24 Aug The Deal Board Podcast: Why You Should Take the First Interested Buyer (But Not the First Offer)
Andy and Jessica welcome you to another episode of The Deal Board Podcast. Today they are discussing a very controversial topic which is why, when selling your business, you should take the first buyer who inquires but not necessarily the first offer. In their experience, the first buyer is often the right one and they are telling you why. Andy and Jessica share their advice on how to identify motivated buyers and they also give some “cautionary tales” about their experience seeing sellers refusing to engage with certain buyers. Listings of the week: Steve Merritt (Houston) is selling a bar that opened during COVID-19, and as a result, had no revenue for 6 months in 2020 but ended the year at $2.6 million in revenue, over half a million dollars in EBITDA. Business is selling for four times multiple on the EBITDA. The concept of this bar involves food trucks that come in. The business owner is also the landlord. Call Steve at (713) 582-2353 or email smerritt@tworld.com. Todd Bailey (Wichita) has a great new business in the home health care field, that owned ten almost brand new homes, they have wonderful operation records and procedures in place. Listed at $3.3 million. Email Todd at todd@tworld.com or call (316) 214-6875. Eric Mendelsohn (New York City) is selling a fabulous Italian restaurant in Connecticut, the best restaurant in town with a huge bar. Price: $1.5 million, sales are about $2.35 million and it is about two times SDE. Call Eric at (516) 840-3516 or email emendelsohn@tworld.com.
