5 Mistakes Business Owners Make When Selling A Business

A successful business should not just be about the money it makes from year to year. Every Business Owner should have a plan for when they want to sell their business. By planning properly to sell when your business will reap the best return for the owner you should be able to avoid the 5 Biggest Mistakes Sellers Make

01 Not preparing your business for sale. Like selling a house if you want the best price you need to prepare your business to present well for buyers. Understanding the things that will most effect your price are key to using your time and resources wisely to prepare for a better business sale.

02  Not keeping your sale confidential. You must continue to produce profits while the business is in sales mode. Distractions to customers, staff and suppliers can create issues beyond normal business potentially affecting your turnover, losing staff, suppliers or clients. Your competition would also delight in knowing you are selling up so they can take advantage of the situation.

03  Not having all your documentation ready for buyers and due diligence. Time is a deal killer and buyers waiting for information they assume you should have at hand can raise doubts as to the purchase decision. This can reduce your price or even worse collapse a whole deal.

    04 Not preparing your business for sale. Like selling a house if you want the best price you need to prepare your business to present well for buyers. Understanding the things that will most effect your price are key to using your time and resources wisely to prepare for a better business sale.

    05  Not being prepared to assist a buyer into your business. Everything from training periods to vendor financing and or earn outs can make a huge difference to the number of potential buyers. Supply and demand dictates that if you can have more buyers interested you will have a much better chance of achieving a price you and the buyer are happy with.

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