Selling Your Business: Top 10 Insights from an Expert Broker
Are you considering selling your business but unsure about the market?
Do you know when the best time to start planning your exit strategy is?
Learn the importance of planning for a sale from the beginning instead of fixating on multiples and how focusing on net income opens up a clearer evaluation. Understand the parallels between the business and real estate markets for accurate pricing essential for a quick sale.
In this episode of “Cracking the Code,” business broker Patrick Lam answers these critical questions and more, providing valuable insights for both business owners and prospective buyers. Tune in for practical guidance that will help you navigate the complexities of buying and selling for contractors.
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On today’s show, we’re
going to be covering the top ten questions
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I get as a business broker
selling heating and air companies
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nationwide.
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Hello, I’m Patrick Lam with Business
Modification Group.
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Excited to be back here
on Cracking the Code today.
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Talking about the top ten questions
I get as a business broker
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selling heating and air companies
nationwide.
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Now, these are not in any
particular order.
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These are just questions that I get from
buyers and sellers that call me.
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Meet with me. Email me.
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Just things that I think
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probably if they’re asking me,
they may be questions you have as well.
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So first question
I want to talk about and one I get asked
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all the time is how’s the market? Right.
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Everyone wants to know how’s the market?
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Are things selling? What’s going on?
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My opinion is pretty biased.
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I think the market’s always good.
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If you’ve built a solid company,
you have great customers, you have great
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employees, you have a profitable business
with systems.
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There’s always somebody there
that’s interested in buying it.
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Now the question becomes at what price.
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That’s going to vary based on location,
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based on revenue, based on gross sales
based on business mix.
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But one of the beauties
of investing in the trades
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is there always seems to be a good market
for it.
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The second question I want to cover
today is when should I start
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planning the sale of my business?
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And the answer for that one is really easy
yesterday.
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Really, when you build your business,
when you start your business,
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you should be starting it
with the plan of exiting it, exiting it.
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Now, I’m not saying you have to want to
sell or you need to sell,
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but a business built to sell
is typically going to be more profitable.
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What better run
less stressful for the owner?
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And and often you don’t want to sell it.
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And if somebody come to
you wanting to buy it
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and you don’t want to sell, it
certainly puts you in the driver’s seat.
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When it comes to valuation.
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The next question, question number three,
is something I get asked all the time.
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And that’s what are
multiples are buyers paying today in.
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And rightfully so.
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It’s a great question,
but it’s really a pet peeve of mine.
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And I think the reality is people
focus on multiples
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way too often a multiple of what.
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So instead of focusing on the multiple,
focus on what’s the net income?
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What is my business worth today?
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You can’t cash a multiple,
you can’t eat a multiple.
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You hear everybody getting on stage
a lot of events
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talking about the five, ten, 15,
20 time multiple they sold,
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but they don’t tell you
is how much they had to finance.
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How long does it take for them to get paid
back?
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Is there any earn outs?
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Do they have to stick around and work?
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There’s so many things that go too
into a deal and a multiples a small part.
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What you should be focusing on
instead of the multiple is
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what is the check you’re going to get
when the time comes for you to sell?
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Question number four is a great question.
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I hear a lot.
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And that is how long does it take
for my business to sell?
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And the reality is it’s hard to answer.
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Similar to selling a house,
if you have a house that’s worth 200,000,
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you price it at 400 or 500,000.
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Well, it could take a long time to sell.
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If you have a house that’s worth 200
and you price it at 250 or 225,
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well, chances
are you’re going to get a lot of activity.
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So it really comes down to initially is
valuing it properly when you go to market,
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making sure it’s priced properly
and then marketed properly.
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If you don’t have enough people looking at
it, it’s going to take longer to sell.
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If you don’t have a business that’s built
on recurring revenue and systems
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and service and has a great reputation,
it’s going to take longer to sell.
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If your business is not profitable,
it’s going to take longer to sell.
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So checking all those boxes
are going to help speed that up,
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and then marketing it and getting it in
front of the right people.
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Question number five is
is a little deeper in the woods.
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And but it’s a great question.
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And that’s
what about my trucks and equipment.
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Many people call and we give them
a valuation of their business.
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And they say okay.
And now what about my trucks?
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The reality is,
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when you list your business for a price
based on a multiple of net income,
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it is going to include everything
that’s needed to run the business.
