3 Key Points in this Episode:
- You should start with how you will end when starting and building a business.
- If you are selling your business, it is essential that you have a realistic view of the value of the business.
- If you are buying a business, you should be able to pay for 25% of the purchase price with cash and have a minimum of three months of operating expenses in reserve.
Episode 133: The dream of becoming an entrepreneur and starting a business is enticing and has never been more popular. People fill their minds with thoughts of being the boss, pursuing their passions and creating a lifestyle that provides them with freedom and flexibility.
They dream of starting the business, they dream of scaling the business, and they dream of receiving the rewards of all that effort and hard work. But most people don’t think about what they will do when the dream comes to an end and it’s time to sell the business.
That is why I have brought on a business buying and selling expert.
Bio of Today’s Guest
Neil Gerritsen is a highly engaged Business Manager with over 30+ years of progressive experience in Human Resource Management and Business Development. Neil is part of the leadership group at Alberta Business Sales, a business brokerage firm located in Edmonton, AB, Canada that specializes in connecting business buyers and sellers.
Go to ABSales.ca for a free consultation with Neil and his team.
This Episode Sponsored by:
This episode is sponsored in part by my e-book, The Blueprint of a Great Business.
Go to jamieirvine.ca/book today for a free copy today.
Key Take Away
The key takeaway from today’s episode is that you should start with how you will end when starting and building a business. If you are selling your business it is essential that you have a realistic view of the value of the business and if you are buying a business you should be able to pay for 25% of the purchase price with cash and have a minimum of three months of operating expenses in reserve. One last point that I personally love, having a systems-centric business will increase the value of your business by up to 40%.
Next episode we are going to talk to Bob Burg the author of The Go-Giver Series. Bob is one of my top 10 wishlist guests and I’m excited to share his message with you.
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This podcast is sponsored by:
If you are hiring a new employee, I highly recommend that you use the Screen2Fit recruitment platform by Pro.File.
I use FreeeUp to find high-quality freelancers to help me run my business and you should as well.
Every business needs a website and I have used Gerrit and Trackstar Web Design since 2012 and so should you.
I use Process Street to create systems in my business and I highly recommend that you use Process Street as well.
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Thank you for listening and I look forward to talking with you soon.