How To Sell Your Business: What To Do Before with Christine McDannell of The Magnolia Firm

In this conversation, Christine from The Magnolia Firm shares insights on how to prepare a business for sale. She emphasizes the importance of reputation, reviews, and brand awareness in attracting buyers. Christine also discusses the value of having a team and recurring revenue in a business sale. She provides tips on building systems and standard operating procedures, securing contracts and recurring revenue, and dialing in profit. Christine highlights the need to plan an exit strategy and avoid burnout or health issues. She also mentions platforms for listing a business for sale and the target market for selling digital brands. Christine concludes by discussing her book 'Get Acquired' and the characteristics of an ideal e-commerce business for sale.

 

Takeaways

 

Building a strong reputation and brand is crucial for attracting buyers and increasing the value of a business.

Having a team and recurring revenue are valuable assets in a business sale.

Creating systems and standard operating procedures, securing contracts and recurring revenue, and dialing in profit are important steps in preparing a business for sale.

Planning an exit strategy and avoiding burnout or health issues are essential for a successful business sale.

Platforms like Flip, BizBuySell, and Empire Flippers can be used to list a business for sale.

Digital brands, CRM integration agencies, digital marketing agencies, and production content studios are popular businesses in the market for sale.

Removing the founder's face from the business can be achieved through user-generated content, brand ambassadors, and team members.

Christine's book 'Get Acquired' provides a comprehensive guide to selling a business, covering everything from planning to execution.

Christine McDannell is the Principal and Lead Business Intermediary of The Magnolia Firm, a boutique M&A brokerage firm helping business owners achieve the perfect exit. She is passionate about all things business - especially helping entrepreneurs step into the next phase of life with their dream business exit.

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The Magnolia Firm: https://themagnoliafirm.co 

LinkedIn: http://linkedin.com/christinemcdannell 

Instagram: https://www.instagram.com/themagnoliafirm

TikTok: https://www.tiktok.com/@themagnoliafirm 

Facebook: https://www.facebook.com/themagnoliafirmco 

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Chapters

 

00:00 Introduction and Background

01:22 Experience as an Entrepreneur

03:03 Importance of Planning an Exit Strategy

04:01 Building a Strong Reputation and Brand

05:24 Creating Systems and Standard Operating Procedures

06:20 Securing Contracts and Recurring Revenue

08:29 Challenges of Selling a Business with Declining Revenue

10:51 Avoiding Burnout and Health Issues

12:00 Options for Selling a Business with Declining Revenue

13:42 Platforms for Listing a Business for Sale

15:59 Importance of Reputation and Reviews in a Business Sale

17:31 Value of Having a Team in a Business Sale

19:22 Target Market for Selling Digital Brands

22:26 Transitioning from Small Business Sales to Larger Transactions

23:43 Inspiration for Starting a SaaS Company<