When you set your business up for future success, you can set yourself, your family, and your personal interests up for similar success. But a common problem owners overlook is how to address Deal Killers, which can prevent you and your company from achieving the success you want. Today, we’ll examine eight common Deal Killers and show you a five-step process that can help you address them.
Step 1: Address the Big Three Financial Deal Killers
The first three Deal Killers you may encounter concern your financial needs.
1. Assuming that you can sell your business today and achieve financial independence.
2. Assuming the market values your company as highly as you do.
3. Focusing solely on getting the most money possible for your business.
Some business owners mistakenly believe that they can live on less money after they sell, which is rarely the case. And because your business is likely a part of your identity, you may end up overvaluing it, which can create impos
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Preparing your business for a successful future often goes hand in hand with preparing your business for a successful sale. No matter whom you sell to and even if you believe you’ll never sell your business you should focus on catching Deal Killers. Deal Killers are things that can affect your business’ value and future. Let’s look at an example of the difference between addressing Deal Killers early and ignoring them until it’s too late.
Bud and Bess Bush always had a sibling rivalry. Bud’s manufacturing business had grown and provided for his family for 35 years. Bess’s data analytics firm had done similarly well over the last 28 years. Though they never worked together, Bud and Bess both knew that they wanted to sell their businesses, use the money they received to retire in style, and continue providing for their families. But they each used different strategies with