We ask everything you need to know about selling a business with Mark Fitzgerald-Cooke of Intelligent Business Partners.
Even if you’re not looking at selling right now, there’s tons of great stuff in here to get your house in order in preparation were you to ever do so.
For more information on our sponsors, YFM Equity Partners, please visit www.yfmep.com (and when you contact them tell them Phil from Leeds Business Podcast sent you!)
INTRODUCING MARK FITZGERALD-COOKE
Mark Fitzgerald Cooke is MD of business broker, Intelligent Business Partners. He has over 30 years helping people buy and sell cars, homes and businesses in the UK, Europe and Asia, working with brands like AutoTrader, Rightmove, Zoopla, proptech start ups and now with Intelligent. He is believed to be the only person whose feet were on EastEnders AND is related to former American President JFK.
EPISODE HIGHLIGHTS
[00:02:15] The key steps in selling your business
[00:05:00] Understanding how to value your business
[00:11:00] Types of ‘multiples’
[00:14:00] How to prepare your business for sale
[00:18:00] The four key questions buyers will ask
[00:22:30] What to expect with purchases and transition periods
[00:27:00] Protecting against problems with earn outs
[00:31:00] All about due diligence
[00:37:00] What happens to the money in my business bank when I sell
[00:42:00] The common mistakes business buyers make
6 KEY TAKEAWAYS & BUSINESS LEARNINGS
- Put a business sale timeline in place early
- Think like a buyer when you sell
- Two similar businesses doing the same numbers can easily be valued differently
- Find a business agent that has sold businesses like yours
- Make yourself easy to buy
- Get the right legal partners in place
4 BEST MOMENTS
“By the nature of your business, it will be unique to a degree and therefore comparable values may not be there”
“We can only sell what we can evidence”
“long trading business adds value”
“People, product, processes are key to preparing your business for sale”
VALUABLE RESOURCES FOR YOU
Website: www.leedsbusinesspodcast.com
LinkedIn - https://www.linkedin.com/company/leeds-business-podcast/
Work with Phil - www.philfraser.co.uk
Website: https://www.intelligent.co.uk/
LinkedIn: https://www.linkedin.com/in/mark-fitzgerald-cooke-a693662/
DON'T FORGET THE LEEDS BUSINESS PODCAST ‘FAIR DEAL’
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https://leedsbusinesspodcast.com/podcast/jonathan-straight/
https://leedsbusinesspodcast.com/podcast/phil-fraser/
ABOUT YOUR HOST
Phil Fraser went from an accidental kitchen table start up, with no investment, all the way to multi-million pound sale to a PLC 18 years later. He’s travelled the full SME business journey of launch, growth, scale and exit.
As well as hosting the Leeds Business Podcast, Phil now works with ambitious SME-owners as a Business Sounding Board (think somewhere between Business Coach and Business Mentor). In simple terms, he’s ‘a pair of ears and an extra pair eyes’ for SME Owners helping them to be better at what they do. Phil’s mantra is It doesn’t need to be ‘lonely at the top’. He helps Business Owners to be better business owners, by helping with their clarity and focus.
As a Business Sounding Board, he gives SME Owners the time & space to regularly discuss their challenges and opportunities, with no sense of judgement or bias, and in complete confidence. This allows them to explore their options in full, culminating with a list of issues to address/clarify, a clear target in mind, a roadmap to success, and a renewed enthusiasm and confidence for the challenges ahead.
Want to work with Phil to help you? See www.philfraser.co.uk.
LEEDS BUSINESS PODCAST
Sell your business, business sales, sell my business, Leeds, Leeds Business, Business in Leeds, Nous of Fraser, Business Sounding Board, Business Coach, Business Mentor,
Email: phil@leedsbusinesspodcast.com
