How Not to Sell your Business

3 minutes read

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.

Facebook Twitter LinkedIn Whatsapp Pocket

Related Posts:

When it comes to importing goods, there’s a lot that it can do for your business. For example, if your business regularly sells products that are not easily found in Australia, importing goods can make your business far more productive. Even if you sell produc...
When it comes to running a business there are a lot of factors that can cause a lot of stress! One of the biggest issues a business owner, particularly the owner of a new or small business will find out, is how to and when to spend money on advertising. Of cou...
There might be many procedures involved with having your business off the floor when you are searching to begin your personal business. Locating a demand to become met through the business you’re creating is frequently a principal need with creating any start ...