086 - Selling Your Business with Hank Bockus
We all know that building and maintaining a business takes a lot of hard work, but did you know that it can be just as difficult to sell your business? This week, we have business broker Hank Bockus with us to go over everything you need to know about working in a family business, dealing with burnout, knowing your strengths, and of course, selling your business.
Show Notes
Hank’s family business history. (7:41)
Graduating college and starting in the work field. (11:00)
Working in and selling his family's business of 92 years. (13:58)
Burnout with your work. (19:28)
Becoming a business broker. (39:36)
How to find out the value of a business. (43:13)
Asset sale vs. stock sale. (51:46)
The most common delay when selling your business. (57:36)
Reasons why people sell their business. (59:34)
Who are these business buyers? (1:03:30)
How long is the selling process? (1:12:27)
Quotable Moments
“I quickly learned that cash lived in the bank and profit was completely on paper.” — Hank
“Profit is on paper, but it's not nearly as meaningful as if at least part of it's in the bank.” — Martin
“Sales were tremendous, transactions were tremendous, things were going fantastic, and I was just utterly depressed.” — Hank
“This is more than just a thing I do, or a place I go, or even a game. It's just more than that. I'm creating, I'm helping the world, I'm feeding people, I'm accomplishing things, and I love that.” — Martin
“When businesses are acquired, they want the employees. Those employees are one of the biggest assets they can have.” — Hank
“Too often I see owners pay themselves too little cause they say, "oh, you know I want the business to do well,” but that hurts them.” — Hank
“As a business owner, the reason why you want to sell is more important than the price and the terms of selling your business.” — Hank
“If you're a business owner right now, and you're looking to grow, you can grow through that acquisition as well.” — Khalil
Resources
Check out Hank’s website
Check us out on Youtube
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