Want to sell a business? Don't put it on the market too soon.
That can be like launching yourself down a ski jump without being ready and well prepared.
You wouldn't do it, would you?
So why would you make such a big decision to sell a business before you were "ready for sale"?
Sometimes I am contacted by a business owner who has been approached by a potential buyer. Or sometimes they've just made the decision themselves to sell the business. Often they have given it very little thought and no preparation.
Selling a business is not as simple as selling a house. It is often a long and emotional journey. You need to be well prepared and understand what you are going to need to have ready, the costs involved, the team you need to have around you and be realistic about the price and the timescale.
Most times when sellers go to the market too early, they end up putting themselves under tremendous pressure scrambling to get things together for the potential buyer and the buyers team. Suddenly everyone wants every thing NOW! You feel like you are on that ski-jump slope and can't turn back.
IT DOESN'T HAVE TO BE LIKE THAT!
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The last thing you want is to spend months (or years) getting a buyer to the point of due diligence and then having the whole deal fall over because something was missed in the preparation.
A business sale needs to be planned and well prepared BEFORE you start the sale process. BEFORE you start talking to potential buyers or engage a broker. It is not as simple as selling a house. If you really want to get the best price for your business in the shortest possible time and with least stress - you need to plan and prepare.
Spend the necessary time up front getting ready for sale before you "get on the ski-jump". My process with a business owner is:
- An in depth analysis of the business - financial and non financial
- Create a plan with the owner and get everything setup ready for the sale
- Keep the owner accountable amd on track to meet their exit goal, then if the owner wants to go to sale...
- Set up the team to get the sale process underway
The result is you will get a better price for your business and have a stress free and smooth sale process.
Sidenote: Having prepared their business for sale, quite often the business owner decides to 'buy it temselves'! That is they keep it because it is now generating good income without the owner having to be there!
Book a date and time while you are here, to chat with me privately one on one about your situation. Alternatively go through my free online business review. Just select an option below.