Biggest Misconception When Trying To Sell Your Home Care Business With Special Guest Jen RamosJul 21, 2022
It's not what you think. When looking to sell their home care businesses, many make this misconception. Hear from Home Care Exit Planning Expert, Jen Ramos, from JR3 Consulting Group.
Are you looking to sell your business? You should be, whether or not you're just getting started or if you've been in business for years. But there's one issue that comes up all the time. A common misconception that expert Jen Ramos is here to share...
What is the biggest misconception when trying to sell your Home Care business?
The biggest misconception is by far that owners feel their business is worth way more than what's actually involved when you value a business and what it is worth from an acquirer's point of view.
A lot of business owners will think that their business is worth equal to their revenue they're bringing in, but they don't realize there's so many other factors that go into pricing a business from an acquirer's lens. The biggest advice I can give on that is really to think about yourself as a buyer looking into your business. But that's the biggest misconception.
What do you think the reason is that so many people have these misconceptions about their business?
I think really the reason is because everything that they digest in terms of what they see in business related material or just stuff they're digesting on podcasts, it's all about revenue drive, revenue drive, revenue. I think they're just programmed to think that the revenue is everything, it's the end all, be all. Well, that's a mistake.
It is important, but it's not everything. It's one piece of the pie, one ingredient to this whole masterpiece you're trying to bake. I really think they're just programmed to market. What are your sales and marketing? How many sales and marketing messages are out there?
We're hit with it all the time, right? Just other businesses trying to solicit us.
So I think it's just a programmed thing with most business owners, which is understandable, but it's just not real. It's not reality when you're going to really understand what your business would actually go for.
It's not revenue. In most cases, subscription type business, there are different industries where that is the case, but in Home Care in particular, it's just not. It's not about what you're making, it's about what you're keeping. Basically is the bottom line.
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