In this episode, Melinda Emerson is joined by Barry Moltz to explore the essentials of buying a business. They delve into the key questions and steps involved in business acquisition, emphasizing the importance of understanding cash flow and valuation. The discussion also highlights the challenges associated with absentee ownership and management. Financial considerations and lending options for business purchases are examined, alongside strategies for finding businesses for sale and taking initial steps toward purchase.
Barry Moltz is an exit advisor. He now helps small business owners sell their companies for the highest price. He has started and run three small businesses with both success and failure over the past 30 years. He is the author of 8 award-winning books. Barry is the host of the nationally known “The Small Business Radio Show” for the past 17 years and a member of the Entrepreneurship Hall of Fame. He most recently can be seen on the History Channel’s “The Booze, Bets and Sex that Built America”. https://barrymoltz.com
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This week on SmallBizChat Podcast:
Understand the true role and influence of the current owner on the business to assess the potential impact on customer retention and operations once they leave.
Ensure you have a clear understanding of the business’s cash flow and financial health, as this is crucial for maintaining operations and meeting financial obligations.
Carefully consider what unique skills or “secret sauce” you can bring to the business to ensure you can add value and drive growth post-acquisition.
Resources Mentioned:
Online Courses: https://smallbizladyuniversity.com/nextactceosummit
Connect with Barry Moltz:
Website: https://barrymoltz.comLinkedIn: https://www.linkedin.com/in/barrymoltzInstagram: https://www.instagram.com/barrymoltzTwitter: https://twitter.com/barrymoltzFacebook: https://www.facebook.com/SmallBusinessUnstuck
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