Most small business owners are not familiar with the dynamics of selling a business because they have never sold one before. Most people only buy or sell a business once in a lifetime. While there are lots of potential deal breakers, avoiding the following ten mistakes will mitigate the possibility of an aborted transaction.
  1. Neglecting running your business as usual.
  2. Overpricing the business.
  3. Breaching the confidentiality of the sale.
  4. Not preparing for the sale far enough in advance.
  5. Not anticipating buyer requests and questions.
  6. Not expecting to stay long enough for the transition period.
  7. Not expecting to sign a non-complete agreement.
  8. Being inflexible in structuring the transaction, expecting an all-cash deal, for instance.
  9. Being unwilling to negotiate.
  10. Not faciliting the closing process in a timely, efficient manner. Time is the killer of all deals.