The Business Behind Small Business The Business Behind Small Business

#54. We’re here to talk about what happens after you ride off into the sunset-the after sale of your business. How to prepare for it before you sell and ensure your life after the sale of the business is the one you wanted! #smallbusiness #exitstrategy #entrepreneurship



Famous Examples:

Howard Schultz

Sharon Redstone: https://en.wikipedia.org/wiki/Shari_Redstonehttps://www.tharawat-magazine.com/facts/succession-goes-awry-four-famous-examples/



Sevana's Recommendations:

Forbes List of Recommended Books: https://fivebooks.com/reader-list/top-books-on-buying-and-selling-a-business-daisy_reynolds/Buying and Selling a

Business: How You Can Win in the Business Quadrant by Garrett Sutton: https://www.amazon.com/dp/193783204X/ref=as_at?tag=readerlists-20



Tiffany's Recommendations:

Questions to help you get thinking about the life you would like to have, after the sell, so your can prepare for it BEFORE the sell!


What are my personal goals and aspirations outside of the business world?
How do I envision my ideal lifestyle after exiting the business?
What do I want my day-to-day life to look like after the exit?
What are my interests, passions, and hobbies that I would like to pursue after the exit?
Do I want to remain active in the industry or explore new industries and opportunities?
How can I prepare for the emotional and psychological adjustments that come with transitioning from a business owner to a new phase of life?
What support networks or resources can I tap into during the post-exit period?
How will I maintain a sense of purpose and fulfillment after exiting the business?
What legacy do I want to leave behind and how can I continue to make a positive impact?

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About BBSB -

We are two business owners with two very different perspectives on building business, and the business behind that in order to achieve your goals. One of us built to sell, and will continue on the serial entrepreneur path, which means your focus and drive should include very particular tools and tips in order to achieve your goal. The other, is building a generational business, one that can go on long after she’s let go of the wheel. This type of business also requires very specific tools and platforms to achieve this goal. Both women have been successful in their own right, but in honesty - haven’t scratched the surface!



Sponsorship Opportunities -

Email us here: thebusinessbehindsmallbusiness@gmail.com



Website -

Check out our website! https://www.thebusinessbehindsmallbusiness.com



Notice -

As an Amazon Associate, we earn from qualifying purchases. These earnings contribute towards the costs of creating this podcast and we greatly appreciate your support!



Disclaimer -

We are NOT licensed financial experts, nor do we give financial advice. Anything we share with you here on our podcast, whether it be a personal experience or submission, or advice/tips that have worked for us, or that we believe would work for you should not be viewed as either financial, business, or tax advice. We ask for you to do your research, have open and honest conversations with your company’s own support providers and make decisions based upon that. Throughout this broadcast we will share our knowledge and give suggestions and hope you will receive them as part of your overall research to better your own company.

#53. In episode #52, we explored what it means to sell your business to an external 3rd party. In today's episode, we'll be taking a look at a different exit by selling. Let’s discuss selling your business internally to your next generation or to your employees: what it means, what you need, and how to do it in the most delicate way possible. 



#smallbusiness #exitstrategy #entrepreneurship



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Please let us know if there is a topic we can cover for you on our next episode! Email us at thebusinessbehindsmallbusiness@gmail.com.



Article References:

https://www.viabeacon.com/blog/selling-a-business-to-key-employees

https://www.inc.com/encyclopedia/family-limited-partnership.html

https://www.growfinancial.org/investment-education/the-basics-of-business-succession-how-to-sell-or-gift-your-business/





FAMOUS EXAMPLES:



Dame Stephanie "Steve" Shirley:



https://www.youtube.com/watch?v=qQi4hLRXHU4

https://www.steveshirley.com/story/

https://www.theguardian.com/small-business-network/2017/mar/08/dame-stephanie-shirley-flexible-remote-working-glass-ceiling

Zildjian Family:



https://en.wikipedia.org/wiki/Avedis_Zildjian_Company



Tiffany's Recommendations:

Book - Let It Go By Dame Stephanie Shirley

Advice - Get a trusted "board of advisors" to help you transition out of your business!



Sevana's Recommendations:

Ask yourself some hard questions before you decide to sell your business:

https://allantaylorbrokers.com/sell-a-family-business/



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About BBSB -

We are two business owners with two very different perspectives on building business, and the business behind that in order to achieve your goals. One of us built to sell, and will continue on the serial entrepreneur path, which means your focus and drive should include very particular tools and tips in order to achieve your goal. The other, is building a generational business, one that can go on long after she’s let go of the wheel. This type of business also requires very specific tools and platforms to achieve this goal. Both women have been successful in their own right, but in honesty - haven’t scratched the surface!



Sponsorship Opportunities - Email us here: ⁠thebusinessbehindsmallbusiness@gmail.com⁠

Website - Check out our website! ⁠https://www.thebusinessbehindsmallbusiness.com⁠



Notice - As an Amazon Associate, we earn from qualifying purchases. These earnings contribute towards the costs of creating this podcast and we greatly appreciate your support!



