4 Common Mistakes To Avoid When Selling Your Business (EP. 78)

By dearrochesterretirewell | February 21, 2024

Selling a business marks a significant milestone in an entrepreneur’s journey, representing years of dedication and hard work. However, despite its importance, only a few individuals truly understand the complexities involved. As a result, most people stumble through the process and make common mistakes.

In this insightful episode, David Pulcini highlights four common mistakes entrepreneurs make when selling their businesses and how to avoid them.

First on his list is lack of preparation, a mistake that can significantly diminish the value of your business or even derail the entire sales process. Proper preparation is key to a successful sale, from accurate and professionally prepared financial records to ensuring your business runs smoothly without the owner.

Moving on, Pulcini sheds light on the mistake of overvaluing your business. He explains how overvaluing your business scares off potential buyers and prolongs the sales process. Additionally, Pulcini delves into the emotional aspects of selling a business, a dimension often underestimated by sellers. He emphasizes that selling a business is not merely a financial transaction but also emotional.

Lastly, he stresses the importance of seeking professional help when selling your business. From business brokers to attorneys and financial advisors, assembling the right team can streamline the process and ensure a favorable outcome.

Watch The Full Episode on Youtube: https://youtu.be/MWmP5KW1cxM

During this episode, you will learn about:

[01:06] Introduction to the episode

[01:34] 4 common mistakes when selling a business

[03:02] #1 Lack of preparation

[03:24] Preparations necessary when selling a business?

[05:33] https://sixpointfp.com/

[07:46] #2 Overvaluing the business

[08:24] Factors that differentiate the selling prices between two companies in the same industry

[09:30] #3 Underestimating the emotional aspects of selling your business

[12:33] What does SixPoint mean?

Website: https://sixpointfp.com/

[12:58] #4 Attempting to sell the business without professional help

[13:10] Key people to have on your team when selling your business

[14:07] Recap of the episode

Key Takeaways:

Lack of preparation can significantly diminish the value of your business or even derail the sales process completely. [03:05]
When selling your business, ensure that your financial records are accurate, transparent, and professionally prepared. [03:28]
A business that runs smoothly without the owner is more attractive to buyers. [05:07]
Making yourself obsolete will make your business worth significantly more. [05:16]
Overvaluing your business scares off potential buyers and prolongs the sales process. [07:31]
“Selling your business is not just a financial transaction; it’s emotional.” ~David Pulcini [09:35]
Sell your business to the right person because whoever buys your business becomes part of your legacy. [12:54]
When selling your business, you need a business broker, an accountant, an attorney, and a financial advisor. [13:10]

Book Time with David Pulcini:

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View The Full Episode Transcript Here

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How to Choose A Financial Advisor (EP. 77)

By dearrochesterretirewell | February 7, 2024

Choosing a financial advisor is a crucial decision that requires careful consideration since it involves entrusting someone with your financial future. Before making this choice, it is essential to have a clear understanding of your financial needs and goals, as these factors will determine the type of advisor best suited for you.

The ideal financial advisor should not merely be a service provider but rather a dedicated partner in your financial journey, someone with whom you feel a sense of comfort and confidence in their ability to manage your money effectively.

In today’s episode, David Pulcini unveils the key considerations before embarking on the journey of selecting a financial advisor. He also provides valuable insights into the kind of advisor that fits you best.

Furthermore, David shares a list of 14 questions that listeners should ask any potential financial advisor. These questions range from exploring the advisor’s unique approach to retirement planning to understanding how they tailor strategies to meet individual client needs.

Lastly, he outlines a four-step guide to assist listeners in making an informed decision when choosing a financial advisor and reveals why opting for an advisor from a large firm might not be the most suitable choice.

Watch The Full Episode on Youtube: https://youtu.be/mYtMH8gyhS8

During this episode, you will learn about:

[00:38] What’s in for you in today’s episode: How to choose a financial advisor

[01:23] What you need to do before selecting a Financial Advisor

[03:35] https://sixpointfp.com/

[03:52] What kind of financial advisor should you look for?

[06:32] 14 questions you should ask any financial advisor

[09:28] What does SixPoint mean?

Website: https://sixpointfp.com/

[10:01] 4 steps to help you when choosing a financial advisor

[11:19] Why you should not choose an advisor from a large firm

[12:56] Get in touch with with David Pulcini: https://sixpointfp.com/

Key Takeaways:

Before selecting a financial advisor, you should understand your financial needs and goals. [01:22]
Your needs will dictate the type of advisor best suited for you. [01:43]
You need to feel comfortable and confident in your advisor’s ability to manage your money. [08:46]
Your financial advisor should feel like a partner in your journey, not just a service provider. [09:01]
Choose a financial advisor who not only has the expertise, but also aligns with your financial vision. [12:42]

Book Time with David Pulcini: