Freedom Factory is the world's best business broker. Learn how to sell your business for maximum value. Find out how to get an accurate business appraisal for when you sell your business, or if you are investing in a new venture.
Freedom Factory's Podcast
Claim This Podcastby Robert Hirsch
34 episodes
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Podcast Overview
Freedom Factory is the world's best business broker. Learn how to sell your business for maximum value. Find out how to get an accurate business appraisal for when you sell your business, or if you are investing in a new venture.
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Publishing Since
4/27/2020
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Recent Episodes
April 27, 2020
Strategies for Getting Your Company Ready to Sell
<p>Today's episode of the podcast, Robert Hirsch from Freedom Factory talks about the strategies you should be using when getting your company ready to sell.<br /> <br /> You can listen to the podcast, watch the video, or read the transcript below.</p> <h2>Strategies for Getting Your Company Ready to Sell</h2> <p><br /> <iframe src="https://player.vimeo.com/video/389991438" width="640" height="360" frameborder="0"></iframe></p> <p><a href= "https://vimeopro.com/freedomfactory/business-brokers/video/389991438"> Strategies for Getting Your Company Ready to Sell</a></p> <p>Hi, it's Robert Hirsch from Freedom Factory. I was just working up in my mountain house and I needed to tell you this. I'm just working on it with a new customer and we're getting their company ready for sale, and I'm going through all their information, and I realized that not only do I need to tell our new customer this, but I think telling all of our customers how to get your company ready for sale is only going to help our tribe and our entrepreneurs.<br /> <br /> So first of all, I want to talk about a difference between owning a job and owning a business. And I talk about this a lot, but perhaps I haven't explained it as well as I could.<br /> <br /> So if you're not sure if you own a job or you own a business, just don't show up for a week. Maybe do a little bit of work from home. But if your income stays the same or goes up, you own a business. You've built a machine that makes a machine.<br /> <br /> If your income goes down or your sales go down, you own a job. And before you go to sell your business, being able to transition, owning a job to owning a business who really help your valuation.<br /> <br /> And if you don't know how to do it. We help businesses with that all the time with our home stretch program. And so again, if you're not sure if you own a business or you own a job, the best litmus test that I know is just don't show up. See what happens when you're not there because you want a business that's built on systems and processes, not on one person in this intrinsic knowledge.<br /> <br /> Also when I write my operation manual for my business, I try and make it so easy. I joke that a monkey could do it, but I try and make it so easy that even my teenager could do it. Being able to read it and understand it, not using a lot of industry jargon or difficult to understand words so that the business operates the way you want it to is going to maximize your valuation. By the way, if you haven't put together an operations manual for your company and you're thinking about selling it, this would be a great time to do so.<br /> <br /> Some of the tricks that I used to do that, I talked to every role and I haven't put their roles and responsibilities. I put it all in there. I take my company mission and values. I put it all in there. I take my contracts and the things that I use over and over again. For example, here at Freedom Factory, we have a pretty robust document set, non-disclosures, letter of intent, asset purchase agreements, stock purchase agreements - all the things that we use a lot for our client's benefit.<br /> <br /> I put it all in this operations manual to get it into one place so that's easy to use. These and other things are going to help you build a business and not a job. And if you do own a job, please don't be discouraged. You know, transitioning a job to a business is fairly easy to do. It usually takes about three to six months and it can dramatically affect the final selling price of your business. If you need any help with anything, just give us a call at Freedom Factory. Thank you so much for watching. <a href= "https://youtu.be/ct7rH4cPrvM">Please hit like and subscribe</a> and we'll see you soon.