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The key to this,
typically most of the transactions
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we do are what’s called cash
free and debt free transactions.
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So what that means is any debt
that’s outstanding on the business
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will have to be paid off, and any cash
that’s in the business is yours to keep.
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Now here’s the the more complex part of
that is if you owe money
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to the bank on a vehicle,
and you’re selling the business
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and the assets of those business,
and that truck or van is going to be
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that asset, you can’t transfer the title
of the vehicle that the bank owns.
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So the bank is going to have to
be paid off.
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So typically prior to or at closing,
any debts outstanding, including vehicle
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supply houses, SBA loans, there’s IDL
loans that people took during Covid.
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Those types of things are going to need
to be paid off prior to closing.
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Question number
six is something I preach about a lot
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for a lot of different reasons,
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and that’s how important
are maintenance agreements.
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I have a lot of people when we talk about
listing their business, I’ll ask them,
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do you have maintenance agreements?
And they’ll say, oh, we’ve got hundreds.
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And also you have formal contracts
that people agree there to pay monthly
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or annually for you to service their unit
as part of the club membership
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or a maintenance program.
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No, but people call us all the time.
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And so those are maintenance
as a buyer doesn’t treat it that way.
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A buyer treats somebody who has a
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a specific system in place
where the customer understands
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that they’re paying for something
and getting something in return,
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and that customers are paying
for their own loyalty.
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I could spend this entire
show talking to you. Why?
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I think it’s important
to have maintenance agreements in place,
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and certainly that’s not
what they’ve brought me here to do today.
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But maintenance agreements are super
important.
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Buyers love maintenance agreements.
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It’s stickiness of customers.
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It deepens the client relationship.
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It gives you opportunities
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to be in the customer’s
home, identifying problems and solutions.
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More often,
they’re paying for their own loyalty.
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There’s so many reasons there,
but you need to have a formal agreement.
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It’s not just they’re going to call me
once a year or twice a year
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when they want their unit maintenance
or service that doesn’t count.
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So make sure you’re putting a formal plan
in place.
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Number seven.
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And this is going to offend some people
as I as I provide
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my answer to this question, it’s
what about my cash sales?
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I have a lot of people
when we’re listing their business,
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I’ll ask them about their revenue.
What are your sales?
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What’s your net income?
And I always get the wink wink.
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You know, we also have cash business
and they tell me everyone has cash.
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Everybody who’s in business has cash
and doesn’t doesn’t show it.
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Well, the answer is not
everyone does that.
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So I hate to debunk that myth.
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There’s a lot of people whose companies
I meet with that every penny
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that they receive goes into the bank
account is accounted for.
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Here’s what I can tell you.
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If you have a large portion of cash
in your business,
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a buyer is only going to pay you
for what they can prove.
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If they can’t prove the cash,
if they’re not showing it
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going through the PNL
and going into the bank account,
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typically
they’re not going to pay you for it.
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Here’s also the issue.
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If it’s a private equity buyer,
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they’re going to do
what’s called the quality of earnings.
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So they’re going to have a outside firm
go through your books to prove the income.
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Well, if the money never goes
through there, they can’t prove it.
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So automatically that money’s
not included.
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The second part, second, large
group of buyers that we work with
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are those using using SBA financing.
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So a loan
that’s backed by the federal government,
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if you’ve been keeping out
or being creative with your accounting,
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as I like to call it,
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and you’ve been keeping cash out and not
showing it in the books of the business,
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you do not want that buyer going to the
federal government and asking for a loan
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and saying wink, wink,
he actually makes a lot more money.
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Here’s proof
that he puts it in a separate account
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and doesn’t give flow
through the ordinary business.
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It’s going to create headaches
and problems for you.
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So as a result, you’re not going to be
able to get that multiple on that money
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because the bank’s
not going to be able to prove it
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without telling the federal government
that you’ve been cheating the system.
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So if you’ve been using cash,
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I as a strategy
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in maximizing your, your
your value of your business,
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your income of your business,
and the ultimate goal is to sell,
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I would strongly advise you
to stop a business run to save money on
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taxes is very different than a business
run to maximize sale price.
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So if it’s the ultimate goal
is to maximize your sale price.
