Phil Risher (creator/uploader) gives concise advice for local service business owners who want to prepare their companies for sale. He describes strategies to make a business "sellable" (able to thrive without the owner), cites recent experience with home-service companies selling for multimillion-dollar amounts, recommends two books—Built to Sell and Buy Then Build—and emphasizes documenting standard operating procedures.
Chapters
If you own a local service business. In this video, I'm going to go through a couple strategies to help you prepare for sale and how to make your company look better when you go to sell your company. Also going to give you two books that I recommend that will help. So we have a unique opportunity where we work directly with business owners and we help them strategize to grow their business. We've gone through this process over the past year with several different companies selling for multiple millions of dollars for their home service business. One of the books that I highly recommend is called Built to Sell. And what this book allows you to do is to create a business that can thrive without you. And that's really a part of selling your company is building it so that it is sellable so that it can thrive without you so other people can come in and buy it. And then the next book is called Buy Then Build. Awesome book for getting in the mindset of people that are looking to buy a company. What exactly are they looking at and what are the multiples and that kind of stuff. Awesome book. And then holistically setting up your business with standard operating procedures is huge for selling your company.
