You’ve had your business for a long time and you think it’s time to move on. Maybe you want to start a fresh business in a new field or move forward to a better view. Whatever the case, your business is up for sale and you’re waiting for prospecting buyers.
While you may have heard of many businesses selling with ease, there were likely many problems that weren’t discussed. There are some common issues that many business sellers run into – here’s what you should know:
You incorrectly priced your business
It can be tricky to evaluate the true value of your business. You put a lot of time and effort into building your business and making the right connections and all of that is worth something to new owners. Your business is worth as much as someone is willing to buy it for, but that doesn’t mean you should take the lowest offer and run with it.
You didn’t wait for better offers
Many people take a first come, first serve approach to selling their business. It’s often easier for people to take the first offer that’s given and leave the rest of the business to someone else for a clean getaway, but that could mean leaving behind a better offer. You may need to consider who is willing to invest in your business and wait for the right person to value your business at the right price.
Your confidentiality was breached
Selling a business can be big news, especially for the people who work for you. If word gets out that you’re planning on selling your business, it could mean unnecessary attention. The price you’re wanting for your business may alter if too many people start dipping their fingers into the pot.
You didn’t take legal help
There’s a lot that can quickly go wrong when selling a business. Making sure all the paperwork is in order, the business is correctly priced and all agreements settled can make a big difference in a business sale. You may need to reach out for legal help during business sale negotiation.