Rick Usher - What Is Your Business Really Worth?
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Bill: Okay, so it’s your first chance at selling your business, here’s some great wisdom from somebody who’s done it many times, Rick Usher.
Rick: I think the realism we talked about, first of all: what is my business really worth? People have these proprietary feelings about their business, and they think often times it’s worth a lot more than it is, that’s the first thing. The second thing is that they’ve gotta be realistic as to how they’re gonna make this transition. I think it’s very unlikely for most business sellers to find a buyer who’s gonna walk up and write them a check, so they need to figure out and plan how they are gonna exit this thing, whether it’s seller carry-back financing, whether it’s, as we just discussed, they’re gonna find somebody internally who can take over and generate the revenue to pay the seller, or whether it’s some other alternative. That’s the biggest challenge, I think.
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