EP264: The Hidden Benefits of Preparing Your Business for Sale with Marty Fahncke

PROFIT With A Plan

Episode Title: The Hidden Benefits of Preparing Your Business for Sale

Host: Marcia Riner | Business Growth Strategist, Infinite Profit®

Guest: Marty M. Fahncke | Acquisitions Advisor, Westbound Road

Episode Summary:

In this insightful episode, Marcia Riner and Marty Fahncke delve into why every business owner should prepare their business for sale, even if they never plan to sell it. Marty, who has helped hundreds of small businesses scale to over $1 Billion in revenue and facilitated $450 million in acquisitions, shares his expert insights on how proper preparation can significantly increase a business's value and readiness for unforeseen circumstances.

Key Talking Points:

1. Marty's Journey and Expertise: Marty shares his extensive background in business growth and acquisitions, emphasizing the lessons he learned along the way. His experience highlights the critical importance of always being ready to sell.

2. Why Every Business Should Prepare for Sale: Marty discusses the often-overlooked reasons for preparing your business for sale, including the "Four D's and a B" (Divorce, Debt, Disagreements, Disease, and Burnout). These factors can unexpectedly force a business sale, and being prepared can prevent financial loss and ensure smooth transitions.

3. Steps to Maximize Business Value:

   • Get Your Financials in Order: Accurate, up-to-date financials are crucial. Marty emphasizes the need for professional bookkeeping and accounting to ensure your financial health is transparent and appealing to potential buyers.
   • Implement an Operating System: Establishing a comprehensive business operating system enhances efficiency and streamlines operations, making the business more attractive and easier to transition.
   • Owner Exit Plan: Reducing the owner's involvement in daily operations increases the business's appeal to buyers, as it demonstrates that the business can run independently.
   • Identify Your Buyer: Building your business with a potential buyer in mind helps ensure it meets the criteria that make it attractive to future owners.
   • Understand Your Valuation Target: Knowing your business's true value and what it takes to reach your financial goals is essential for long-term planning and eventual sale.
   • Focus on Profit, Not Tax Mitigation: Prioritizing profit over minimizing taxes increases your business’s valuation, making it more appealing to buyers.
   • Prepare for the Long Term: Maintaining clean and profitable financials and operations for at least three years before a sale can significantly enhance your business's value and appeal.

Key Quotes:

• "Even if you never plan to sell your business, things can happen that might force you into it."
• "Preparing your business for sale, even if you never plan to sell it, is a wonderful thing no matter what."
• "A business that revolves around you is very difficult to sell because I can't sell you."

Special Offer: Marty offers a free copy of his upcoming book, "Boomer Sells the Business: A Step-by-Step Guide to Cashing Out and Living Large," along with a workbook. Listeners can email [e-mail] with the subject line "Profit with a Plan" to get on the list.

Actionable Advice:

• Download Marcia's Profit Booster Playbook: Packed with three profit strategies and actionable steps to make this your most profitable year. Available for free at boostingprofit.com.
• Engage with the Podcast: Share your comments and questions in the thread. Let Marcia and Marty know which strategies you're implementing in your business.

Connect with Marty:

• Website: http://westboundroad.com
• LinkedIn: Marty M. Fahncke
• Email for Book: [e-mail]

Final Thoughts: Marcia and Marty emphasize the importance of planning for the future and the significant benefits of preparing your business for sale. Whether you're looking to grow, optimize, or sell, the insights shared in this episode are invaluable for every entrepreneur.

Next Episode Teaser: Stay tuned for more great profitable information on next week’s show. Subscribe to Profit with a Plan on your favorite podcast player to catch new episodes every Tuesday.

Want to supercharge your business, avoid profit plateaus, operational headaches, and growth roadblocks?

Marcia has created a brand-new Profit Booster® Playbook just for you. You’ll uncover 3 essential strategies and the quick way to take action on them. This is not just a single page report, its filled with impactful strategies, actionable steps, and expert guidance to elevate your profits painlessly.

Make this your best year ever. Download this free playbook at www.BoostingProfit.com

About Marcia Riner. She is a business growth strategist who helps business owners dramatically increase their revenue, profit, and the value of their company. In fact, she can show prospective clients a clear pathway to profit and an impactful ROI for working here before hiring her firm. Through her proven Profit Booster® strategies, she gets results. Marcia is the CEO of Infinite Profit® and more information can be found at https://www.InfiniteProfitConsulting.com

Got questions? Reach out to Marcia and her team at [phone] ♾️