How to make your service business more sellable

What steps do you need to take to sell a service business and what can you do to position your business for the best possible exit? 

This half-hour interview with David Newell from Quiet Light Brokerage is a must if you run an agency or service business. You'll get a lot out of it even if you don't plan to sell. 

Noteworthy insights:

• Revenue figures can help with a valuation but it’s the internal systems and process that will determine how sellable your service business really is. 
• Treat your service business like a SaaS and keep track of metrics like customer lifetime value (helps a lot if you use Stripe). David says that even service businesses that are doing really well often don't have the metrics buttoned up. 
• What every business owner needs to do: depersonalize your business as much as humanly possible. Doing this enables a smooth exit because it lowers the risk profile of your business. It’s much harder to sell a company that’s attached to a personal brand.
• Related to depersonalization - avoid burying your business with personal expenses. This can ultimately help your business qualify for an SBA loan, which is attractive for buyers.

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