Selling a business can be much more complicated than you think, and every day small business owners make a fully of mistakes when trying to do so. This in turn means that all of the time that’s been put into it ends up being wasted. Planning to sell a business and live of the rewards is a great plan, but there is a lot of things you need to think of first. Here are some mistakes to avoid.
Waiting too Long
If you don’t plan ahead and wait too long to sell your business, then you could win the optimum window for sale. It can take anything between 2-4 years to sell a business, and you need to take this into account. Make sure you have all of your financial records updated, and that you have your business history clearly detailed – as well as notes of all your sales ready. That way should a prospective buyer walk in – you have all the info you need to make them an offer they can’t refuse.
Not Finding the Right Representative
One of the most common mistakes that small business owners make is not finding the right representative to sell the business. People all too often go with the people they find first – but aren’t suitable. Hilton Smythe – business sales are incredibly experienced in selling business and have a fantastic reputation. They offer you a free valuation to get things started and are there every step of the way.
Not Continuing to Promote yourself
When you have made the decision to sell your business, it’s all to easy to take your foot off the pedal and to stop promoting it. This is a big mistake – as what any prospective buyer will look at is recent activity as well as your company history. Don’t think that your representative will just do all of the work for you, you still need to put in the effort.
Not Asking for the Right Price
It’s easy to become emotionally attached to your business. Because of this, you may fee that it’s worth more than it realistically is. This can put off any potential buyers if they feel you are asking too much. You could also want to sell quickly for whatever reason and make the error of asking for too little. Make sure you listen to the experts with their valuations and take their advice.
Not Selling to the Right Person
It can always be tempting to sell to the first person who makes you an offer if you are looking to sell fast, but that’s not always the best option. Although it will no longer be your business, you won’t want all of your hard work to go down the drain, you want to make sure that you are putting it in the right hands.
If you are thinking of selling your business, then please try to avoid the mistakes we have listed to make the whole thing go smoothly.