In the Urban Engine podcast, we discuss entrepreneurship and success. We interview local entrepreneurs in Alabama and the South, discuss how to succeed, and how to propel your idea forward.
in episode 18, the team talks with John Thornton about the Business Assistant Microloan via The Catalyst Center.
Brandon Kruse and Trey Sharp joins the conversation providing their insight and experience into the mechanics of selling a business.
The process of building a successful business is quite the challenge, but selling your business is no walk in the park either. Most tend to underestimate the time and effort required to prepare for a sale. Following efficient business practices (making sure personal and business expenses are always separated, running very clean accounting books) does make the acquisition process run smoother. Entrepreneurs today tend to be increasingly focused on the sale of their startup when they should be more focused on actually building a successful business that generates cashflow first. Selling your business when the stars align can bring peace of mind by trading ownership for an immediate return of your time (via payout of the projected returns of the business for the next 5-20+ years depending on market sector and position in the business cycle). The seasons of life often aim an entrepreneur toward another creative direction for a new venture, so selling a prior business can ease and accelerate that transition. There’s plenty of experts in the M&A space (M&A attorneys, veteran entrepreneurs) in the Huntsville area so don’t be afraid to reach out and ask questions as they can distill years of hard lessons into just a few minutes of your time.
The Catalyst Center Business Assistant Microloan info:
If you want a thorough sneak peak of everything that’s involved in selling your business, this prior edition covers most of the details for $6 shipped:
Last 30 year chart of global M&A activity:
Rich Marsden (HSV M&A attorney Brandon mentioned who is very active in the HSV area):