Straight Talk On Selling Your Business Ep. 1 with Mike Walters, CEO of USA Financial

Key Takeaways

• The second bite of the apple can significantly enhance business value.
• Understanding your industry is crucial when considering a sale.
• Building a strong advisory team is essential for navigating transitions.
• Communication with staff and stakeholders is vital during a sale.
• Mistakes made in the selling process can be costly.
• Identifying key criteria for a deal can streamline the selling process.
• Learning from others’ experiences can prevent common pitfalls.
• Timing is critical when deciding to sell a business.
• Retaining ownership can lead to greater financial rewards later.
• The right partner can help take your business to the next level.

Summary

In this conversation, Chris Tanke and Mike Walters, CEO of USA Financial, discuss the intricacies of selling a business, drawing from Mike’s extensive experience of 37 years in the industry. They explore the importance of understanding the concept of the ‘second bite of the apple,’ the necessity of building a strong advisory team, and the common mistakes made during the selling process. Mike shares valuable insights on the criteria for selecting a buyer and emphasizes the critical role of communication during transitions. The discussion serves as a guide for business owners contemplating the sale of their companies, highlighting lessons learned and strategies for success.