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I would put all that income
through the business, pay taxes on it,
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because the amount of tax
you’re going to pay is going to be minimal
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compared to the multiple
you’re going to receive on the net income.
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You’re going to be able to prove.
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So that that’s one thing that I wrestle
with people a lot about.
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So put the cash in the bank.
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That way you can prove all the income.
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Number eight.
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And number eight is, it’s
kind of a challenging question to answer
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because it depends on business
mix and size and who the buyer is.
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But the question is, how long do I have
to stay on after the sale?
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And the reality is you dictate that.
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So I’ve I’ve had sellers.
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I actually had a seller leave a week
before we closed.
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They moved to another state prior
to closing
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because they had a general manager
and operations manager
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and install manager,
that all these people in place,
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and they had nothing to do with the day
to day running of the business.
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They were hardly ever there.
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So being there was not important for them.
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I have others that the business is them.
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They’re the head tech,
they’re the main installer.
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They’re the best salesmen.
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They answer the phones.
They they do the books.
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They’re needed.
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So that person is going to need
their need to be there longer
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for that transition,
because that new owner is going to take
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everything off their plate, give it to
somebody else, train somebody else,
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and it’s going to take longer.
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I’ve heard a lot of people
and matter of fact,
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I’ve heard a lot of other brokers say
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you have to be willing
to stick around a year or two years.
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My experiences, that’s not accurate
for the buyers and sellers that we deal
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with now, does you staying around
potentially open you up to more buyers?
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Well, sure it does.
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There’s a lot of buyers out there
who are making acquisitions
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that would want you to continue
running the business.
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So for those buyers,
they’re going to need you to stay there.
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If you tell that buyer
I’m not interested in staying,
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then probably
you’re going to lose that buyer.
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So you need to make sure if the ultimate
plan is to leave right away.
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When I say right away 3 to 6 months
after the sale,
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you need to make sure
you have systems in place,
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and you need to make sure
when you go to market that you’re
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doing an incredible job marketing,
because you need a lot of eyes on it.
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If you’re chasing away
a buyer pool who needs you to be there,
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you’re going to need to make sure
you have other people there to step up.
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There’s plenty of them.
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I have a lot of sellers who leave 30 days,
60 days, 90 days after the sale.
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The reality is the bulk of my sellers do,
but that doesn’t mean
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everyone does or that doesn’t mean
every buyer is going to agree with that.
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Number nine.
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And this question
probably hits home for a lot of people.
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And that’s
how big do I need to be to sell?
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How big does my company to need to be?
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If you’ve ever watched my YouTube channel,
I’ve got a video on there called
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The Hardest Business for Me to Sell.
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And the reality is, the smaller a company
is, the harder it is for me to sell.
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I don’t have any buyers
that call me and say, hey,
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I’d love to buy a business that I can work
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14 hours in the field and then go home
and do paperwork for six hours.
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That doesn’t happen.
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Buyers are looking to buy
running businesses with people in place,
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and if you’re doing all the things
and all the work,
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it’s going to be much harder for it
to sell.
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It’s going to take much longer
if it even sells at all. So
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size is important.
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I have found for us, at least a million
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and a half dollars in sales
really becomes a viable business to sell.
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If it’s much less than that.
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Typically the owner still in the truck,
the owner is a big face of the business.
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They’re the reputation of the business.
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When we look at online reviews,
the owners names and all the reviews
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and so it’s harder to get a separation
of service in that kind of business.
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So the more separation for you
and the business there is, the easier
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it is for me to sell.
And that comes with size.
00;11;50;27 – 00;11;54;15
So my advice is get above
at least a million and a half dollars
00;11;54;15 – 00;11;55;27
before you consider selling.
00;11;55;27 – 00;11;58;15
Certainly we’ve sold some smaller
this year.
00;11;58;15 – 00;12;01;18
I’ve sold some only 2 in 1,000,000
dollars in sales, but if you get much
00;12;01;18 – 00;12;04;19
less than that, it really becomes
a challenge to sell number ten.
00;12;04;19 – 00;12;06;28
And once again,
these are not in a particular order.
00;12;06;28 – 00;12;10;04
But this is a question
I get asked almost every business I list.
00;12;10;14 – 00;12;12;15
And that’s
when should I tell my employees.
00;12;12;15 – 00;12;14;01
It’s a great question.
00;12;14;01 – 00;12;17;08
Most of the time, almost all of the time.
