In this episode, David, who has created and sold many businesses, shares seven things you should not do when selling your business. Often, these relatively simple errors end up costing you a lot of money and making it far harder to sell, so the consequences of making these mistakes are serious.

David explains why these mistakes are so easy and common and, most importantly, how to avoid making them yourself. Including some things you need to start doing years before you eventually sell your business.

David helps owners and leaders to build their business without having to do it all themselves, so that they have a business that is ready to sell when they are ready. To build your business, so it is ready to sell, without the frustration and overwhelm,

Download David's Free Guide '3 reasons you will never sell your business and how to fix it FAST! https://businessbreakthrough.live/3reasons/3-reasons

KEY TAKEAWAYS

• At some stage, the majority of successful entrepreneurs end up selling a business.

• Even people who have no intention of selling their business end up doing so at some point. They get sick, priorities change, or their children do not want to inherit the business.

• Running a business as an asset that you will one day sell, pushes you to build a far better business.

• To be saleable a business needs a strong team, good processes, decent infrastructure, a sound culture and great products or services. All of which will also boost profits while you own it.

• Your business should be able to run without you, so you can take time off when you want. This has the added benefit of making it easier to sell.

• Sell to the right buyer, usually you will be partnering with them for months while you hand the business over.

• Do full due diligence on the buyer. The last thing you need is for the deal to fall through after months of work.

• Don´t get distracted, keep your business performing while the deal goes through. If sales drop off the buyer will likely pull out.

• Have someone working alongside you on the marketing and selling process. They will provide perspective and help keep things on track.

BEST MOMENTS

“Having an exit plan for a business, even if you don't want to sell it right now, can help you to avoid making common business errors.”

“Do not ignore the chemistry with a potential buyer. You have to be able to get along. You have to be able to come to reasoned and rational decisions together. .”

“Don't get distracted by anything other than cash, profit, people and service.”

“Complete on the deal emotionally.”

“Remove that dependency on you.”

ABOUT THE HOST

David Roberts is a highly regarded CEO, mentor, and investor with 30 years of experience across multiple sectors. As an intrapreneur and entrepreneur, David has bought, grown, started and sold several businesses, working with values-driven start-ups, award-winning SMEs, and multinational corporations on strategies for service excellence, leadership, and profitable growth. David’s passion is for purpose and creating an environment where everyone can succeed, through building teams that get things done, execute on their mission with passion, deliver exceptional service and really make a difference.

CONTACT METHODS

LinkedIn - https://www.linkedin.com/in/david-roberts-nu-heat

Facebook - https://www.facebook.com/DavidRobertsPeopleWithPurpose

David’s Facebook - https://www.facebook.com/dave.roberts.5076798

Instagram - https://www.instagram.com/davidcroberts_

Email - david@peoplewithpurpose.live

Today, David is joined by Michael Greenberg, the CEO of 3rd Brain Automation, which digitizes and automates operations. He takes business problems and figures out which technology will solve the issue.

Michael explains exactly how he and his team help business owners achieve unparalleled clarity, consistency, and confidence by leveraging automation, AI, global talent, and human-centred workflow design.

David helps owners and leaders build their businesses without having to do it all themselves so that they have a business that is ready to sell when they are ready. To build your business, so it is ready to sell, without the frustration and overwhelm,

Download David's Free Guide '3 reasons you will never sell your business and how to fix it FAST! https://businessbreakthrough.live/3reasons/3-reasons

KEY TAKEAWAYS

• For virtually every business problem there is a tech solution that can solve it or make things a lot easier.

• AI has the power to solve multiple problems.

• The fact that systems can be hard to integrate e.g. the most popular ERPs do not talk with the most popular CRMs can be overcome.

• You need to nail your processes before you can introduce the right tech.

• Use AI to help you record your current processes and create flow charts, Michael tells you how.

• Not everything can be automated. Train your AI to immediately route these things to a human.

• Human solution providers should be using tech tools to solve problems faster.

• Your AI chatbot must be backed up 24/7 by humans your customers can easily reach.

• If a customer is talking to AI, tell them. If you don´t, they will never trust you again.

• Much of the most important knowledge resides in the heads of employees. Use technology to capture that knowledge and make it more widely available.

• Companies that prioritise digital operations end up with technologies that work smoothly together.

