TCF937: Sell Your Business the Right Way

Today, Tom’s guest is Patrick Ungashick, the CEO of NAVIX. Patrick guides you through the essential steps to ensure that you sell your business the right way — from preparing your business for sale to securing the best deal. He also shares how to position your business for a successful sale and ensure you get the maximum value when it’s time to exit.Patrick also previews the highlights of his upcoming workshop at the Mile High Profit Summit on how to grow your business and create an exit plan.Episode Highlights:[00:00] - Intro[01:50] - Patrick’s bio and backstory[03:08] - Happy Exit[04:16] - Key things that need to be checked before considering an exit[06:04] - Building great company vs. a great team[06:31] - The Growth Myth workshop[07:07] - Factors that can hijack the ability to sell business[08:20] - Investing in your team[10:16] - How the exit game has changed over the years[12:51] - Factors to consider when evaluating if a business is ready to sell[14:37] - What trades do better than others[16:43] - Acquiring underperforming businesses and turning them around[20:32] - Mistakes contractors make in business deals[21:56] - Ideal size of a business for sale[23:50] - Profit margins and business efficiency in attracting buyers[25:14] - Key topics Patrick will cover in his workshop[27:42]  - How to reach out to Patrick[28:43] - Closing thoughtsResources:== NAVIX Consultants Website: https://www.navixconsultants.com/ == Get the Freedom Bundle (Nail Your Numbers course + Shin-Fu Sales training) for $248 (Save $100) https://thecontractorfight.com/freedom/ 💰 You didn’t become a contractor to struggle financially. Download our worksheet and start calculating a 50% gross profit on every job. It’s time to get your shit together! https://thecontractorfight.com/50/ 💸 Grab your copy of our FREE Contractors Guide to Spotting Cheap Prospects here: https://thecontractorfight.com/cheap == Join us in BATTLEGROUND ==Everything your contracting business needs in one comprehensive program with three main focus areas: Leadership, Communication, and Numbers. For more info, check out: https://TheContractorFight.com/Battleground == Get your questions answered and connect with other contractors building stronger businesses in The Contractor Fight: https://thecontractorfight.com/facebook == Grab the Gear ==https://gear.thecontractorfight.com/ == Find Us on Social Media ==YouTube: https://www.youtube.com/c/TomReber Instagram: https://thecontractorfight.com/ig == Rate the Podcast ==Help your fellow contractors find the podcast! Please leave a rating/review! Apple Podcasts  Spotify Mentioned in this episode:Be on the Contractor Intervention! - https://thecontractorfight.com/intervention