We value your company #27: How to buy a business (Ted Leverette, The Business Buyer Advocate)

Ted Leverette calls himself The Business Buyer Advocate. He has spent more than 30 years helping people find and buy the right businesses in the right ways. Having advised clients across the world, Ted has deep insights into the similarities and differences across various jurisdictions.

With hard-hitting views on the realities of buying and selling private companies (“If you don’t have an exit plan, you’ll sell on the buyer’s terms”), Ted is well worth the investment of your time in listening to this podcast hosted by bizval co-founder The Finance Ghost.

Topics discussed include:

• What makes businesses difficult to sell and what are some of the biggest mistakes made by founders is trying to build a sellable operation?
• The importance of preparation of a business for sale – including preparation of the owners themselves!
• The distinction of self-employment vs. having a sellable business.
• Strategic vs. financial buyers and the core differences, not least of all in terms of offer price, handover periods and more.
• The types of businesses that Ted is familiar with and how bankable they are.
• Advice to sellers to help make them more attractive to buyers.
• Controlling vs. minority stakes and why Ted's clients generally want to own 100% of what they buy - with rare exceptions.
• Why buyers should invest in sectors they are familiar with and how this improves credibility in the market and reduces risk.
• The myth of being a silent partner and how dangerous that type of thinking is for buyers.

The podcast ends with a strong checklist for buyers on what they absolutely have to be thinking about when embarking on this journey.

To connect with Ted, you can find him here on LinkedIn. You can also read his how-to books for buyers on Amazon. Visit the website for the Partner On-Call Network, LLC here.