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5 Mistakes Entrepreneurs Make When Selling Their Business

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Alright, I need to correct something.

At the 34 second mark of this video… I lied.

I was sharing about the past 10 years in business and I said “I started and scaled 10 companies…”

Now, hopefully we both know that isn’t true (or possible).

The real number is 3, not 10… but still, 3 startups from scratch, scaled to multi-million dollar companies – and exited – not bad, right?

Super grateful for those outcomes and the people who supported me, even though it almost feels not real to me.

If you know my story, you might understand why this seems so impossible.

Not only was I not born with a silver spoon, it was actually quite the opposite.

If anything I started in a negative position, or what I like to call a hole that I needed to code my way out of.

I share all of that because over the years I’ve had to learn some new skills in business

… one of those being how to SELL a company.

Not only have I done it three times for my businesses but I’ve also helped 100+ entrepreneurs do it for their companies as well.

Recently I was having a conversation with a coaching client and they were going through the process.

Caught off guard by 2 separate companies showing interest, they needed a strategy for responding and allowing them to find other options to create a competitive offer.

After getting off that call, I shot this video to share my strategy & approach.

The things you’ll learn about exiting your company…

1) The Right Way To “Mention” THE Number
2) Why You Should NEVER Use Email
3) Know Your BATNA To Easily Walk Away
4) Leverage The “Escalation Ladder” Framework
5) The 6 Week Process Called The “Red Zone” After You Sign a LOI

The overall theme to getting the most money for your company is running a competitive process – meaning having multiple companies interested.

If you’re negotiating with one company, it doesn’t give you much leverage.

Just be sure to avoid making any of these critical mistakes when talking with each one, so that you can increase the size of the outcome!

Hope you’re having an incredible start to your week!

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