The truth about business brokers
This week we discuss business brokers, as I speak with Rob Goddard about what it entails to be a business broker and why first-time buyers should avoid using them. Rob also discusses how to maximise your exit value.
[01:28] Rob’s first business to sell
[04:20] What it entails to be a business broker
[07:31] How competitive tension drives up the price of a business
[11:32] Rob’s opinion on people’s priorities changing as they continue with the negotiation process
[17:00] Why it is not always about money!
[19:00] Why first-time buyers should not use brokers
[21:05] What serious investors do
[28:48] How to maximize one’s exit value
[30:19] The benefit of employing people rather than working for yourself
[33:58] The only number that matters for a seller
[35:46] Connect with Rob on LinkedIn
- The highest bidder isn’t necessarily the best bidder; it might be number two or three because there’s a bit of fit.
- So, if you’re a top buyer, a tip for any buyers listening to this is to understand what the hot buttons are for the person you’re in front of and what matters to them most.
- Competitive tension can drive up prices.
- There are always two multiples; I’ve always taught this as two multiples on any deal. There are multiple sellers and buyers multiples; they’re often not the same number.
- Think about the exit before you’ve bought a business and sunk any time and money into it after the best time to think about your exits before you’ve bought one.
If you are looking for a lawyer in the UK to help you get the deal over the line, then use my guy John Andrews. You can phone his office at +03452412494 or email him at email@example.com
To join the Fasttrack Program, you can connect with Jonathan Jay at
Youtube:https://www.youtube.com/c/TheDealmakersAcademy or get the
Webinar Training Video onwww.dealmakerspodcast.co.uk
Connect with Rob Goddard on