Disclaimer - We are NOT licensed financial experts, nor do we give financial advice. Anything we share with you here on our podcast, whether it be a personal experience or submission, or advice/tips that have worked for us, or that we believe would work for you should not be viewed as either financial, business, or tax advice. We ask for you to do your research, have open and honest conversations with your company’s own support providers and make decisions based upon that. Throughout this broadcast we will share our knowledge and give suggestions and hope you will receive them as part of your overall research to better your own company.

#52. Whether you want to sell your business to an outside source, someone inside of the company, or to a relative, there’s a lot of preparation involved, and if you don’t follow the necessary steps, you stand to lose or owe a lot of money. We’re starting with the most important aspect, which is the money. How to prepare, present, and create value. 



#smallbusiness #exitstrategy #entrepreneurship



Here is a link of a report on what the common multiples used for various industries and businesses: https://www.bizbuysell.com/learning-center/industry-valuation-multiples/



Article References:

https://raincatcher.com/how-to-sell-a-business#:~:text=It's%20very%20likely%20that%20a,ready%20to%20sell%20just%20yet.



Famous Examples:

Charlie Javice: https://www.newsnationnow.com/crime/charlie-javice-woman-duped-chase-bank/https://www.sec.gov/news/press-release/2023-74

Indra Nooyi: https://hbr.org/2015/09/how-indra-nooyi-turned-design-thinking-into-strategy



Recommendations:

John Warrilow's Podcast: Built to Sell

John Warrilow's Book: Built to Sell and The Automatic Customer - Build a subscription based business in any industry. 

Empire Flippers PodcastDavid C Barnett Buy and Sell Small Business Podcast

Hire a CPA, lawyer, and possibly a business broker to help you understand how to sell your business and to help you with the transaction of selling your business!



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About BBSB -

We are two business owners with two very different perspectives on building business, and the business behind that in order to achieve your goals. One of us built to sell, and will continue on the serial entrepreneur path, which means your focus and drive should include very particular tools and tips in order to achieve your goal. The other, is building a generational business, one that can go on long after she’s let go of the wheel. This type of business also requires very specific tools and platforms to achieve this goal. Both women have been successful in their own right, but in honesty - haven’t scratched the surface!



Sponsorship Opportunities - Email us here: thebusinessbehindsmallbusiness@gmail.com

Website - Check out our website! https://www.thebusinessbehindsmallbusiness.com



Notice - As an Amazon Associate, we earn from qualifying purchases. These earnings contribute towards the costs of creating this podcast and we greatly appreciate your support!



Disclaimer - We are NOT licensed financial experts, nor do we give financial advice. Anything we share with you here on our podcast, whether it be a personal experience or submission, or advice/tips that have worked for us, or that we believe would work for you should not be viewed as either financial, business, or tax advice. We ask for you to do your research, have open and honest conversations with your company’s own support providers and make decisions based upon that. Throughout this broadcast we will share our knowledge and give suggestions and hope you will receive them as part of your overall research to better your own company.

#51. We’re going to do some introspection today on whether your personality is sinking or soaring business - so let's ask the question: Are you a people pleaser?





https://www.psychologytoday.com/us/blog/funny-bone-pick/202207/how-deal-people-pleasers-who-go-too-far

Inside Small Business: https://insidesmallbusiness.com.au/marketing/how-not-to-be-a-people-pleaser-in-business

Overit.com: https://overit.com/blog/people-pleaser-ceo/

Dan Dinsmore's POV from a business owner: https://hbr.org/2012/10/stop-being-a-people-pleaser

Seeing it from your employee's perspective: https://consultingsociety.com/the-risks-of-working-for-a-people-pleasing-leader/

Famous Example:

Beatrix Potter (https://www.smithsonianmag.com/arts-culture/how-beatrix-potter-invented-character-merchandising-180961979/)



Recommendations:

Truity.com

Gallup.com

The 5 Languages of Appreciation in the Workplace: Empowering Organizations by Encouraging People By Gary Chapman and Paul White



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About BBSB - 

We are two business owners with two very different perspectives on building business, and the business behind that in order to achieve your goals. One of us built to sell, and will continue on the serial entrepreneur path, which means your focus and drive should include very particular tools and tips in order to achieve your goal. The other, is building a generational business, one that can go on long after she’s let go of the wheel. This type of business also requires very specific tools and platforms to achieve this goal. Both women have been successful in their own right, but in honesty - haven’t scratched the surface!

Sponsorship Opportunities - 

Email us here: thebusinessbehindsmallbusiness@gmail.com

Website - 

Check out our website! 

https://www.thebusinessbehindsmallbusiness.com

Notice - 

As an Amazon Associate, we earn from qualifying purchases. These earnings contribute towards the costs of creating this podcast and we greatly appreciate your support!

