Steps to Sold: The Ultimate Business Sale Podcast
Steps to Sold Podcast is your go-to resource for expert insights on buying and selling businesses. Hosted by experienced business brokers Chris Sater and Brandon Bourgeois of Sunbelt Business Brokers of Louisiana, this podcast provides actionable advice, industry trends, and behind-the-scenes strategies to help business owners successfully navigate the sales process.
Each episode will cover essential topics such as business valuation, preparing for a sale, finding the right buyer, deal structuring, and avoiding common pitfalls. Whether you're a business owner looking to sell, an entrepreneur seeking opportunities, or just curious about the world of business transactions, Steps to Sold will equip you with the knowledge you need to make informed decisions. Tune in for real-world experiences, expert guidance, and valuable tips to maximize your business's value and ensure a smooth transition to the next chapter.
Steps to Sold: The Ultimate Business Sale Podcast
Disaster-Proofing Your Business: What to Have in Place Before the Worst Happens
Summary
In this episode of the Steps to Sold podcast, Brandon Bourgeois and Chris Sater discuss the critical importance of disaster proofing your business. They explore various scenarios that can impact business continuity, such as owner incapacity, partner conflicts, and market changes. The conversation emphasizes the need for succession planning, insurance, and standard operating procedures to ensure a business can survive unexpected challenges. Real-life anecdotes illustrate the consequences of poor planning, while actionable advice is provided for business owners to prepare for the unexpected and protect their investments.
Chapters
00:00 Disaster Proofing Your Business
01:57 The Importance of Succession Planning
08:41 Handling Partner Conflicts
12:00 Insurance and Financial Protections
14:22 Preparing for Market Changes
19:36 Establishing Standard Operating Procedures
24:00 The Role of Advisors
24:25 Real-Life Consequences of Poor Planning
29:15 The Value of Documentation
31:14 Taking Action and Continuous Improvement