This mistake will cost a business seller ‘five-figures’ on
closing day.
I remember when I started running my first ‘real
business.’ I call it that because I had
sales everyday and had to keep up on deposits, etc.
I wanted to use accounting software to simplify the
process. This was back in 2005.
I hired a woman to come over to my office and teach me how
to use Simply Accounting, she taught me why it was important to ‘track reality’
in my books.
For example, if I didn’t accurately record payables, I could
end up with lots of money in my bank account and mistakenly believe that the
money was mine, when it may actually have been my suppliers’.
Watch me tell the story and of how a seemingly innocent
bookkeeping shortcut will cost one business seller over $10,000 on closing day:
https://youtu.be/cOCB26GOzwk
As a business owner, you need to know your numbers. Every line of them and make sure they make
sense every year.
If you want to learn more about how I help business owners
sell their own business and avoid paying a commission, check out www.HowToSellMyOwnBusiness.com
There are plenty of FREE resources there to help you begin
planning your transition out of your business.
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If you would like to hear from me weekly before anyone else,
you can sign yourself up at www.DavidCBarnett.com
Improve your business each and every day,
download my FREE daily cheat sheet and hang it in your work area to keep
yourself focused. https://gum.co/15Questions/FREE
Do you live in Toronto?
I’ve got three workshops coming up for Toronto in September. Book now to get summer special ticket
pricing. http://davidbarnett.eventbrite.ca Some
sessions have fewer than 20 seats left.
Thanks and I’ll see you next time.
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