#51: Selling Your Business with Jay Myers
Welcome back to another episode of the We Live to Build podcast.
We’ve talked a lot about starting and growing businesses on this podcast over the last 51 number of episodes.
Many people forget along the way to think about when, why, and how to sell their business.
Even more importantly, they forget to prepare themselves mentally, emotionally, and professionally for what happens AFTER they sell their business.
Jay Myers ran a business for over 20 years before finally selling it, and even though he was prepared in as many ways as possible, he still is learning to deal with what the rest of his life is going to be.
Jay is currently focused on mentoring, investing, speaking, and publishing books.
Let’s give a warm welcome to Jay!
We talk about:
- How soon should you be thinking about selling your company?
- How to handle acquirers pursuing you when you aren’t interested?
- Did those calls change how you thought about your business?
- What you do to make your company look sexy?
- How do you determine what your reputation in the market is?
- How do you decrease turnover among employees?
- How do you get yourself onto those fastest growing lists like Forbes and Inc?
- What is the most important thing you wish someone had told you about selling a business?
- How did the buyer find you?
- Who from the team knew?
- What kind of legal prep?
- Did they make you an offer, or did you make an ask, and how did the negotiation work?
- Why you should get a personal good will audit?
- When should you sell your business?
- What is your plan for the next 5 years?
And remember, Entrepreneurship is a Marathon, not a Sprint, so take care of yourself every day, so that you can live and love, and have the energy and the passion to run your business, and to invest in your team, and to find a way to appreciate those moments of happiness.