Episode 221: Industry Tea with Partner Michael Jay - Selling a Studio
Episode description
What We Cover In This Episode:
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One of the single biggest things that restricts selling options as a studio owner [4:03]
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How to approach starting the selling process as an owner [7:38]
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A look at stock sale versus the asset sale [11:44]
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What to consider in order to be fully prepared for due diligence [13:41]
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Why you should always be thinking about your exit plan while running your business [17:57]
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Thoughts on what the value of legacy really means [25:33]
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What the driving factors to sell a studio typically will be [36:27]
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A few things that you can do right now to set yourself up for success in selling [41:21]
Quotes:
“Have policies and procedures that are written into the employee handbook that someone else can step in and take over and it doesn't revolve around you as an owner.” [Mitch, 4:31]
“Normally, we want to be years ahead of this, so your lease coming to an end can restrict the options that you have to sell more than anything else.” [Mitch, 6:38]
“Beauty is in the eye of the beholder. Worth is, how much is it worth to you and how much is it worth to a buyer who’s willing to write a cheque? That’s what determines value, really.” [Mitch, 22:34]
LINKS:
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Episodes 219, 217, 215 & 115 with Michael
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