Tips & Techniques
Selling Your Business?
Follow these Ten Commandments to avoid losing a deal!
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Place A Reasonable Price On Your Business
An "unrealistic price" discourages many buyers from even looking at a business.
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Carry On "Business As Usual"
Don't become obsessed with the transaction that your attention wonders from the
day-to-day demands, affecting sales, costs, and profits.
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Engage An Expert Business Consultant
A breach of confidentiality surrounding the sale of a business can change the
course of the transaction, and damage a business in the future.
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Prepare For The Sale Well In Advance
The business owners can help in the process by "housecleaning" a literal
sprucing up of the facilities.
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Anticipate Information Buyers And Their Financing Sources
May Require In order to obtain financing, the buyer may need appraisals on
assets. Lenders will require at least three years of tax returns, and the most
recent financial statement.
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Achieve Leverage Through Buyer Competition
A good business priced properly, will create interest from several buyers, and
create a competitive situation.
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Be Flexible
Don't be the kind of seller who wants all-cash at the closing, or who won't
accept any contingent payments.
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Negotiate; Don't Dominate
You are used to being your own boss, but the buyer may be used to having his
way, too. With your Business Consultants help, decide ahead of time "when to
hold and when to fold."
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Keep Time From Dragging Down The Deal
Work with your Consultant to be sure that potential buyers stay on a time
schedule, and that offers and counter-offers move forward in a timely fashion.
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Be Willing To Stay Involved Even if you are feeling
burned-out, realize that the buyer may want you to stay within arm's reach for
a while.
