American Business Brokers - June 2021

American Business Brokers - June 2021

American Business Brokers & Advisors Founder & President PROFESSIONAL INTERMEDIARY & MARKET MAKER FOR PRIVATELY HELD COMPANIES Author of ‘The Art of Buying and Selling a Convenience Store’ & ‘Hidden Wealth’ Involved in the Sale of 800+ Businesses Advisor • Consultant • Speaker

JUNE 2021

How Do You Make $1 Million in Business? WWW.TERRYMONROE.COM Costly Mistakes When Selling Your Business

800.805.9575

There is an old joke that goes like this: How do you make a million dollars in the restaurant business? Start with $2 million! The same principle applies when selling your business. And, in this situation, I have seen it happen twice. The first time was when I was working with a business owner who owned multiple retail locations and was considering selling his stores. I remember speaking with him and discussing the process of how we sell businesses: 1) Collect the needed information about the business. 2) Formulate what the value of the business would be in the present marketplace. 3) Work with the business owner on preparing the books and records of the business. 4) Create a marketing package for prospective buyers. 5) Select specific buyers from our >Page 1 Page 2 Page 3 Page 4

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