Selling their businesses is a dream of many entrepreneurs; whereas for some, they can’t even imagine a future without their business in it. This conversation is must-listen to for anyone building a business, as you honestly NEVER KNOW when that phone call might come from an interested buyer!
As my guest this week makes clear, even if we have zero plans of ever selling, we should still take some simple steps towards structuring our businesses in case we a) change our mind or b) get an offer we can’t refuse one day!
Michelle Kvello is the founder of Sydney-based Lantern Partners, a financial advisory company dedicated to helping high growth companies reach their goals, and she has personally held the hands of many a founder as they prepared to, and later sold, their business.
I love Michelle’s approach as she’s fully committed to being led by the numbers in a business, however she doesn’t ever lose sight of the fact that behind the numbers are real people with real dreams and worries. She also has a knack for making intimidating finance concepts easy to understand! She’s also a longtime mentee of mine, who I adore working with.
In our chat this week, Michelle and I discuss:
- Whether or not every business CAN be sold
- What she sees as the biggest blocks when a founder starts to look at selling their business
- How long it usually takes for a business sale to be completed
- As a result, how far out founders should be thinking about readying their company for sale
- How you go about having a business valued
- What a multiple is and how it works
- If selling your company is on your “one day” wishlist, what the three things you should be thinking about right now are
- What an earnout is, and how long a founder will usually stay on in a business post sale
- The emotional rollercoaster that selling a business can be, and how to navigate it
To learn about my Power Quarter Mentoring package, visit my mentoring page: lorrainemurphy.com.au/mentoring