Companies are moving quickly and decisively in the manufacturing industry to digitize their business. 95% of business owners say the pandemic has affected their company and this digitization is a form of future proofing. This week on Build Value By Choice, Nana is joined by President and CEO of the business brokerage company, ExitAdvisor, LLC, Jason Pittman, to discuss all things digitization and how to make your business more sellable.
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The most present issue in how sellable your business is, is covid and its impact on the supply chain. If you have one supplier that you’re depended on you need to look into finding more suppliers and having back-ups.
The best way to keep the terms of business deals with suppliers favorable to you, is to have an open dialogue with them and discuss your needs and re-negotiate if the market looks to change.
To keep your business in an attractive shape to potential buyers in a financial sense, you shouldn’t be running any personal benefits though the company. For example, your personal travel. Keeping your financial documentation up to date will prevent any bumps in the road early on.
If you’re looking to sell your business, compiling a list of potential buyers can be advantageous. Knowing who would buy you and what they could afford to spend, who are the major players in your industry.
A company which has an owner who is vital to the running of the business is less attractive to potential buyers than one who has a skilled management team. The buyer will have to find a replacement for the job being done by the owner.
About half of the deals for small business will fail during due diligence. Pre-due diligence could save you from having your sale fall through.
‘The low hanging fruit is usually financials’
‘Taking the owner out of the business could potentially grind it to a halt’
‘You want to turn it over to your kids slowly’
ABOUT THE GUEST
Jason is a business broker and certified value builder in the industrials and manufacturing industries. He’s the President and CEO of the business brokerage company, ExitAdvisor, LLC.
This show aims to serve small business owners who want to grow their businesses while reducing their own personal involvement. We do this through a combination of interviews with industry leaders, and host presentations. We are a certified value builder advisors and leverage a statistically proven methodology to help clients such as you scale or transition their business to the next chapter.
We care for our listeners and see their dreams as our own. We aim to foster a community that embraces freedom, generosity, and integrity. This is a show by entrepreneurs and business owners for entrepreneurs and business owners.
ABOUT THE HOST
“I am an entrepreneur and ex-Corporate Executive who’s applying his experience and knowledge from working in various to pursue my passion of helping small business owners increase their choices in life by leveraging my knowledge and experience, their employees, systems and money. I help small business owners transform their business and increase value through action-oriented education and implementation of strategies and tactics to make their business sellable even if they are not planning on selling. Known for establishing an environment for personal growth and development. My multicultural background equips me with the intuitive understanding of different cultures and how they impact business owners.”
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