What Is Required To Build A Sellable Business (EP. 79)

By dearrochesterretirewell | March 6, 2024

At some point, every business must undergo a transition of ownership, whether through succession planning, a sale, or closure. Selling your business can not only bring financial freedom, but also frees you from operational burdens like employee management and client demands.

However, despite these benefits, some individuals may experience regrets because they are uncertain about what to do next as they navigate a new chapter without the familiar demands of their business.

In this enlightening episode, David Pulcini, the Managing Partner at SixPoint Financial Partners, sheds light on the transformative journey of selling a business, highlighting the profound changes that accompany such a significant decision.

Pulcini discusses the sacrifices business owners must make to ensure the success of their ventures. Additionally, he shares an inspiring story of his friend John, a visionary entrepreneur who built his business from scratch and navigated challenges and setbacks, ultimately achieving a successful sale of his business for $24 million.

Tune in for valuable insights.

Watch The Full Episode on Youtube: https://youtu.be/2JQ6WS9ggZ4

During this episode, you will learn about:

[00:32] Episode introduction

[01:05] Today’s focus: Selling your business

[01:37] The changes that occur when you sell your business

[02:29] The story of David Pulcini’s friend John, who built his business from the ground up and later successfully sold it

[03:21] The sacrifices you have to make as a business owner

[04:16] https://sixpointfp.com/

[04:31] The challenges John navigated in his business journey and how he successfully rebuilt his business

[10:30] What does SixPoint mean?

Website: https://sixpointfp.com/

[13:05] What John did with his money after selling his business for $24 million

Key Takeaways:

At some point, whether sooner or later, every business must change hands, either through a succession plan, a sale, or closure. [00:44]
Selling your business brings financial freedom and liberates you from order issues, employee concerns, and client demands. However, despite these benefits, some people may experience regrets because the business no longer needs them, leaving them with no idea of what to do next. [01:37]
As a business owner, you must constantly make sacrifices, such as missing out on social activities and experiencing less financial stability, for the sake of your business. [03:21]
First-generation business owners don’t just become successful by luck; they attain success through hard work and dedication. They sacrifice their time and friendships to achieve success in their businesses. [11:37]

Book Time with David Pulcini:

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View The Full Episode Transcript Here

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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: