The Secrets to Selling a Business: Insights from Justin Turner on Mac & Bleu Podcast
The process of buying or selling a business is often more complex than people anticipate. It requires an understanding of valuation, market trends, negotiation, and transition planning. In a recent episode of Mac and Blue, business broker Justin Turner shared valuable insights into the world of business brokerage, particularly in the Main Street business sector.
From helping small business owners exit successfully to guiding buyers in making the right investment decisions, Turner highlights the challenges, opportunities, and best practices in business brokerage today.
The Journey to Business Brokering – The Secrets to Selling a Business
Justin Turner’s career path wasn’t a direct line to business brokerage. As an Arizona native, he grew up in a family with strong professional and entrepreneurial roots. After earning a marketing degree from Arizona State University (ASU), he built his career in sales, business ownership, and marketing. His diverse experience across industries eventually led him to business brokerage, where he helps small business owners successfully exit their companies.
Turner notes that his background in sales and marketing has been particularly useful in business brokerage. His ability to analyze different industries, listen to business owners’ concerns, and negotiate deals allows him to connect sellers with the right buyers effectively.
What is Business Brokerage?
Business brokerage involves helping business owners sell their companies by facilitating valuation, marketing, negotiations, and final transactions. Turner explains that within business brokerage, there are three major categories:
- Main Street Business Sales ($2 million or less in valuation) – These businesses are typically owner-operated small businesses, such as restaurants, service providers, and small retail stores.
- Middle Market Sales ($3 million – $10 million in valuation) – These businesses often have established management teams and more structured operations.
- Mergers & Acquisitions (M&A) ($10 million+ in valuation) – Private equity firms and corporate buyers typically acquire these companies.
Turner primarily focuses on Main Street businesses, where owners are looking to sell their businesses to other entrepreneurs who want to take over an existing operation.
Why Business Owners Struggle to Sell Their Companies – The Secrets to Selling a Business
Many business owners underestimate the complexity of selling a business. Turner highlights some of the most common challenges sellers face:
- Overestimating Business Value – Business owners often think their company is worth more than the market dictates, leading to overpricing and difficulty attracting buyers.
- Lack of Preparation – Many sellers don’t have organized financial records, contracts, or business plans, making the sale process difficult.
- Emotional Attachment – Owners may be emotionally tied to their business, making it hard to let go, even when selling is the right decision.
- Declining Business Performance – Some owners try to sell when business is struggling, which makes it harder to attract buyers willing to pay a fair price.
- Confusion About the Process – Many business owners don’t even know where to start when it comes to selling, making business brokers a valuable resource.
The Role of a Business Broker – The Secrets to Selling a Business
A business broker acts as a guide, advisor, and negotiator throughout the sales process. According to Turner, a broker’s primary responsibilities include:
- Business Valuation – Helping sellers determine a realistic asking price based on industry data, financial records, and market demand.
- Confidential Marketing – Advertising the business discreetly to avoid disrupting employees, customers, and competitors.
- Screening Potential Buyers – Ensuring only serious and qualified buyers gain access to business details.
- Negotiation & Deal Structuring – Helping finalize fair terms for both the buyer and seller.
- Managing Due Diligence & Closing – Overseeing the final financial, legal, and operational steps before ownership is transferred.
Why Business Owners Should Work with a Broker
✔ Expert Valuation – Brokers use industry data and transaction history to set the right price.
✔ Time-Saving – Brokers handle marketing, negotiations, and legal paperwork, allowing business owners to focus on operations.
✔ Access to Buyers – Brokers connect sellers with serious buyers, increasing the likelihood of a successful sale.
✔ Higher Sale Prices – Businesses represented by brokers tend to sell for higher values than those sold independently.
Market Trends: What Types of Businesses Are Selling?
Turner highlights the current trends in business acquisitions, stating that service-based businesses are in high demand. Buyers are particularly interested in:
- Home Services – HVAC, plumbing, electrical services, and landscaping businesses.
- Manufacturing – Businesses producing custom parts, packaging, and specialized equipment.
- Insurance Agencies – These businesses offer residual income and strong client retention.
- Accounting Firms & CPAs – Steady revenue streams make these businesses highly attractive.
Recurring Revenue Businesses Are More Valuable
Turner emphasizes that businesses with recurring revenue models (e.g., subscription-based services, long-term contracts) are more attractive to buyers. These businesses provide predictable income, reducing financial risk for new owners.
Common Mistakes When Selling a Business – The Secrets to Selling a Business
Turner identifies some of the biggest mistakes business owners make when trying to sell their company:
1. Waiting Too Long to Sell
Many business owners try to sell when sales are declining rather than at their peak, reducing their business’s market value.
2. Poor Financial Record-Keeping
Buyers want to see clear, well-documented financial records. Messy books create distrust and complicate financing approvals.
3. Failing to Have a Transition Plan
A business should be able to run without the owner. If the owner is too involved in daily operations, it may be difficult for a new buyer to step in successfully.
4. Ignoring Buyer Financing Options
Turner explains that many buyers use SBA (Small Business Administration) loans to finance acquisitions. Sellers who are open to offering seller financing (allowing the buyer to pay over time) may attract more buyers.
The Future of Business Brokerage & Technology
The business brokerage industry is evolving, and Turner sees technology playing a bigger role in:
- AI-Powered Business Valuation Tools – More accurate data-driven pricing models.
- Automated Buyer Screening & NDAs – Faster, more efficient pre-qualification.
- CRM Systems for Business Listings – Better tracking of buyer interactions.
- AI-Generated Business Memorandums – Automating the creation of sales packages to speed up the process.
While technology is improving efficiency, Turner believes that human interaction in business sales remains crucial, particularly in relationship-building, negotiations, and final deal-making.
Final Thoughts: Selling Your Business the Right Way
Selling a business is one of the biggest financial decisions a business owner will make. Proper planning, realistic expectations, and expert guidance are key to a successful exit.
Turner advises business owners to:
✔ Start planning early – Don’t wait until you’re desperate to sell.
✔ Work with a business broker – They increase sale prices and reduce stress.
✔ Keep financial records clean – Buyers want to see organized books and strong cash flow.
✔ Be realistic about valuation – Price your business based on market data, not emotions.
✔ Remain flexible – Consider seller financing options to attract more buyers.
For business owners in Phoenix, Arizona, and beyond, partnering with an experienced business broker like Justin Turner can help you maximize your business’s value, attract serious buyers, and ensure a smooth transaction.
