Myers: Sell when the business is ready, not when founders are
Jay Myers · The Audit That Saved Me Hundreds of Thousands When I Sold · Apr 16, 2021 · at 29:59
Entrepreneur and author Jay Myers explains the core timing principle behind successfully selling a company to host Sean Weisbrot.
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“It's not when you're ready, but when the business is ready.”
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“You know what, Sean, there's a grieving process, and I don't care who out there, if you care about your business, and it's your baby, boy, it's tough, but you know, you gotta figure out a way to deal with it.”
Myers: Audited financials shrunk Interactive Solutions' sale process to five months
“In our case, we did that, and what could have been a 12 or 18 month process was shrunk down to whatever, four or five months.”
Myers: Personal Goodwill Allocation Saved Hundreds of Thousands in Taxes
“In our case, it saved hundreds of thousands of dollars in taxes because the tax rate was that much different. And I don't remember the exact percentages off the top of my head, but they were significant.”
Myers: Interactive Solutions reached $25M in sales around 2011
“I guess it was a, 2011, we went from whatever those millions of dollars to twenty-five million in sales, and then we really started getting the calls, and I still blew them off.”
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“I think we grew like 1500 and something percent in a five year period of time”
Myers: Interactive Solutions acquirer made initial offer without price guidance
“In terms of the money, I mean, we never really talked about money until they made their offer. I mean, I never said I need, you know, it gave them a range or anything like that. They just made the offer, and, you know, I contemplated it, then ended up counteri…”