Millionaire Explains How To Sell A Business (Negotiation Techniques) | My First Million Podcast

TL;DR

Selling a company is a difficult, multi-phase process involving courtship, due diligence, and painful waiting. The speaker argues most people will never sell a company and that negotiation skill is rare. Valuation can be done via industry multiple (earnings times 10, cut in half), a forward-looking formula based on the buyer’s help, or comparable deals, each with pitfalls.

Key insights

• Selling a business requires three distinct skills: starting, building, and selling; most people lack the selling skill.
• The process mirrors a romantic courtship: initial excitement and dopamine, then a waiting/due diligence period where tension rises and deals can be jeopardized by impatience.
• Founders must sincerely present a vision that matches the buyer’s and convincingly explain why selling is beneficial (e.g., “one plus one equals three”) while addressing the inherent contradiction of