In this video with Entrepreneur Network partner Business Rockstars, 1-800-Dentist founder Fred Joyal breaks down quickly what a business owner should consisder and do before selling a company. His first piece of advice is to get a smart lawyer who will be able to tell you exactly what will happen after the sale is made — you might think this is straightforward, but it isn’t. When you sell a company for $ 10 million, you might only ever see $ 5 million or $ 8 million, depending on the terms of the deal and whether you meet certain benchmarks.
It’s also important to meet with different brokers and people, so you have a wide range of potential buyers and you can pick one that makes you feel comfortable going forward.
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