Business
Every entrepreneur exits their business. On season 6 episode 16 of the Making Bank podcast, Joe Valley chats about prepping your business to sell it at the best price. Even if you love your company, one day you will leave it—so why not prepare? Joe relays the strategies he’s learned over the years helping thousands of entrepreneurs sell their business. He talks about the numbers important to buyers, as well as the qualities beyond the numbers that makes a business more salable. Listen to the episode to hear more about what you can do for yourself and the business to get the best price. Listen to Josh and Joe discuss selling a business: Joe’s Background (2:11) Joe has always been an entrepreneur. After starting businesses throughout college, he finally worked for a growing company after graduation. Due to budget cuts, Joe left to start his own company with the goal to make $50,000 in his first year. He made half a million. Life Lessons (6:10) Joe heard as a kid that if he wanted more money, he needed to go off and find work. He’s taken that initiative with him throughout his whole life. He urges entrepreneurs to find where the money is, then work harder and smarter than everyone else. Earn Your Way In (8:40) Joe talks about earning his way to partnership. You don’t always need cash to buy your way into a company—you can work your way into becoming indispensable. What is Quiet Light? (10:00) After selling his own company to Quiet Light, Joe joined the team as a broker. Through Quiet Light, Joe has mentored thousands of entrepreneurs through selling their businesses. Exiting Your Business (12:16) Every entrepreneur leaves their business. Even if you love it, at one point you will leave it—either through a life event or even death. Therefore, you need to set goals surrounding dollars, dates, and feelings for when that will happen. Joe also covers how to accurately value your business and how to straighten out your finances. Reading Between the Numbers (17:34) When buyers are looking at a business, they’re looking at more than just the numbers. They want to see risk, growth, documentation, and the transferability of the business. Lastly, Joe encourages entrepreneurs to pay attention to how they present themselves and what you post. Trust in Trust (25:44) Joe pinpoints an entrepreneur’s trustworthiness as an extremely important, but invisible factor in the buying and selling process. While you always want to be likable, being trustworthy can guarantee more deals with better terms. Doing Good Brings Good (29:47) When Joe was younger, all he wanted to do was make money. Now, he understands the value of helping others, not only for them, but for yourself and your business. Focus on creating good and good will come your way. EXITpreneur (31:24) A culmination of over 8,000 conversations, Joe’s book EXITpreneur helps entrepreneurs exit their businesses. The book breaks down what adds value, what devalues a company, as well as deal structures, negotiation and more. The Secret to Being a Great Buyer (37:00) Joe reiterates what he thinks makes a huge difference in the types of deals you’ll receive. Start Prepping to Sell Now (39:34) Before Joe wraps up, he urges entrepreneurs to start thinking about selling now. Even if you’re not ready now, you want to be when the time comes. Links mentioned: Making Bank - Website https://exitpreneur.io/joe-valley/