• The ROI on digital automation is very fast, less than a year and is usually between 75% and 150% initially and up to around 300% a few years later.

• Technology frees people up to do other more important tasks e.g. develop new products. It does not have to result in job losses.

BEST MOMENTS

“Too many tech guys try to jam in a solution that does not quite fit.”

“Make sure people are aware they are speaking with an AI .”

“The outcome is consistency, clarity, capacity, confidence, and, ultimately, cash flow.”

EPISODE RESOURCES

https://www.3rdbrain.co

Playbook - https://digital-ops.beehiiv.com/subscribe

https://gentof.tech

Socials @gentoftech

ABOUT THE HOST

David Roberts is a highly regarded CEO, mentor, and investor with 30 years of experience across multiple sectors. As an intrapreneur and entrepreneur, David has bought, grown, started and sold several businesses, working with values-driven start-ups, award-winning SMEs, and multinational corporations on strategies for service excellence, leadership, and profitable growth. David’s passion is for purpose and creating an environment where everyone can succeed, through building teams that get things done, execute on their mission with passion, deliver exceptional service and really make a difference.

CONTACT METHODS

LinkedIn - https://www.linkedin.com/in/david-roberts-nu-heat

Facebook - https://www.facebook.com/DavidRobertsPeopleWithPurpose

David’s Facebook - https://www.facebook.com/dave.roberts.5076798

Instagram - https://www.instagram.com/davidcroberts_

Email - david@peoplewithpurpose.live

During this episode, David explains how to create an environment that boosts productivity and workflow. He shares a simple 5 step process any leader can use regardless of the industry they work in to coach and nurture their team. To motivate them, gain their trust, lead by example, remain calm under pressure and get everyone pulling in the same direction and following the right plan.

David helps owners and leaders to build their business without having to do it all themselves, so that they have a business that is ready to sell when they are ready. To build your business, so it is ready to sell, without the frustration and overwhelm,

Download David's Free Guide '3 reasons you will never sell your business and how to fix it FAST! https://businessbreakthrough.live/3reasons/3-reasons

KEY TAKEAWAYS

• At this time the world needs exceptional leaders.

• Everyone prefers to work for people they like and trust. For leaders who create a culture of togetherness and collaboration.

• People leave companies when they are poorly led. That costs a fortune.

• Good leaders also make great coaches, they nurture talent.

• Create an inspiring vision. People need a really compelling reason to follow your lead.

• Motivate your team. People are motivated by three things, achievement, relationship and growth.

• Motivation is intrinsic and extrinsic.

• Make a clear plan and execute it. David recommends using the 12-week year approach. He explains why and how to do it, in the podcast.

• Include how you are going to manage change in your plan.

• Create trust. You need to care personally about the members of your team and achieving your objectives.

• When building trust make sure you do not use techniques like manipulative insincerity.

• Lead with calm, develop your communication skills and work on your personal development to make it easier to do this.

BEST MOMENTS

“The type of leaders that really bring out the best in people really strive to improve .”

“People leave bad managers, not bad companies.” – Marcus Buckingham

“If you can link what the organization is going to achieve to what the people, individually in their roles, are going to achieve, then you make that motivation very personal to them.”

“Celebrate successes along the way, rather than just waiting for the end game.”

“People leave bad managers, not bad companies.”

“10% of customer satisfaction earns you 46% more trust.”

EPISODE RESOURCES

Radical Candor - https://www.amazon.co.uk/Radical-Candor-What-Want-Saying-ebook/dp/B01LW1LESC

ABOUT THE HOST

David Roberts is a highly regarded CEO, mentor, and investor with 30 years of experience across multiple sectors. As an intrapreneur and entrepreneur, David has bought, grown, started and sold several businesses, working with values-driven start-ups, award-winning SMEs, and multinational corporations on strategies for service excellence, leadership, and profitable growth. David’s passion is for purpose and creating an environment where everyone can succeed, through building teams that get things done, execute on their mission with passion, deliver exceptional service and really make a difference.

CONTACT METHODS

LinkedIn - https://www.linkedin.com/in/david-roberts-nu-heat

Facebook - https://www.facebook.com/DavidRobertsPeopleWithPurpose

David’s Facebook - https://www.facebook.com/dave.roberts.5076798

Instagram - https://www.instagram.com/davidcroberts_

Email - david@peoplewithpurpose.live