What is the most important thing to remember when selling your business? Today on the Small Business Show, we continue our discussion about selling your business with advice from Abbi Vakil, inventor of the U-Socket USB wall plug.
Listen in to hear us discuss cash-flow vs. profits and which is most important and what do to when you’re business is not succeeding OR failing. We touch on one of the tips from ReWork about ignoring your competition, since you don’t know what’s going on inside their business or if their profitable. Continuing on the tip from episode 127 of the Small Business Show, finding the right buyer and making it “easy” for them to buy your company is brought up with some tips on how to make this happen.
Finally, we discuss how to keep growing your “Revenue Stack” after you sell your business with some creative ways to handle investing in startup companies.
If you think (dream?) about selling your business now or someday, you’ll want to join us for this episode! After, click over the the Small Business Support Group on Facebook and share your thoughts and comments with Abbi, Shannon and Dave!
- 00:00:00 Small Business Show #128 July 19, 2017
- 00:01:12 Abbi Vakil from AllMac
- 00:02:18 Abbi sold U-Socket
- 00:05:00 The hamster wheel of fame & cash flow, but no profit
- 00:06:18 Not succeeding or failing… what to do?
- 00:08:13 When should you give up?
- 00:10:31 Finding the right buyer
- 00:13:26 The relief of selling mixed with losing your baby
- 00:15:18 The Todd Rundgren $1 Royalty
- 00:16:28 Never sell to your staff and finance that same staff
- 00:19:11 Valuation of U-Socket
- 00:22:06 Make it easy for this person to buy your company
- 00:22:30 What happens to the revenue stack after you sell
- 00:25:00 Startup Investing in what you know
- Asset investing
- 00:28:37 firstname.lastname@example.org or our Small Business Support Group
- 00:29:00 Keep good books … and have pride!
- Don’t drop your shorts!
- 00:32:12 SBS Outtro