</p> <p><img style="float: right;" src= "https://assets.libsyn.com/secure/show/240215/width_100_best-business-broker.jpg" alt="Freedom Factory Logo" width="100" height="100" /></p> <h3>Contact Freedom Factory</h3> <p>Freedom Factory<br /> 5500 Greenwood Plaza Blvd., Ste 230<br /> Greenwood Village, CO 80111<br /> Phone: 844-MAX-VALUE (844-629-8258)<br /> <a href= "https://www.freedomfactory.com/">https://www.freedomfactory.com/</a><br /> <a href= "https://g.page/freedom-factory-denver">https://g.page/freedom-factory-denver</a><br /> <br /> <br /> <strong>Also Follow Freedom Factory here</strong> <a href= "https://vimeopro.com/freedomfactory/business-brokers">https://vimeopro.com/freedomfactory/business-brokers</a></p> <p><a href= "https://www.youtube.com/channel/UCXUrv3qYNsR8NjZEWRDch5Q/about">https://www.youtube.com/channel/UCXUrv3qYNsR8NjZEWRDch5Q/</a></p> <p><a href= "https://vimeopro.com/freedomfactory/freedom-factory">https://vimeopro.com/freedomfactory/freedom-factory</a></p> <p><a href= "http://freedomfactory.libsyn.com">http://freedomfactory.libsyn.com</a></p> <p><a href= "https://twitter.com/FreedomFactory7">https://twitter.com/FreedomFactory7</a></p> <p><a href= "https://www.facebook.com/Freedom-Factory-112201923642080">https://www.facebook.com/Freedom-Factory-112201923642080</a></p> <p><a href= "https://www.linkedin.com/company/freedomfactory">https://www.linkedin.com/company/freedomfactory</a></p> <h3>Podcast also available to watch on Youtube</h3> <p><iframe src="https://www.youtube.com/embed/ct7rH4cPrvM" width= "560" height="315" frameborder="0"></iframe></p>
April 27, 2020
How To Prepare My Business To Sell
<p>Listen to Robert Hirsch from Freedom Factory talk about the steps you should take in preparation for selling your business. If you're interested in finding out how to get the maximum value for your business, contact Freedom Factory today.</p> <h3>Contact Freedom Factory</h3> <p>Freedom Factory<br /> 5500 Greenwood Plaza Blvd., Ste 230<br /> Greenwood Village, CO 80111<br /> Phone: 844-MAX-VALUE (844-629-8258)<br /> <a href= "https://www.freedomfactory.com/">https://www.freedomfactory.com/</a></p> <p><strong>How to Prepare My Business To Sell</strong></p> <p><img src= "https://assets.libsyn.com/secure/show/240215/width_100_How_To_Prepare_My_Business_to_Sell.jpg" alt= "how to prepare my business to sell by robert hirsch from Freedom Factory" width="138" height="77" /><br /> <br /> Follow us on Twitter <a href= "https://twitter.com/FreedomFactory7/">@freedomfactory7</a></p> <p><a href= "https://www.youtube.com/channel/UCXUrv3qYNsR8NjZEWRDch5Q">Subscribe to Our Youtube Channel</a><br /> <br /> <br /></p> <p><iframe style="border: 0;" src= "https://www.google.com/maps/embed?pb=!1m18!1m12!1m3!1d3073.496687996668!2d-104.90087878462823!3d39.616019079466234!2m3!1f0!2f0!3f0!3m2!1i1024!2i768!4f13.1!3m3!1m2!1s0x876c87c5a2bdce1b%3A0x79e43f931f67c650!2sFreedom%20Factory!5e0!3m2!1sen!2sus!4v1581288063308!5m2!1sen!2sus" width="300" height="225"></iframe></p> <h2>Read the Podcast Transcript below</h2> <p><iframe src="https://player.vimeo.com/video/389991151" width= "540" height="300"></iframe></p> <p>Hi, Robert Hirsch from Freedom Factory here. And I want to talk to you about one of the most common questions that we get here, which is, how do I get my business ready to sell? Or I've decided I want to sell my business. Now what? Well, the first thing you need to do is to get your house in order. So go and get two or three years of tax of tax records.</p> <p>And financials and put those together. Get them from your accountant and get them ready to go. Second, if you haven't put together an operations manual, this would be a great time to do so. You know how your business works, you know how the different departments interrelate, but when you sell your business, we want to make it as easy as possible to transition to a new owner.</p> <p>And that value is going to be reflected in the sales price. So go put your operations manual and new job descriptions together and get your house in order. And the third piece is find, you know, put your team together. Find a great broker and an appraiser. Get an idea of what your business is worth. Start to craft the story and figure out, okay, how are we going to take it to market?</p> <p>When are we going to take it to market? You know, what's the current tax environment. You know, how can I recast my financials? And what I mean by that is really simple. They're going to, we're going to take your EBIDTA or your accountant can do the same thing, and we're going to translate it into seller's discretionary cash flow, which is.</p> <p>A fancy way of saying all the money that your, that your business creates when you do your tax returns. It's a game of minimization, right? Tax evasion is illegal. Tax avoidance is very smart. So you're trying to pay as little tax as you can. Well, we need to translate that, you know, from some of your non-cash expenses, depreciation, you know, some of your discretionary stuff and add that back in to maximize the value accurately.</p> <p>Flag. All the value that your business creates, and that's gonna make a big difference. And finally, you know, what industry are you going to be in? How do we maximize your multiple? And there are ways to be able to do that. But think about what industry you're in. Figure out, you know, all your financials.</p> <p>Put an operations manual together to make the transition as easy as possible. And all of this is going to be, is going to help you when you put the right team. Find the right appraisers, find the right brokers, and if you need any help with this, give us a call here at freedom factory. You know, please hit like and subscribe and thanks for watching.<br /> <br /> Learn <a href= "https://vimeo.com/freedomfactory/how-to-sell-your-business"><strong> how to sell your business</strong></a> with Freedom Factory<br /> <br /> <a href="https://roberthirsch.com/">Find out more about Robert Hirsch</a></p>
