Episode Details

Part Three – Selling Your Trade Business

Series: How To Sell Your Trade Business

Guest: Brandon Jacob from Contractors Financial Opportunity

In the last episode of this series, Brandon shares the actual process involved in selling and buying a business. This process requires professionals who specialize in business valuations and transactions. If you want to sell or buy a business, you need to get in touch with attorneys, marketers, and consultants for due diligence and a proper and legitimate process.

If you are interested in selling and business deals, check out these other episodes:

• TSS158 – Structuring Your Financial Deals – [LINK]
• TSS205 – How to sell your value and maintain a solid sales process – [LINK]

About this podcast, ‘Actual Process of Selling Your Business’

Podcast Highlights:

• 04:55 – The value of small businesses
• 07:30 – Pre letter of intent
• 10:40 – Importance of legal counsel
• 16:55 – Pros and cons of being approached by a buyer
• 19:34 – Seeking professional help
• 25:23 – Non-disclosure agreements
• 33:05 – Varying timeframes
• 38:04 – Negotiations
• 39:19 – Post letter of intent
• 46:24 – Different variables included in due diligence
• 49:52 – Difference between stock purchase and asset purchase
• 58:45 – Employment agreement

Brandon identified two phases of buying and selling a business. The first step is the pre-letter of intent, and the second stage is the post-letter of intent. The first phase signals how serious a buyer is to acquire a business. This pre-LOI phase has an expiration date. Thus, the buyer is required to decide within the given timeframe.

After the potential buyer and the seller signed the LOI, the prospective buyer can now analyze the internal operations of the desired company. Negotiations also happen during the post-LOI phase. It is also during this stage that non-disclosure agreements are crucial. These agreements protect everyone involved in the transaction.

Therefore, it is essential to seek the help of trained professionals, such as lawyers and consultants. It is also crucial to be highly prepared because this stage can be tedious. Everyone involved must strictly follow the process to avoid

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