E273: Are You Making This Mistake? – Why 80% of Small Businesses NEVER Sell

Watch Here: https://youtu.be/2Q11T0Dnvu4

About the Guest: 
Mike Finger is the founder of Exit Oasis, a platform dedicated to helping small business owners prepare for successful exits. A former business owner himself, he learned the hard way that not every business is sellable. After a wake-up call from brokers who told him his company wasn’t worth buying, he spent years transforming it into a sellable asset. Today, he coaches owners on how to create businesses that are both profitable and sellable, whether they want to exit or simply work less.

Summary:
Most small business owners believe they’ll sell their business whenever they’re ready. The harsh reality? Most businesses don’t sell. In this eye-opening episode, Mike Finger, founder of Exit Oasis, sits down with Ron Skelton to expose the myths around small business exits. With personal experience transitioning from burned-out owner to successful seller, Mike breaks down the three fundamental questions every owner must answer to create a sellable business. This conversation is a wake-up call for entrepreneurs who assume their business is ready for sale—when in reality, it may not be sellable at all.

Key Takeaways:

1. Most businesses never sell – The industry loves success stories, but the real numbers show that most owners fail to transition their businesses.
2. Sellability starts long before you decide to sell – Owners should focus on making their businesses ownable first. If you can step away without the business collapsing, it’s far more attractive to buyers.
3. Three critical questions determine sellability – Does your business generate desirable results? Can a buyer duplicate those results? Can you document those results?
4. Tax strategies can sabotage sellability – Owners who “minimize” profits for tax purposes are also minimizing the value buyers see in their business.
5. Buyers want proof, not promises – Handshake deals and back-of-the-napkin accounting don’t inspire confidence. If it’s not on your tax return, it doesn’t exist to a buyer.
6. Cash-heavy businesses raise red flags – Many owners say, “a lot of cash walks in the door.” Buyers hear: “I don’t report my real income.” If you want top dollar, run a clean operation.
7. You can’t replace decades of knowledge overnight – Many buyers overestimate their ability to replace an owner who has spent years mastering their business. Experience matters.
8. Start preparing now, not when you’re burned out – Most owners wait too long to think about an exit, and by the time they’re desperate to sell, they’ve already devalued their business.

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Contact Mike on
Linkedin: https://www.linkedin.com/in/mike-finger/
Website: https://exitoasis.com/
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