Business Owner Testimonial: How Do I Sell My Business? With Scott Giles

Your hosts Jennifer and Eric welcome Scott Giles onto the show. Scott recently sold his business, ScoreBuilders, and worked directly with Jennifer and Eric during the selling process. In this episode, he shares some real-life examples of what the sale process was like, key learnings he experienced, and some unexpected challenges he experienced when it came to selling his business.

 

Key Points

[1:40] A little bit about Scott and why he decided to sell his business.

[3:55] Why did Scott pick Jennifer and Eric's firm?

[5:00] Formally, Scott interviewed three different business broker groups.

[8:40] How did Transworld go about finding a good buyer for Scott's business?

[10:20] Scott and his team at Transworld decided to set a formal date for the prospective buyers to bid on his company.

[12:15] Scott had to prepare for the buyer to completely deconstruct his business and do their due diligence. It's a stressful moment because they're looking at everything, including their finances.

[16:40] Scott shares his experience on why having a specialized attorney early in the process is critical.

[20:35] Scott did feel overwhelmed at times because the prospective buyer had a lot of questions and they wanted answers ASAP.

[22:00] The buyer was asking for procedures and policies that were intuitive to Scott and his wife Traci but didn't exactly have formal documentation for.

[26:25] Scott still has plans to be involved in the business despite selling it. Why was this arranged in that way?

[30:30] Scott wants to ensure there's a smooth transition and integration for the buyer.

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