Tawnya Gilreath - The Importance of Owner Expectations when Selling Your Business (J1517)

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Tawnya Gilreath of LA Business Pros talks about the importance of understanding and communicating your expectations when meeting with Business Sale Advisors. To find Tawnya's other interviews type her name into our search bar.

 

Tawnya: Some of them are ready, and some of them are saying, you know what, I’m just done, it doesn’t matter, you know, I’m just burned out, get what you can for it and just put me on the market and get me out of this business. First step, actually, is to meet with them and see if we want to do business with them. Secondly, we do a business valuation, and we’re gonna ask them for their last three years of tax returns, PNLs, balance sheets. If it’s manufacturing, we want to know what their back log of orders are, so there are a lot of factors that go in to that valuation, and then we’ll talk to them again and say: based on the data you provided, this is what we believe we can put the business on the market for to get it sold. Now, if I tell them it’s worth $1.2M, and they say, oh no I have to have $5M to retire, then I just say, okay fine, alright, now you’re at $1.2M. So, it’s kind of like, if you know you want to be in Disney world, that’s great, you need to know if you’re starting from Minnesota or Texas, because it’s two different routes. 

 

 

 

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