Welcome back to another episode of Female emPOWERED! I talked to Boutique Fitness Broker Mitch McGinley for this week’s episode. We will be sharing about how to prime your business for sale in this podcast.
I met Mitch at Boutique Fitness Summit and after a recent Mastermind Meeting where he was a Panel, and he was my favorite panelist. So, I sought him out to have him in our podcast because I learned so much from him and I bet you guys will also pick up a thing or two from my talk with him.
Mitch’s Career And Industries He’s Been In
Mitch started his career in hotel management and later on he bought his favorite yoga studio, which was then up for sale. Six years later, he sold his yoga studio business for almost five times the price he bought it. And now he is three years in as a Boutique Fitness Broker and he loves it!
Listen to this week’s episode because many of us don’t know our exit strategy when it comes to the businesses we’ve put up. I’ve gotten so many questions regarding this and I always end up not giving them a good answer.
In this episode we discuss:
- Shifting from a corporate career to a boutique fitness owner
- How Mitch became a certified business consultant and a Boutique Fitness Broker
- What is Entrepreneurial Seizure
- Wanting a new challenge
- What people should realistically expect if they’re looking to sell their business
- The process and the timeline of selling a business
- The emotional attachment of business owners with their businesses
- Being right or being done when selling a business
- The difficulty of pricing your business when it’s up for sale
- Showing your profit in your tax returns to help sell your business and getting an accountant to clean up your books
- The effect of recording cash transactions for a sale
- Looking at the process of selling a business years before they’re sure to sell
- A buyer actually reaching out to a business owner who wants to sell their business
- What you should place in the listings of your business
- What is cash flow
- Adding back the owner’s salary
- Being honest with your salary commensurate to the work that you do
- Variety of ways of negotiating and paying for a business bought
- The floor on selling smaller businesses
- How Mitch, as a broker, gets paid
- Who are involved in selling a business
Follow Mitch on Instagram @boutiquefitnessbroker to learn more about how he can help you when you’re ready to sell your business. You can also visit his website at https://boutiquefitnessbroker.com/ and his LinkedIn account at https://www.linkedin.com/in/mitchmcginley or e-mail him at [email protected].
Links mentioned in this episode:
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Interested in being a guest on a future Female Friday episode? Email me at [email protected]!