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No matter how you look at it, finding the right buyer for your business is not an easy process. However, if you are guided by an ethical business broker you can expect a fairly smooth selling experience.
Selling a business is all about
projecting your company in a good light without being deceptive. There are a
lot of pitfalls that can scare away potential prospects or devalue your
business before a deal is signed. In this post, we reveal the common pitfalls
that can be avoided when selling your business.
Not Getting the Business Evaluated
Coming up with an arbitrary number based
on your current assets and revenue is not really the way to go. Business
valuation is a complex process and something that should be trusted upon an
impartial business broker.
Selling When the Revenues are Down
Selling during a temporary slump period may force you to settle on a much lower amount than expected. Prospective buyers would always stress on how the business is doing in the current economic climate. Therefore, a drop in revenue will grant buyers a foothold to push the negotiation in their favor. The best way to avoid this is by seeing through a temporary revenue drop and start meeting prospects when the revenues are up.
Not Selecting a Professional Business Broker
This one’s a biggie. You need to find a
business brokerage firm that is reputed in the industry for being impartial.
While you do save the brokerage fee if you try and sell on your own, you can
never get the flow of prospective buyers you would otherwise get by partnering
up with a business broker. Go to the business broker’s website and checkout the
deals they have closed in the past. That’s the only metric that really matters.
Failing to Keep it a Secret
You need to be tightlipped about your intention … Read More
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