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David Barnett loves to say that it took him 10 years to unlearn what he was taught in business school. University had trained him to be a middle-manager in big enterprises, he was totally unprepared for the realities of small business. After a career in advertising sales, Barnett started several businesses including a commercial debt brokerage house. Helping to finance small and medium sized businesses led to the field of business brokerage. Over several years, Barnett sold dozens of businesses for others while also managing his own portfolio of income properties and starting his career as a local private investor. Barnett regularly consults with professionals and banks on business and asset values. Presently he also works with entrepreneurs and would-be entrepreneurs around the world who are buying, selling or trying to improve their businesses.
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IN THIS EPISODE, YOU WILL LEARN:
0:00 Introduction
2:23 How David got on the journey of helping entrepreneurs
12:25 Positioning a business to be attractive for buying
15:57 Top 5 reasons why business go for sale
19:30 Mistakes that sellers often make
23:46 The “dream” of selling a small business for $1 million
25:07 Development of small businesses in Canada
30:03 Understanding the terms of sale
37:07 The role that insurance plays in business and transferability
45:10 Who David wants to be a hero to
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