I had a conversation with a friend of mine who recently sold his business for more money than he’ll ever be able to spend in his lifetime. It was quite an interesting conversation.
He told me that, just for fun, he spoke with a business broker a few years earlier – just to see if his business was worth anything, and if so, how much it might sell for. The broker laughed at him, saying, “Your business is completely dependent on YOU to continue to run. Without you, it’s worth nothing, therefore, you can’t sell it unless you come with it.”
That was an eye opening conversation for him. At the time, he wasn’t ever seriously interested in selling it, however, it did open his eyes to the fact that he was the bottleneck in his business, and because of that, somewhat of a slave to it.
Because of this, I decided to host our next LB Group call with Jared Ribley, who is a business broker here in St. Louis, MO. This guy has brokered the sale of hundreds of businesses, so he knows this space inside and out. I’m going to be picking his brain on what makes a business sellable, how the values are increased, why someone would even consider building their business in a way that’s sellable, and a whole lot more.
Then, at some point we’ll open it up for questions from each of you.
Whether you’re interested in actually selling your business or not, you should consider being on this call with us. I don’t have an interest in selling Leadership Boardroom, however, I DO have interest in building it in a way that provides even more freedom, not taking it away.
That being the case, I think we all have a lot to learn in this area.