00;12;17;13 – 00;12;19;14
We say after the sale.
00;12;19;14 – 00;12;22;10
And the reason is employees
00;12;22;10 – 00;12;25;09
and people in general
have an ability to get nervous.
00;12;25;09 – 00;12;27;17
They worry about things
they can’t control,
00;12;27;17 – 00;12;29;03
and if they hear you’re for sale,
00;12;29;03 – 00;12;32;13
they may start thinking, I’m going
to lose my job, I’m going to get fired.
00;12;32;13 – 00;12;34;01
All these bad things are going to happen.
00;12;34;01 – 00;12;37;09
Instead of thinking, hey,
the new buyer could be a great person,
00;12;37;15 – 00;12;39;03
or they’re going to have better insurance,
00;12;39;03 – 00;12;42;03
so they’re going to have better training
or they’re going to pay more money.
00;12;42;09 – 00;12;44;18
It seems that we don’t think that way.
00;12;44;18 – 00;12;47;18
We think of all the negative things,
and it could create problems
00;12;47;18 – 00;12;49;23
and it can create uncertainty
for the employees.
00;12;49;23 – 00;12;53;23
If the employees know it’s for sale
and you’re bringing in buyer after buyer
00;12;53;23 – 00;12;56;18
after buyer in, they’re going to start
getting nervous thinking
00;12;56;18 – 00;12;59;17
you don’t have a sellable business
and potentially you’re going to shut down.
00;12;59;18 – 00;13;01;16
My experience has been
00;13;01;16 – 00;13;04;13
the best time to sell
them is when the sale has been completed
00;13;04;13 – 00;13;07;20
and you’re able to explain to them,
you’re able to sit down with them and say,
00;13;07;20 – 00;13;10;28
hey, I want to let you know
I was going to retire.
00;13;10;28 – 00;13;12;19
We’re going to close the business down.
00;13;12;19 – 00;13;15;05
We didn’t want to do it
because you’ve helped us get here,
00;13;15;05 – 00;13;17;01
and I want to make sure
you have a good job.
00;13;17;01 – 00;13;20;06
We found so and so with X, Y, Z company.
00;13;20;13 – 00;13;24;23
She’s a great person,
has a great business, has great benefits.
00;13;25;00 – 00;13;27;09
I’m going to bring them in today
so you can meet them.
00;13;27;09 – 00;13;28;11
You can learn from them.
00;13;28;11 – 00;13;31;11
You can see what they have
and give them an opportunity.
00;13;31;11 – 00;13;32;16
Give them a chance.
00;13;32;16 – 00;13;35;15
Obviously your technicians, as you know,
can go anywhere.
00;13;35;15 – 00;13;36;24
There’s more work than there is.
00;13;36;24 – 00;13;38;16
Technicians in the marketplace.
00;13;38;16 – 00;13;42;26
And so just asking for an opportunity,
and I think if you tell them too soon,
00;13;43;04 – 00;13;47;15
it becomes a huge emotional roller coaster
that they’re probably not set for.
00;13;47;21 – 00;13;50;12
And the reality is,
in a sale of a business,
00;13;50;12 – 00;13;53;01
the employers are the only ones involved
that don’t have a say in it.
00;13;53;01 – 00;13;53;22
Right?
00;13;53;22 – 00;13;55;22
They’ve come to work for you,
and you’re going to show up
00;13;55;22 – 00;13;57;11
some day and say, I’m leaving now.
00;13;57;11 – 00;13;58;26
You’re working for somebody else.
00;13;58;26 – 00;14;00;23
And it’s a scary time for them.
00;14;00;23 – 00;14;02;06
And the less uncertain
00;14;02;06 – 00;14;05;18
we bring to the table, the better
it’s going to be for everyone involved.
00;14;05;28 – 00;14;09;01
Thank you so much, everyone,
for taking time to watch the video today.
00;14;09;09 – 00;14;11;00
Thank you so much for having me on.
00;14;11;00 – 00;14;12;27
I hope everybody got some value out of it.
00;14;12;27 – 00;14;15;27
If you have any questions or comments,
don’t hesitate to reach out.
00;14;15;29 – 00;14;17;25
I’d love to help out any way I can.
00;14;17;25 – 00;14;18;28
Have a fantastic day!
