This week, we revisit a previous episode of the Savvy Dentist Podcast and explore the art of selling your business.
We’re taking a look back at an episode I recorded with the entrepreneur’s entrepreneur, John Warrillow, who has started, built, and sold several businesses.
He is also the author of 3 best-selling books – Built to Sell, The Automatic Customer, and The Art of Selling Your Business – which I have learned so much from. He is the host of Built to Sell Radio and has been featured in many publications worldwide. We chat about the processes, ins, and outs of exiting and selling businesses.
In this episode we discuss:
- [02:53] How Jesse applied the lessons from Built to Sell in the dental industry.
- [04:13] The reason why some businesses never get sold.
- [06:45] Key drivers of enterprise value within service-based industries.
- [10:58] Knowing the right time for exiting a business.
- [16:05] Selling businesses because of exhaustion and burnout.
- [19:44] Planning for exiting businesses, handling transitions, and selling regrets.
- [27:05] How to ameliorate concerns on privacy and how to create a competitive bidding process.
- [31:05] Key things you should look for in the negotiation process.
- [33:56] Finding a reasonable price for your business.
- [37:56] Negotiating or ameliorating earn out.
- [41:31] Pearls of wisdom for the art of selling your business.