The importance of the Initial meeting Before a Business Sale with Manan Noorzy
Are you contemplating selling your business? You need to have an initial meeting with an expert to evaluate the readiness of your business for sale.
Today, I have Manan joining me on the podcast to discuss the importance of an initial meeting before a business sale. Manan is from Xcllusive Business Sales. He has a proven track record of facilitating seamless business sales transitions.
Manan brings a wealth of expertise and practical knowledge to the discussion. The focus of this episode, the initial interview, is a critical yet often underappreciated stage in selling a business. In this episode, Manan takes us through what to expect in the initial meeting and the importance of setting expectations and trust. Manan and I will delve into the specifics of what to prepare for this initial interview, offering guidance on the essential information to have at your fingertips. Moreover, we’ll discuss potential pitfalls and provide invaluable advice on the dos and don’ts that can significantly impact the entire selling process.
If you’re considering selling your business, it’s crucial to have an initial meeting with an expert to assess the readiness of your business for sale. In this podcast episode, I have the pleasure of welcoming Manan, an experienced professional from Xcllusive Business Sales, who specializes in facilitating smooth business sale transitions.
Grab your notebook and pen; you will need to take notes.
Key Talking Points of the Episode:
[03:02] How Manan prepares to go see a business that is on sale
[12:05] The essence of having policies and procedures
[14:13] Dealing with software in a business sale
[16:54] What Manan looks at about customers in the initial meeting
[21:44] The importance of a sales process
[25:18] Where do leads come from?
[27:24] Is it the business that gets referrals or the business owner?
[30:13] What to consider about suppliers before a business sale
[32:14] The different classifications of employees
[35:29] Staff replacement
[39:11] The role of assets in a business sale
[41:52] How do business owners pay themselves?
[43:25] How much insurance is paid?
[46:30] The value of stock
[51:29] How long should a business handover be?
[53:41] Reason for business sale
[57:43] What’s the plan B?
Magical Quotes from the Episode:
“Finding a buyer, it’s easy. Getting the deal across the line is the hard part.”
“If you’ve got a manufacturing or anything that you depend on the lease, make sure that you got a very secure lease before you take your business to the market.”
“The financials are what will get them through the door. But to convert them to get them across the line, and actually to buy the business as we need to, we need to address the concerns that they might have.”
“We look at the balance sheet of the business, but often, that’s not going to be a true reflection of the market value of the assets of the business.”
“If you’ve got any advisors, just say, “Send me your financials, and I’ll tell you what the business is worth.” Just be very careful.”
Connect with Manan – Linkedin
Connect with Zoran – Linkedin
Find out more about business sales – Xcllusive
Listen to our previous episode – Here