Lessons I Learned from Selling My Business

I've been in the business game for over 30 years, and in that time, I've helped many business owners sell or buy businesses (I also wrote The Ultimate Sale and Your Baby's Ugly to tell the tale). However, it's one thing to write about an event and another to go through it yourself; so, when I sold my companies, I was reminded of the key principles all business owners need to consider when preparing for great business change—whether they're about to launch a new product or sell a company. In today's episode, I share the key lessons I've learned from selling my businesses. I explain why preparing your team is vital when selling your business. I discuss why your customers are your most essential source of lessons when undergoing any kind of organizational transition. I also highlight the role of attitude in a successful business sale and underscore the importance of strategic planning in a business owner's career.   "As you go through transitions and major events, your customers will be your greatest source of learning." - Justin Goodbread   This week on the Financially Simple Experience: My first trip to the Rocky Mountains in Montana The failure rate of businesses when undergoing great transitions Preparing and supporting your team through times of great change in business The importance of increasing employee engagement Letting your team be the driver of change Preparing your customers through organizational change and communicating with them The value of knowing your customers and overcommunicating with them The role of attitude in successful business transitions Being ready for extra negotiations in the process of selling your company The three special people you need in your life as a business owner How I almost cost myself six figures in taxes Writing a personal financial plan, a strategic business plan, and getting a best-in-class valuation   Resources Mentioned: Book: The Ultimate Sale: A Financially Simple Guide to Selling a Business for Maximum Profit by Justin Goodbread Book: Your Baby's Ugly: Maximize the Value of Your Business or You'll Have Nothing to Sell by Justin Goodbread Book: The Dream Manager: Achieve Results Beyond Your Dreams by Helping Your Employees Fulfill Theirs by Matthew Kelly   Our Favorite Quotes: "If your customer is with you—if they're engaged with you and your service—they will want to see you succeed as well." - Justin Goodbread "Through any time of change initiative, let your team drive the change; let your team be the catalyst. You, the business owner, set the vision, the direction, the value, and the tempo, then get out of the way." - Justin Goodbread "Before you even get to the time where you consider selling your business, you have to have everything lined up. Planning is vital to us business owners." - Justin Goodbread   About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey.  If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher Let us know your thoughts about the show - please leave a review on iTunes to help others discover the podcast. Financially Simple is a division of WealthSource Partners, LLC ("WSP"), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC ("WBA"). This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.