I’ve had several friends who sold their businesses over the years. There was a big shocker for each of them, that until now, I never knew a way around.
That they buyer of your business may offer to pay you $50 million, but you’re not walking away from the closing table with $50 million.
The buyer likes and trusts you, but “just in case” there’s something you’ve not told them (honestly or not), they’re holding back a big chunk of your money for several YEARS. (The hold-back in escrow can be millions, even tens of millions.)
This happens in transactions of every size.
And it can really cramp your post-sale style. You might not be able to buy that yacht =-\
On today’s episode, we solve that problem. Well, my client, Patrick Stroth will solve that problem for you.
This is one of those little bits of knowledge that you might not need right now, maybe not for ten years, but FILE IT AWAY. It will put millions back in your pocket when you sell, and leave your buyer happier.
00:13 Steve introduces Patrick Stroth, an insurance broker who can uniquely guide you through the process of selling your business.
02:07 Patrick tells us how he started off in business as an in insurance broker working for others and then for himself.
05:51 Patrick explains how mental toughness is something you must have to overcome obstacles and the to find a way to get introduced.
12:57 Patrick explains why it’s ok not to know everything, just know what you need to know. This will help you overcome fear and how referrals are the best form of marketing.
20:13 Patrick takes us through the process of selling a business and how it’s much like selling a house. Patrick shows us how he takes the risk out of selling for both the seller and even the buyer!
30:09 Patrick tells us a story about one of his clients with a $70 million deal.
33:22 Patrick tells us that his unique insurance policies ideas came from how private equity firms handle their business.
36:05 Patrick tells us what he’s reading right now.
38:05 How to get in touch with Patrick.