Avoiding the Deal Breakers When Selling A Business
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.
10 Mistakes When Selling a Business
- Neglecting to run your business as usual.
- Overpricing the business.
- Breaching the confidentiality of the sale.
- Not preparing for the sale far enough in advance.
- Not anticipating buyer requests and questions.
- Not expecting to stay long enough for the transition period.
- Not expecting to sign a non-complete agreement.
- Being inflexible in structuring the transaction, expecting an all-cash deal, for instance.
- Being unwilling to negotiate.
- Not facilitating the closing process in a timely, efficient manner. Time is the killer of all deals.
