Episode 168: Valuing Your Legacy - Business Tip of the Month with Justin Kuperberg of National Pool Partners
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Episode Summary
In today’s edition of Business Tip of the Month, we’re joined by Justin Kuperberg, Chief Development Officer at NPP.
Our discussion centers on what we believe are the three things that owners should consider when thinking about the future of their business: legacy, net worth, and intangibles.
Listen in as Justin speaks on the common factors that sellers overlook when selling their business and the steps that immediately follow.
He also encourages sellers to put themselves in the shoes of their buyer, and in fact for sellers to make sure that they are nurturing a relationship with the buyer that results in both parties experiencing total confidence throughout the transaction.
Topics Discussed
00:42 - A brief introduction to Justin
02:52 - Legacy and considerations around selling your business
06:00 - Net worth and getting clear on your balance sheet
08:13 - Building a business versus running a business
09:38 - Negotiating with your company’s potential buyer
10:59 - Intangibles and tying up loose ends following the sale
12:55 - Finding the right buyer
Key Quotes From Episode
Every deal is different. There are owners that are concerned with the financial aspects of the deal. There are owners that are concerned with their employees. [...] Those are questions that an owner needs to think about, write down, and quiz potential buyers of their business to understand the exact ramifications of what will happen to what they’ve built.
What you’re taking out of the business takes a degree of introspection to analyze.
As a seller, before you engage in that conversation, you should be thinking about all the things that are important to you, whether it’s, “What will my children think?” or, “What will happen to the holiday party we do every year?” Those are all valid questions that I answer all day long because those are all unique aspects of every deal and important in their own right to the individual sellers.
This is a relationship. As a seller of a company, you should be speaking to other people that have gone through the exact same mental exercise that you’re going through now and talk to those people about how their experience was. [...] If you can’t have access to those people, or if you can’t have those conversations, you should pause.