Mistakes to Avoid When Selling Your Business
When you finally decide it’s time to sell your business, we know you expect that transaction to go smoothly. To make sure it does, we’ve listed some common mistakes to avoid when selling your business.
Keep up with Day to Day operations
First, don’t neglect your business while trying to sell it. It can be easy to start to let go of the business itself and to focus all your energy on making sure it sells. This can inadvertently lead to neglect in the day-to-day services and sales. However, buyers look at recent reviews and, of course, at recent sales when considering buying your company. Make sure the day-to-day items still get done even while you’re trying to sell the business.
Next, think like a buyer. If you were a buyer what would you want to see? What questions would you want to have answered before you seriously considered purchasing your business? Think like a buyer and you’ll avoid potential problems.
Be Prepared
As the Boy Scout motto says, “Be Prepare”. This is applicable to selling a business too! Make sure you have all your documents, from valuations to forecasts, etc., that a buyer will need. This not only makes the transaction go more smoothly, it gives the buyer a sense of security knowing the current owner of the business is well-organized and prepared.
Finally, don’t have blinders on when it comes to the value of your business. Accepting that a business you put your heart and soul into isn’t worth as much as you thought is a hard thing to do. However, knowing the true value of your business and making sure to market it at an appropriate price will help it to sell faster and at a price that is realistic.
Mistakes to avoid when selling your business
The common mistakes listed above when selling businesses are all reasons to use a business broker like Franchise Sellers or Company Sellers (link will be included) . We can make sure that you are prepared, that your business is priced appropriately, that you think like a buyer, and that your business continues to run smoothly while it’s on the market.
If you have questions about selling your business, email us at info@franchisesellers.com.