Preparing Your Gym To Sell

We begin by talking about the things that a buyer looks for when buying a business. A buyer looks for a consistent business that has been around for a while, with systems in place. They also want the financials to be good and pay a lot of attention to the tax returns. Buyers do not want a seller who is heavily involved in the day to day operations of the business. Max advises that you should run your business like you are going to sell it tomorrow. This means working on those things that buyers look at. Buyers will conduct due diligence to look at how the business is being run and ask any questions they have. Have you ever wondered how much your business is worth? We look at the process of valuing a business is valued. It is quite a confusing area, but we try to understand how it is done. One point to note here is that it doesn’t matter how long you have operated the business. The value will be determined using financials of the last three years and year to date.Key TakeawaysRun your business like you are going to sell it tomorrow (05:01)Why tax returns are the golden ticket to getting a good value for your business (06:14)How buyers conduct their due diligence on the business to figure it how it is run (08:46)Diversifying your lead sources and your marketing (16:03)How a business valuation is done to determine its worth (18:13)Why cash flow is very important when preparing to sell your business and how to get it as high as possible (25:47)Do annual contracts add value to the business? (32:41)Working out an exit strategy and a goal as a gym owner (43:29)Additional Resources:Max Wagner - (480) 213 - [email protected]/summitwww.PFMarketingSolutions.com/Callwww.PFMarketingSolutions.com/Automationwww.CLACourse.comwww.ProFitGPS.netMarketing Talk with Fitness Professionals Facebook Grouphttps://PFMarketingSolutions.com/Data--If you are interested in a free audit for your gym, visit http://bit.ly/free_gym_audit--You can find out more about Tim and the strategies covered in this episode by checking out our website.--Would you rather watch the video version instead?Head over to our YouTube channel to watch this episode by going here--If you don’t already have my book, get your copy FREE here.--Connect with Tim:Schedule A CallFacebookInstagramLinkedInConnect with Randy:FacebookInstagram--Subscribe to the podcast on Apple, Spotify, Google, Stitcher, YouTube or anywhere else you listen to your podcasts.If you haven't already, please rate and review the podcast on Apple Podcasts!

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