Business of Craft Episode 53 Otto Strauch on Selling a Business
WELCOME TO EPISODE #53 OF BUSINESS OF CRAFT
My guest today is Otto Strauch, owner of Strauch Fiber Equipment. This episode is about the ups and downs of selling a business. Listen to Otto explain why it’s a good idea to hire a broker, and how to make sure you are selling a business and not just a job.
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#1 Tell us a little bit about your origin story for Strauch? [2:28]
#2 So has the business closed yet and your sale is done? [7:02]
#3 A lot of companies try to sell to employees. Was that ever a consideration? [7:46]
#4 You ultimately sold using a professional business broker. Whom did you hire and how did you find them? [8:55]
#5 Some people say that a plan to sell a business should begin many many years in advance. How long ago did you begin your exit process? [12:33]
#6 There are a lot of documents and preparation that go into selling, can you give our listeners a quick rundown of what you prepared for prospective buyers? [14:24]
#7 If you had any mistakes in preparing the business for sale what were they? [19:19]
#8 In Built to Sell, they say you can’t sell a job and you have to extract yourself from day to day operations in order to make the business an actual asset. Was that true for you? What steps have you taken to do that? [20:15]
#9 I know you still plan to contribute design ideas after the transition to a new owner. Describe how that will work. What role will you play? [22:54]
#10 Did you have to put anything in the agreement to protect that like do’s and don’ts regarding the name or not really? [26:40]
#11 A lot of times sellers get really close to a sale but it gets tripped up on some hurdle, what was the most common obstacle for you in that regard? In other words, what was the most common reason sales fell through? [29:26]
#12 If you had another 30 or so years to pursue another type of business, what would it be? [34:36]