his brother in 2019 22:05 The hardest years and the leanest budgets 24:15 What MA advisor Eric would tell business owner Eric 27:01 Bringing data and Tableau into a gut feel business 32:19 The real valuation gap between systems and chaos 40:08 Inbox habits and the scrappy vs sophisticated verdict Eric Harrison: DBG Advisors: https://dbgadvisors.com/broker/eric-harrison/ LinkedIn: https://www.linkedin.com/in/ericharrisonbam/ LinkedIn: https://www.linkedin.com/in/jack-tompkins/ Pineapple Consulting Firm: https://www.pineapplecf.com Pineapple Analyst: https://www.pineappleanalyst.ai/ YouTube: https://www.youtube.com/channel/UCalnj5yLU0ZH9y_tVl1J4ng