Ep37: Trevin Rasmussen: The Power of Clean Financials and Transparency in Selling

Your Business – Your Next Level

In this episode of "Your Business Your Next Level," I welcome Trevin Rasmussen, founder of the Bristol Group, a nationwide business brokerage and M&A advisory firm with 18 offices across the United States. Trevin shares his journey from corporate management consulting to business brokering and reveals the importance of preparing small to midsize businesses for a successful sale. We discuss the challenges that business owners face in understanding their business’s true value, the importance of clean financial records, and how business owners can maximize their exit strategy by planning years in advance. Trevin also highlights the emotional aspects of selling a business and the significance of surrounding yourself with the right advisors to ensure a smooth transition. This episode provides invaluable advice for any business owner contemplating a future sale, focusing on creating a business that’s ready to thrive under new ownership.

Key Takeaways:

Understanding Business Value and Preparing for Exit: Trevin emphasizes that business owners need to understand the real value of their company and prepare years in advance, as the sale process can be more complex and emotional than expected.

Financial Transparency and Clean Records: For a successful sale, Trevin explains the necessity of clean books, documented processes, and a solid operational foundation that proves the business’s worth to potential buyers.

The Role of Motivation in Selling: Sellers need a clear motivation beyond just financial gain. Trevin highlights that personal reasons, such as retirement or pursuing new ventures, are essential to keep in mind as they influence how the sale process unfolds.

Surround Yourself with Expert Advisors: Trevin recommends building a trusted team of advisors, including exit planners, financial experts, and attorneys, to guide the sale process and protect the business owner's interests.

Managing Emotions During the Sale: Selling a business can be emotionally taxing. Trevin advises preparing mentally for the challenges and leaning on advisors to keep the process smooth and strategic.

Timeline Summary:

[00:00] - Introduction to Trevin Rasmussen and the Bristol Group's work in business brokerage.

[02:00] - How Trevin transitioned from corporate consulting to business brokering.

[05:00] - Importance of understanding your business’s value and the need for clean financial records.

[08:00] - Why business owners should prepare years in advance for an exit.

[12:00] - Emotional aspects of selling a business and staying motivated throughout the process.

[15:00] - Building a team of trusted advisors to guide a successful sale.

[20:00] - Final thoughts on the role of preparation and mindset in maximizing a business sale.

Links & Resources:

https://www.linkedin.com/in/trevinrasmussen/

http://www.bristolgrouponline.com