If you’re a coach, you may have wondered at some point if it’s possible to sell your business, especially if you’re a solopreneur who is delivering the product and service. To answer this question, I welcome back my friend and expert guest David Barnett, the founder of The Business Buyer Advantage System, and who can help you buy or sell a business anywhere with his consulting, coaching, and training services. I learned a lot from the insights that David shared in this episode, and I’m sure you will as well!
What We Cover in This Episode:
- David’s background and experience, plus what he finds unique about the process of buying or selling a business
- Things to consider when buying a brick-and-mortar business versus a virtual one
- How to prepare to sell a professional business offering a service, such as coaching
- Tips for naming your business that will ultimately help you facilitate the sale if you’re a solopreneur
- Ways to notifying existing customers and make the transition to new ownership as smooth as possible
- The biggest mistakes David sees people make when selling their businesses
“[Buying a business] is such an uncommon thing for most people to go through. A lot of people bring some biases or some beliefs that it’s going to be a lot like buying a house or something, but it really isn’t, and maybe there are a lot of significant differences.”
“It doesn’t really matter what physical assets exist within a business. What primarily is being acquired by the buyer is the cashflow.”
“When you’re a solopreneur, it’s just you and you’re the one out doing the marketing [and] you’re the one delivering the product or the service, [so] it’s going to be hard to create a branding story that’s going to stand out very much apart from your own name.”
“If you ever foresee that you just want to be completely divorced from something entirely one day, then getting your name out of the headline at some point is probably something you’re going to work to work at.”
“If you’re going to build a coaching business that serves a particular type of person and helps them in a particular type of way, then you want to have some kind of framework, guideline or process documented that you can actually follow with your clients.”
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