How to Prepare for a Business Sale

Wondering how to navigate common entrepreneurial pitfalls and ensure the success of your business? Just ask Christina Wallace, senior lecturer at Harvard Business School, who’s going to tell us the top three mistakes (or lessons learned as Christina calls them) early stage entrepreneurs make and how you can avoid them.In this episode you’ll hear:(01:18) Why you shouldn't do everything yourself. Christina recommends ways to overcome the entrepreneurial urge to do it all.(04:32) Why cash flow is important and the consequences of ignoring it.(06:11) How to manage your cash flow by putting liquidity in place before you need it, keeping an eye on any lumpy cash flow throughout the year, and being creative.(07:41) How to avoid scaling prematurely. 

Trying to figure out how and when you should start scaling your side hustle? Just ask Max Ash, the young creator and founder of MAX’IS CREATIONS, who managed to start his business at just 8 years old (with the help of his mom, Jen) and grew it into a successful business. Max and Jen will share their own experiences with protecting their intellectual property, licensing, manufacturing, and evaluating the future of their business. You’ll also hear from Verne Harnish, Founder and CEO of Scaling Up and the Entrepreneurs’ Organization, who shares actionable steps you can take to scale your business.In this episode you’ll hear:(02:15) How Max'is Creations started.(05:19) When Jen and Max realized that Max'is Creations could be more than a side hustle.(08:18) Jen talks about their experience with licensing – a way for you to partner with other companies without needing to do all the work yourself. (17:33) Verne emphasizes the importance of marketing and finding influencers to talk about your product or idea if you want to scale your business. (22:28) Having a routine can save you time.(23:48) Surround yourself with other like-minded entrepreneurs or mentors.(27:09) Verne tells us how being bold can land you opportunities.

Are you trying to figure out if a rebrand is worth the high price tag? Just ask actors turned entrepreneurs David McGranaghan & Julian Miller, co-founders of McMiller, a company that creates games designed to make you laugh, who went over-budget to rebrand their business. “Strong design [...] turns a four-star review into a five-star review, and I think that's definitely what we've learned, and it's money well spent [...] I would encourage people to put money into design," says David. In the season finale of This is Small Business, you’ll hear how Julian and David’s love story sparked the idea to start their business, the challenges and benefits of being married to your business partner, and how design can elevate your products. They’ll also talk about the importance of taking it slow when you’re first stepping into entrepreneurship.In this episode you’ll hear:(01:23) How David and Julian met and started Mcmiller (06:11) Why David and Julian wanted to get into entrepreneurship despite being professional actors(09:55) The challenges and benefits of starting a business with your romantic partner(12:28) How you could use reviews to improve your products(15:12) How design can elevate your products(22:36) How success can hurt your business if you’re not prepared for it(23:54) How to add sustainability into your business – Andrea mentions two This is Small Business episodes about sustainability. If you want to learn more, check out this season's bonus episode “How your business can have an impact” or an episode from season 4 called “How to Grow a Sustainable Business.”(25:58) Julian and David give us a look into their future goals and their upcoming game(26:55) Julian and David emphasize the importance of taking things slow when you’re starting your business – it’ll help you avoid mistakes and give you time to work on the best version of your product

Are you planning on selling your business but don’t know where to start? Just ask Emmet Apolinario, President of the International Resource Group. Having transitioned into becoming a business broker after navigating the pitfalls of selling his own business, Emmet offers insights on how to evaluate your business to spare you from the same mistakes he made. “Selling a business is not like selling real estate. It's not going to sell tomorrow.” says Emmet, “[...] preparing and planning is very important.” Learn how you can increase your business value, who you may need on your team, and when you could be selling your business.In this episode you’ll hear:(01:41) Why and when you could be selling your business(02:40) Challenges that might make your business difficult to sell(03:26) Who you might need on your team to sell your business(04:36) How to figure out what your business is worth(06:27) How to increase your business’ value

Considering buying a business? Whether it's your first venture or you’re trying to expand your business, it can be a game-changer. Just ask Brian Shields, an Acquisition Entrepreneur who knows what it takes to successfully buy a business. “Try to look at at least a hundred deals to help dial yourself in so you know what kind of risk you're willing to take, what kind of business plan you really feel comfortable with, what kind of industries you feel like make sense,” Brian says, “because once you get those under your belt, then you'll feel a little bit more sophisticated when the time really comes.”We’ll dive into the essentials: from why you should consider buying a business to breaking down all the thorough due diligence and financing options so you can find the right business that works for you! In this episode you’ll hear:(00:35) How Brian bought his first business(2:42) Why buying a business could be right for you(5:06) Research and analysis (aka due diligence) that needs to get done before you buy a business(6:39) Where you can find businesses to buy(8:01) Brian breaks down what the due diligence process looks like by using a coffee shop as an example(11:00) Three ways you can pay for the business you want to buy(13:50) Andrea and Brian go over three points you should focus on when you’re trying to find a business to buy

