Mark Osborne identifies three mistakes business owners make before selling. Most don't get a third-party valuation, so they don't know what their company is worth. Many rely too heavily on the owner's personal relationships with clients, which tanks the business if the owner leaves. And they skip succession planning with family, causing disputes and tax problems.
So number one, the big mistake, not having a true value for your business. Yeah. Number 2 is not identifying the risks and not de-risking the business. You know, let's say you have a— you're an owner who has a really powerful business and it's all based on your personal relationships. Well, if you exit either through a sale or God forbid something worse, those relationships may not stay and then the business erodes, right? So that's a huge factor, understanding how to de-risk the issues in the business. But then the third part is the part that I think a lot of businesses that have kids, this is where they have their biggest mistake. A lot of times the owner— and we're talking primarily about baby boomers here— Yeah.
How Can You Maximize Your Business Value Before Selling? with Randy Katz Video
