We ask everything you need to know about selling a business with Mark Fitzgerald-Cooke of Intelligent Business Partners. Even if you’re not looking at selling right now, there’s tons of great stuff in here to get your house in order in preparation were you to ever do so. For more information on our sponsors, YFM Equity Partners, please visit www.yfmep.com (and when you contact them tell them Phil from Leeds Business Podcast sent you!) INTRODUCING MARK FITZGERALD-COOKE Mark Fitzgerald Cooke is MD of business broker, Intelligent Business Partners. He has over 30 years helping people buy and sell cars, homes and businesses in the UK, Europe and Asia, working with brands like AutoTrader, Rightmove, Zoopla, proptech start ups and now with Intelligent. He is believed to be the only person whose feet were on EastEnders AND is related to former American President JFK. EPISODE HIGHLIGHTS [00:02:15] The key steps in selling your business [00:05:00] Understanding how to value your business [00:11:00] Types of ‘multiples’ [00:14:00] How to prepare your business for sale [00:18:00] The four key questions buyers will ask [00:22:30] What to expect with purchases and transition periods [00:27:00] Protecting against problems with earn outs [00:31:00] All about due diligence [00:37:00] What happens to the money in my business bank when I sell [00:42:00] The common mistakes business buyers make 6 KEY TAKEAWAYS & BUSINESS LEARNINGS Put a business sale timeline in place early Think like a buyer when you sellTwo similar businesses doing the same numbers can easily be valued differentlyFind a business agent that has sold businesses like yoursMake yourself easy to buyGet the right legal partners in place 4 BEST MOMENTS “By the nature of your business, it will be unique to a degree and therefore comparable values may not be there” “We can only sell what we can evidence” “long trading business adds value” “People, product, processes are key to preparing your business for sale” VALUABLE RESOURCES FOR YOU Website: www.leedsbusinesspodcast.com LinkedIn - https://www.linkedin.com/company/leeds-business-podcast/ Work with Phil - www.philfraser.co.uk Website: https://www.intelligent.co.uk/ LinkedIn: https://www.linkedin.com/in/mark-fitzgerald-cooke-a693662/ DON'T FORGET THE LEEDS BUSINESS PODCAST ‘FAIR DEAL’ My half of the agreement; Every week I bring you inspiring Leeds Business people FOR FREE. Your half of the deal has two simple steps; 1) Share this episode with just ONE person who you think will get value from it 2) Post a review of the show or give this episode a ’thumbs up’ YOU MAY ALSO LIKE https://leedsbusinesspodcast.com/podcast/mark-fitzgerald-cooke/ a href="https://leedsbusinesspodcast.com/podcast/adam-oldfield/" rel="noopener noreferrer"...