Episode Details

Are you planning on selling your product business in the future? Do you want to have a better understanding of how it could be valued, what you should have in place, and what you need to know? If so you’re in luck because today Nicole is joined by Mark Fitzgerald Cooke, MD of Intelligent Business Partners, a UK based company who act as a broker for businesses that want to buy and sell companies from startups to multi million pound brands. 

KEY TAKEAWAYS

• The top things Mark looks at when valuing a business are turnover, gross and net profit, and the ownership structure. The reason that last point is so important is because the more valuable an owner is to the business, the less valuable that business is. 
• As a business owner looking to sell, you should make sure your business can run without you by having the right key staff in place. If you are the one doing a large part of the work, then whoever buys your business will have to replace you, making it a riskier investment. 
• The value of the brand has to stand on its own and not be attached to you as an individual when you’re looking to sell your business. In cases where this does happen, there may be a period of time that the owner stays with the business after the sale. 
• Before selling your business you need to make sure the following are addressed. Firstly your mindset, take a step back because it will be a huge change in your life. Secondly, make sure you know your finances, get them in order before looking to sell. Thirdly, look at your contracts, make sure your staff, HR, compliance, GDPR, client contracts, etc are all secure and up to date. 
• Broadly speaking you’re looking at a timescale of six to eighteen months for your business to sell. This can obviously vary depending on industry, size of business, etc. 

BEST MOMENTS

‘They will want to know the finances before they even meet the owner’

‘97% of people will never buy or sell a business and most will only do it once’

‘Remember that you can only sell what you can evidence’

‘One individual doesn't scale’ 

‘The number one killer of deals is time’

EPISODE RESOURCES

Company website  https://www.intelligent.co.uk/

Email Mark mark.fc@intelligent.co.uk

Linked in https://www.linkedin.com/in/mark-fitzgerald-cooke-a693662/

ABOUT THE HOST
Buying & retail expert Nicole Higgins spent the last 18 years sourcing & developing products from all over the world, building strategies for blue chip businesses, and increasing bottom line sales and profit, adding over £40 million in incremental business to the bottom line. She now uses that experience and works as a consultant and coach for entrepreneurs and business owners, helping them start and scale their product businesses.
Join the Start Scale Succeed waitlist. How to start & scale a product business. A 12 Week programme:  thebuyerandretailcoach.com/startscalesucceedwaitlist

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