Here are some mistakes when selling a business to avoid if you don’t want to give your business away for free:
- Offer to buy the business from competitors
- Underestimation of the team
- Installment plan without guarantees
- Illiterate NDA
- Improper conduct of negotiations
In principle, the sale of a business should be treated very carefully and cautiously; sometimes, competitors come under the guise of a buyer, trying to find out some secrets of your business and find out information about partners. You can protect yourself from this if you act competently.
Of course, the buyer can try to close the deal on his own, but the number of pitfalls is so great that the chances of selling your asset profitably and painlessly, without the mistakes owners make while selling their business, are almost zero. We recommend not letting things take their course and entrusting the sale process to professionals; then, your expectations will be justified, mistakes will be avoided, and the transaction will be profitable and safe.
Considering selling your business?
Reach out so we can discuss.
Steve Niehaus, MBA, CM&AP, CBI, M&AMI