The Committed Creative Podcast
Are you a creative who wants to make a full-time living from your passion project? Then this podcast is for you. Each week, Carmen interviews a successful creative who quit the corporate business world and made their creative dream pay.Forget navel-gazing, highfalutin creative talk, and learn actionable business steps from creative minds who have turned their creative passion into their life's work...creative work that pays good money.Forget the saying 'poor and struggling artist' and hear from artistic people who earn more than they ever did in a 'traditional' job.Brought to you by creative content strategist and PR consultant Carmen Allan-Petale, founder of Red Platypus Creative.
The Committed Creative Podcast
#76 Preparing Your Business for Sale with John Denton
In this episode of the Committed Creative Podcast, I interview John Denton, a business coach who specialises in preparing businesses for sale.
John shares his expertise on how to get a business ready for sale, the challenges business owners face during the selling process, and the key factors buyers should consider when purchasing a business.
He emphasises the importance of systemising a business, separating the owner from the day-to-day operations, and having clean and up-to-date financials.
John also discusses the advantages and disadvantages of starting a business versus purchasing an existing one, as well as the unique considerations for franchise businesses.
Key Takeaways:
- Systemise your business and separate yourself from the day-to-day operations to make it more attractive to buyers.
- Clean and up-to-date financials are crucial for a successful business sale.
- Consider the structure of the business and ensure it is set up for a smooth transition to a new owner.
- Conduct thorough due diligence when purchasing a business, including reviewing financials, assessing systems and staff, and evaluating the client base.
- Franchise businesses require careful consideration, including reviewing the franchise agreement, conducting market research, and speaking with current and former franchisees.
Find out more about John here.
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