Episode 147- How To Sell Your Business

On this episode, we talk to Tammy Friedt. Tammy is one our amazing mentors here at TwoBrain, and she recently sold her business!

Selling a business or a gym is not an easy task and it takes a lot of patience in order to do it correctly. Today hear directly from someone who has lived through this process and gains some insight and tips into how it all happens. Learn about what needs to be done to prepare and sell a business, what documentation and legal advice you will need, and also we talk about what it feels like after it is all over!

 

Don’t Forget! Find out what stage of entrepreneurship you are in by taking the exclusive Two Brain test here: https://twobrainbusiness.com/test/or schedule your free mentoring call by clicking here!

 

Links:

https://twobrainbusiness.com/mentor-item/tammy-friedt/

 

Built to Sell – https://www.amazon.com/Built-Sell-Creating-Business-Without-ebook/dp/B004IYISQW

Rig Equipment Evaluation – https://rigquipment.com/

Download our FREE guide here: How to Sell A Gym

 

 

Timeline:

0:20 – Introduction to Selling Your Gym

2:01 – Tammy’s background and starting her CrossFit Gym

4:36 – What made Tammy sell her business earlier than planned?

6:31 – What is the first step in initiating the sale of your business?

8:15 – How to assess the value of your gym when planning to sell?

12:08 – Negotiating a selling price between the buyer and the seller

15:54 – Managing existing leases and existing contracts under your current business

19:22 – Divulging information regarding your employees and creating a non-compete agreement

21:20 – Approximately how long does it take to sell a CrossFit gym?

23:55 – Is leasing to own an option when selling or buying a business?

26:29 – The feeling you have when your business is finally sold.

33:21 – Two Brain Stories with John Miller