1,088 — Selling a Business

Sometimes you have to know when to call it quits. Learn about selling a business in this episode.
Slow dialog: 1:09
Explanations: 3:19
Fast dialog: 15:44
Andy: I can’t believe you’re really selling up. I thought you’d stick it out for another year.
Robin: Business has been slow for three years running and I can’t count on things to pick up anytime soon. I’m selling this business now before it’s completely worthless.
Andy: You should get a good price with all that equipment and inventory.
Robin: I’m hoping that my valuation is in line with what buyers want to pay. I plan to sweeten the pot by offering my consulting services as part of the deal. I’ll introduce the new owners to my suppliers and clients, go over the books with them, and help them set up daily operations.
Andy: That should give them a jump-start. With all that knowledge, you could start a new business on the other side of town and hope that business is better there.
Robin: I couldn’t do that. The sales contract has a non-compete clause. That’s only fair.
Andy: I guess. What are you going to do now?
Robin: I’m not sure yet. With the proceeds of the sale, I might try my hand at something entirely different.
Andy: How different?
Robin: I’ve always wanted to own an ice cream shop.
Andy: An ice cream shop in Alaska? You might want to rethink that business plan.

Script by Dr. Lucy Tse