April 27, 2020
What Contract Structure Should I Use to Sell My Business
<p><a href="https://roberthirsch.com/about/">Robert Hirsch</a>, founder of Freedom Factory, discusses the different types of contracts that you can use to sell your business.</p> <h2>What Contract Structure do I Need to Sell My Business</h2> <h3>Stock Purchase Agreement or Asset Agreement? What's the Difference?</h3> <p><iframe src="https://player.vimeo.com/video/389028622" width= "640" height="360"></iframe></p> <h4>Read the Transcript Below</h4> <p>Hello, this is Robert Hirsch from <a href= "https://www.freedomfactory.com/">Freedom Factory</a>, and I want to talk to you about something that sometimes you get so involved in selling businesses that you don't realize that you have all these TLAs or three letter and acronyms that people don't understand. And so I just got a letter from one of my clients and he was talking about the difference between deal structure when selling a business.</p> <p>And so we're going to cover what's the difference between a stock purchase agreement and an asset purchase agreement because they're, they're pretty fundamental and often in the LOI or the letter of intent, it's going to be listed whether they want to do a stock purchase agreement or an asset purchase agreement.</p> <p>And so as both a seller and a buyer, often if you don't know which one to do, and I'll give you exceptions to the rule before we get through the entire video. But I like asset purchase agreements and there's some fundamental differences, and I'm going to go into those right now. So an asset purchase agreement means you're buying the assets of a company.</p> <p>So you're going to set up another shell company and are going to buy the assets and you're going to put it in there. So. Uh, for example, when I was buying a, I personally bought a boat company I boat manufacturer for, for fly fishing. And many of you that know me know that I love to fly fish and we're up here in my mountain house right now and it's a raining day.</p> <p>And I decided it's probably good to get some work done. So I bought it with an asset purchase agreement. And so when you do that, all you have to do is just get the assets of it and put it in there. So the differences are the liabilities of the old company. Don't transfer. So if they owe the bank $100,000 you buy the assets and you put them in there and they're unencumbered, and then they have to pay off the debt.</p> <p>Obviously, if somebody has a loan on it, you can't sell the assets out from under them. So they're going to have to clear that debt with the proceeds and we can handle that in escrow. But an asset purchase agreement is means you're just buying the assets of a company. So it's not your job to find every liability that they have that sticks with the, with the other company.</p> <p>So conversely, if you do a stock purchase agreement, now the due diligence is much harder. You have to find all the debts of the company, and often they, you can make promises or reps and warrants in the contract of what that means. But a stock purchase agreement means you're buying all the assets, all the liabilities of the company.</p> <p>And sometimes you can do things like have the seller warrant certain risks and there's ways to do it, but stock purchase agreements are much more complicated. 80 to 90% of the deals that we see on high growth lifestyle companies are asset purchase agreements. Sometimes with our bigger companies, or they have a lot of IP or licensure, intellectual property.</p> <p>And licenses. Stock purchase agreements make more sense. For example, uh, if you bought a company and it had a lot of licensure, let's take the boat manufacturer, right? We were licensed as a U S coast guard, uh, approved manufacturer. We were a boat dealer. We also were a car dealer because we had to put tags on the trailers for them to drive it home.</p> <p>And we were ironically an auto manufacturer because we had to make the trailers and put a VIN on it. So that's a lot of licensure. It's a lot of one to three day classes, uh, that we had to take. So in that circumstance, when there's a lot of licensure, you can, if you want to, you can do a stock purchase agreement and the licenses transfer with the company.</p> <p>Again, you have to be a little bit more careful about your diligence and making sure that you identify all the liabilities that the company might be exposed to. That includes environmental risks and business risks. So if you're not sure what to use, 80 to 90% of the. At the time, I would really recommend an asset purchase agreement.</p> <p>If it's a company with less than $20 million in sales. There's obviously exceptions to it, and if you have any questions about what those exceptions are, what it looks like, why don't you just give us a, call it at freedom factory. You know, we have, you know, great middle of the fairway S PAs and APA has their stock purchase agreements and asset purchase agreements you can take to your attorney.</p>
34 total episodes available
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