Expanding your business and drawing in more customers may seem overwhelming, but it doesn’t have to be! Just ask Amy Porterfield, New York Times bestselling author of Two Weeks Notice and Host of The Online Marketing Made Easy Podcast, who managed to increase her sales in only a year. “The people who need you will find you, even if you put a stake in the ground.” Amy says. “If your message resonates with them, but doesn't fit perfectly, that's okay. If they like what you're saying and they find value, they will find you.”Learn how you can replicate Amy’s growth by managing your mindset, creating a customer avatar, and growing your email list. In this episode you’ll hear:(00:45) How Amy started her business(03:02) How negative thoughts can impede growth(05:57) How to build your customer avatar(08:11) How content creation helped Amy grow(09:27) How to grow your email list(12:16) Common mistakes that might affect your growth

Want to build a loyal following of people who are excited to buy what you're selling? Stop spending your valuable time on the wrong marketing channels, and prioritize an email list. So says Jenna Kutcher, a digital marketing expert and host of The Goal Digger Podcast. After attracting thousands of followers on social, but seeing so few convert to customers, Jenna learned about the power of owning an email list - and she hasn't looked back! It's the number one ways she drives sales in her business.You'll learn how to start a list, where to find your first subscribers, and how to grow and maintain a list. Plus, the surprising benefits of an email list - beyond the high ROI.(06:40) Where to find your first subscribers(07:25) How to use your email list to test out new business ideas(09:40) The TWO things you need to focus on as an entrepreneur(11:00) Tacticts Jenna uses to drive followers from social and the podcast to her list(14:30) How to make time for your email list(15:50) Don't make these two mistakes with your email list!(18:00) Convinced? Here's how to start your listLearn how to go from zero subscribers to an engaged list that lasts. Sign up for Jenna's FREE Email Building Master Class at jennkutcher.com/list. It only happens once a year - don't miss out!

Ready to make a difference with your business but don’t know where to start? Just ask Thomas Ling, founder of Kin+Kind, who combined his passion for the environment and love of animals to create eco-friendly pet products. Thomas breaks down what makes a business sustainable, the importance of transparency and authenticity, and how you can start a business that does good in the world. “It's important that we are running the kind of company that we want to see out in the world.” Thomas says.Learn what it takes to be a clean business, and the benefits that come with it.In this episode you’ll hear:(01:09) Kin+Kind’s story.(02:56) How Kin + Kind brings transparency and authenticity into their products.(04:11) What are clean ingredients?(06:34) Being a clean company is about more than using good ingredients, it’s also about how you treat your employees.(07:25) What is greenwashing?(09:15) How to start a sustainable business.(10:50) The benefits of having a clean business.

The more people see your products, the more sales you’ll probably get – and a marketing strategy can help you do that. Just ask Elena Fahrländer, the Chief Commercial Officer of Danish Endurance, a company that sells their products worldwide. She’ll be sharing what they do to find their target audience and how their approach to marketing changed as they grew. You’ll also hear from Elizabeth (Liz) Downing, director of partnerships at The Ecom Cooperative. She’ll give more actionable advice on how to build your marketing strategy using realistic goal setting and data analysis. “It's really important to look inward, really examine who you are as a business, and then set your goals and your expectations based on what you think you can achieve,” says Liz, “and it all comes down to the data.”In this episode you’ll hear:(02:18) Danish Endurance’s story(04:02) How to find your target audience(07:02) The importance of clear and realistic goals and budgeting when building your marketing strategy(11:02) Starting out with a structured marketing strategy(11:50) How and why Danish Endurance constantly updates their marketing strategy 

Your small business (or idea if you haven’t started yet) is a lot more important than you think. Just ask Karen Kerrigan, the president and CEO of the Small Business & Entrepreneurship Council. She’ll be sharing a ton of fun facts about how small businesses drive innovation, help the economy, and create jobs. You’ll also hear from Kylie Jiwon Hwang, an Assistant Professor at the Northwestern University Kellogg School of Management. She’ll give us more insights on how entrepreneurship can help marginalized individuals and how starting your own business can benefit your community.Get a quick refresher on why the work you’re doing (or planning to do!) is important and learn all the benefits and challenges you might encounter on your entrepreneurial journey.In this episode you’ll hear:(01:42) Why Small Businesses are important.(04:27) Why Marginalized individuals are gravitating towards entrepreneurship and the benefits that come with it.(07:33) Challenges that you might face when starting a business.(10:48) How technology has been helping small business owners overcome some of the challenges they face.(14:41) The importance of being prepared before starting a business.