EXPERT SPOTLIGHT: Who are you selling to? And does it have a price? with Murray Phillips - Episode 53 of Better Business, Better Life!

Murray Phillips is the Founder of Insight CA - a Business Advisory and Accounting Practice. They take care of things so you can take care of your core business. Murray is also an author, his book ‘Starting a Business, Growing a Business’ was published in 2018. What started as a fascination for maths and infinite numbers in school, eventually grew to be a passion, leading him down the career path of accounting. However, although he has an intimate knowledge of the numbers in the cycle of a business, he has an understanding that it’s not just about the figures. It’s about sustainability and good systems too. In this episode, Murray talks about his latest business, "Cash Out Catalyst", which is all about helping people to prepare their business for sale, to ensure that they get the best value from it. You can sell your business to different people & each has a different price. So, who are you selling to?  Your family? Your management? Or are you selling on the open market? And what are you selling? Because the business has to be about more than just you.  Murray shares how you can improve your business & get the best price for it. Murray's Top 3 Tips 1. Challenge everyone about where’s the business going Whether you are an Accountant or Lawyer or EOS Implementer – go away for a weekend and sit down. Challenge everyone about where’s the business going. You can’t be the single voice of the business, it has to be a team environment. If you don't bring the team into it, they're not going to buy your decisions going forward. 2. Start early The day you start your business is the day you start to plan your exit. There are basically three buyers out there. Your family – who typically don't want to be in the business, but they're looking at the goodwill of their father or mother in taking the Passover. Your management or going to the market. You have to be ready, because if you’re not ready - you're a real estate transaction. 3. Have someone to come in as a mystery shopper You want the mystery shopper for your administrat