Owner To Owner Podcast

Michael Kerr from Kerr Capital on why some owners need to consider a DIY sale and what's critical for success.

Episode Summary

Michael Kerr founder of Kerr Capital has developed a very successful DIY business sale program to make it easier and cheaper for owners who don't want to use a broker when selling. In this episode he talks more about the scenarios where owners should consider a DIY approach and summarises the key steps involved.

Episode Notes

@Michael Kerr  from @kerrcapital is an experienced adviser to business owners. Michael knew that for a range of reasons some #smallbusinessowners were unable to access quality advice, or the advice and support needed was uneconomic. As a result he designed a program (The DIY Business Sale program) to ensure those owners had access to the best advice on selling a business. The format is easy for owners to follow and it ensures the business is given every chance to sell while avoiding ten's of thousands in broker fees. 

In our discussion he talks about;

• Who a #DIY (do-it-yourself business) sale option is for, and why ?
• Why time becomes the biggest lost opportunity for owners
• The neagtive impact minimum and/or flat rate success fees can have on your business sale
• How the time frame for selling a business impacts owners
• The limitations of traditional business sales strategies
• What it means to do a #DIY  business sale
• How to get the most of out of a DIY approach to ensure it is as effective as possible
• 9 examples of different business sale scenarios where DIY is an effective approach, including:
  • When you already have a buyer lined up 
  • When  your business is particularly unique, or complex to understand 
  • When it's potentially damaging for the business to widely promote that it's for sale,  and you want to have more control over who and where your business is advertised
• The pro's and con's for a DIY approach, including:
  • Saving owners money on fees associated with a sale through a business broker
  • Shortening the sale timeframe by taking control of timeline 
  • Being in control of preparing the business and what information is being shared
• Tips for making a DIY approach more worthwhile, including:
  • How to let people you know your business is for sale without traditional advertising
  • How to negotiate and communicate with buyers
  • The importance of continually updating your businesses information