Disclaimer - 

We are NOT licensed financial experts, nor do we give financial advice. Anything we share with you here on our podcast, whether it be a personal experience or submission, or advice/tips that have worked for us, or that we believe would work for you should not be viewed as either financial, business, or tax advice. We ask for you to do your research, have open and honest conversations with your company’s own support providers and make decisions based upon that. Throughout this broadcast we will share our knowledge and give suggestions and hope you will receive them as part of your overall research to better your own company.

#50. We are shaking things up by doing a guest interview about today's topic! Business Plans: should you have one from the beginning? Why? What goes into a business plan? We'll find out in today's episode!

Get in touch with our guest:
Dr. Michael Mort, Esq.
Argent Place Law
https://www.argentplacelaw.com/

Famous Example:
Instagram (https://www.theatlantic.com/technology/archive/2014/07/instagram-used-to-be-called-brbn/373815/)

Richard Branson (https://www.cnbc.com/2017/07/21/billionaire-richard-branson-reveals-his-first-ever-business-plan.html)


Tiffany's Recommendations:
Tim Berry (https://leanplan.com/lean-business-planning-book/)
The One Page Business Plan by Jim Horan


Sevana's Recommendations:
https://blog.back4app.com/business-planning-tools-for-startups/

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About BBSB - 
We are two business owners with two very different perspectives on building business, and the business behind that in order to achieve your goals. One of us built to sell, and will continue on the serial entrepreneur path, which means your focus and drive should include very particular tools and tips in order to achieve your goal. The other, is building a generational business, one that can go on long after she’s let go of the wheel. This type of business also requires very specific tools and platforms to achieve this goal. Both women have been successful in their own right, but in honesty - haven’t scratched the surface!


Sponsorship Opportunities - 
Email us here: thebusinessbehindsmallbusiness@gmail.com


Website - 
Check out our website! 
https://www.thebusinessbehindsmallbusiness.com


Notice - 
As an Amazon Associate, we earn from qualifying purchases. These earnings contribute towards the costs of creating this podcast and we greatly appreciate your support!

Disclaimer - 
We are NOT licensed financial experts, nor do we give financial advice. Anything we share with you here on our podcast, whether it be a personal experience or submission, or advice/tips that have worked for us, or that we believe would work for you should not be viewed as either financial, business, or tax advice. We ask for you to do your research, have open and honest conversations with your company’s own support providers and make decisions based upon that. Throughout this broadcast we will share our knowledge and give suggestions and hope you will receive them as part of your overall research to better your own company.

#49: Let's talk about the services you should spend your business's money on (and the services you can wait on). These are going to include apps, platforms, third parties, contractors, employees, and more!
*Sorry (again!) for our audio issue... Sevana and I really do like each other and don't compete for air time, but we had periods of lag time when recording that caused us to sound like we're trying to talk over each other. Don't worry, we'll already got a plan to see if we can fix this in the next episode!*


Today's podcast include if and/or when you need:
Business Lawyer
Website
Content Marketing
CRM
Microsoft Office vs Google Workspace
Zapier
Office Space & Address
Coaching/Accelerators/Incubators
Software to Keep It All Together - Notion & Google Workspace
Bookkeeping & Accounting
Admin Support


Famous Example:
Zapier
Netflix 
Margorie Merriweather Post 

The RAW Truth:
Tiffany - waiting too long to join a business accelerator
Sevana -  wasting time with the wrong networking groups


Tiffany's Recommendations:
https://www.fundera.com/blog/small-business-apps
https://www.thesmbguide.com/small-business-apps

Sevana's Recommendations:
Google Workspace
Notion
QuickBooks
Process Street
Local SBA
Expensify
HootSuite
Buffer
MailChimp
Canva

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About BBSB - 
We are two business owners with two very different perspectives on building business, and the business behind that in order to achieve your goals. One of us built to sell, and will continue on the serial entrepreneur path, which means your focus and drive should include very particular tools and tips in order to achieve your goal. The other, is building a generational business, one that can go on long after she’s let go of the wheel. This type of business also requires very specific tools and platforms to achieve this goal. Both women have been successful in their own right, but in honesty - haven’t scratched the surface!


Sponsorship Opportunities - 
Email us here: thebusinessbehindsmallbusiness@gmail.com


Website - 
Check out our website! 
https://www.thebusinessbehindsmallbusiness.com


Notice - 
As an Amazon Associate, we earn from qualifying purchases. These earnings contribute towards the costs of creating this podcast and we greatly appreciate your support!

Disclaimer - 
We are NOT licensed financial experts, nor do we give financial advice. Anything we share with you here on our podcast, whether it be a personal experience or submission, or advice/tips that have worked for us, or that we believe would work for you should not be viewed as either financial, business, or tax advice. We ask for you to do your research, have open and honest conversations with your company’s own support providers and make decisions based upon that. Throughout this broadcast we will share our knowledge and give suggestions and hope you will receive them as part of your overall research to better your own company.