MBA1172 How To Sell Your Online Business + Free Ride Friday!

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Hey, today is Free Ride Friday, so make sure you hang on to the end of the episode to hear who won this week's Free Ride. Every Friday, we give away a lifetime membership to one of our programs. This month we're giving away easy course, our 30 day course on how to build your own online course in 30 days. It's a $500 value over at EasyCourse Co, but somebody's going to win it for free. All you gotta do is leave us an iTunes rating and review and you enter our weekly random draw. Listen in on Friday to see if you won. It's our way to say thank you for showing us some love on itunes. All right, let's jump into today's episode. Heyo. Welcome to the $100 NBA Show. Minute for a Minute, the best business podcast you can listen to. Delivering daily less your host, your coach, your teacher, Omar Zenholm. I'm also the co founder of the $100 MBA, a complete business training and community online and in today's episode, you will learn how to sell your online business. You've built your business, it's a success and it's treated you well. But maybe it's time to move on. Maybe it's time for you to retire or work on a new project. How do you cash in on the investment you made with building your business? How do you find a buyer and sell your business for what it's worth? That's what we're talking about in today's episode. Even if you're not thinking about selling your business, we're going to be talking about some of the Things you need to keep in mind as you're building your business. So when the time comes, you get the most money when you sell, what are the important factors? What are considered in the sale when you're selling your business? What are people looking for? We get into all of that in today's episode. So let's get into it. Let's get down to business. Many people when they start their online business, they don't think about what are they going to do when it's time to sell, when it's time to say goodbye. These are things you need to consider in today's episode. I'm going to give you some options and some resources you can use so you can build a business worth buying. When it comes to selling your business, the biggest asset that you can promote is how much reoccurring revenue does this business make. That's what really people are looking for. If I buy your business right now, how much money is it going to make me next month? So the more consistent your monthly recurring revenue, the better. Buyers are also going to look for the potential of revenue for your business for the long run. And what are some gauges for potential? Well, number one, the traffic to your website. How well it ranks for keywords in search engines, backlinks and references on the Internet. How many other websites are talking about you. Your email list and those statistics is huge. This displays its potential. The open rates to your emails, how active are your actual leads, and of course good documentation of the costs, your overhead to run your business so you can calculate profits accurately. If you're looking for a resource to take a look at other people selling their business or an actual marketplace where you can sell your own business, check out Empire flippers full disclosure. Empireflippers.com empowerment is a sponsor of the show, but it's a great resource for you to check out if you want to sell your business, buy a business or just take a look at what people are offering. Now I mentioned the MRR before the monthly recurring revenue and this is so important because it's really the gauge to how much you can sell your business for. If you're wondering, hey, how much can I sell my business for? What is it worth? Well, take a look at your MRR and convert it to your ARR, your annual recurring revenue. So you take your monthly revenue, times it by 12, you're going to get your ARR 12 months. Now take that ARR and multiply it by three. You probably sell your business for at least three times as much as you make every Year, depending on the potential of your business and your position in the marketplace, you might be able to ask for 4x and maybe even 5x. But 3x is a good gauge 3x of your ARR. So a good example is if you're making $50,000 and every month, that's $600,000 a year equaling 1.8 million. Evaluation. I'd probably say this is on the low end, but it gives you an understanding of what you can sell your business for. Now, Empire Philippers is just one route, but of course you could sell your business directly to a buyer. Where do these buyers come from? Well, it's just by word of mouth. You have to network, you have to know people, you have to meet people, people have to know you. If your business is successful, if your brand is well known, people are going to look out for you. They're going to try to find businesses like you to buy. And people will reach out to you to say, hey, I want to buy your business. Which leads me to my next point. The best thing you can do before you sell your business is improve its profile and its success. People want to buy into something that's working, that's winning. So if you're finishing up in your entrepreneurial career, finish strong so you can get the max amount of dollars possible. You also want to make sure that you can hand over everything to the person who's buying the business, easily transferring the actual website and domain, the hosting, all your procedures and sales processes that your team is executing, all that documentation. Selling the company is a big transition for you, but also for your team. So you want to make sure that it's a smooth transition and it's done properly. And of course, it's always best to sell your business when you're in a position of power, not when you're desperate, when you need to sell. So knowing what you know now, you need to organize your business just in case one day you decide to sell. Make sure your procedures are documented properly. Make sure you have the right tools in place, like project management tools with all the documentation of all the work that you've done. Make sure you're on the up and up when it comes to your bills and expenses. You've paid people properly, your suppliers, your employees, server costs, running costs, all that kind of stuff. And above and beyond, make sure you're building a great business.

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Selling your business is a big step. It's a big transition and it could be an emotional time for you. You're saying bye to your baby so you want to make it as easy as possible by making sure all your logistics are in order, all your finances are in order and that everybody in the company is going to be taken care of. You have a well oiled machine. The business is going to do just fine when you step away and hand the keys to somebody else. And of course, it's a small world. You want to make sure you're handing over a great business and that they're super satisfied well after the sale is over. People talk, right? You want to make sure your reputation is on the up and up. And lastly, you want to put your ducks in the row so that way you're getting the most out of your sale and earning the most money for all your hard earned years building this business. That wraps up today's lesson. I hope it was informative. It helped you shape your mind about how you want to get ready to sell your business one day or if you're ready to do that right now, what you have to get in order and some options on how you're going to sell your business and how to evaluate it. Today's lesson is over, but the episode's not because it's Free Ride Friday. I got to give away a lifetime membership to Easy Course. Let's see who won this week's Free Ride. And the winner is thebomb.net.co au that's the handle. Omar is the best. He's a beast in the space. Five stars. Omar rocks. Lessons that every business needs to rock their own business. Tell a friend. Well, thank you so much for that great review. Thebomb.netCo AU you are a winner. Your mission is to email me at omar100, MBA net if you're listening to this and you want to win a free ride, a $500 value to Easy Course to build your own online course in 30 days. Just leave me an iTunes rating in review right here on itunes. If you're listening, you're like, hey, how can I win this free ride to easy course, a $500 value to build my own online course in 30 days. All you gotta do is leave us an iTunes rating and review and you enter the weekly draw. And you enter the draw automatically every week until you win. Thank you so much for listening. Before I go, I want to leave you with this. A lot of people feel like, hey, selling the business is something I don't want to think about because it might be very complicated and a lot of paperwork. It doesn't have to be actually. It's just like any transaction, like you're selling a car and the paperwork involved is basically a contract and hiring a lawyer to help you through it is not going to cost you an arm and a leg. It's actually quite reasonable. And that's the easy part. The most important part or the hard part is getting your business ready. So it's a viable business to sell that your shops in order so people are interested in actually taking it over and of course, making it a successful business so people actually want to buy it. Hey, there's people that make a living building businesses and selling them. That's what they do day in and day out. So if you do this once or twice in your career, it should be no problem. All right, I'll check you in Monday's episode. I'll see you then. Take care. Of.

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