Even with the help of a great business broker Ramona, selling a business is rarely easy. This is more so if you are selling in a poor economy. It is never easy to get a fair price and emotions will most likely cloud your judgement. Even so, this does not mean you cannot sell. The important thing is to know what not to do to avoid slowing the sale even further. Here are the key things you must never do.
Fail to prepare
Just like selling a house, when considering a business for sale, buyers want something they can start using right away. That is why you need to spend a little time cleaning up. Some important things to do when getting ready to sell your business include:
- Scaling back on excessive or questionable tax deductions
- Resolving as many pending or threatening litigations as you can
- Getting your books and records organized
- Ensuring you have the right people in the right jobs and being paid the right amount
Assuming your business is perfect is the main reason why most businesses fail to sell. You have to view your business from a buyer’s standpoint. Fix any flaw you see before you get it listed.
Sell without professional help
Running a business is not the same as selling one. Selling a business is more complicated. That is why you must always hire professional advisors to help with the sale. The first professional you should bring in is a business broker Ramona. A broker that has sold many businesses that are similar to yours will not only speed up the sale but also ensure you sell for the best price and terms. A great business broker in San Diego will organize for you to access other professionals including:
- A transactional lawyer
- Accountants and financial consultants
- Business valuation experts
Disengage from the process
Your business broker will take over the sale so you can focus on the core operations of your business. This does not, however, mean that you can completely disengage from the business sale process. Your business broker will still need to run things by you and it is your job to instill confidence in potential buyers. becoming unreachable can cause a deal to fall through. Always remember that the deal is never done until everything is signed and closed.
Misrepresent facts about your company
The last thing you want is to lose the trust of a serious buyer. This will happen if you misrepresent something about your business to the buyer. Never try hiding prior investigations or litigations. A business valuation will help you set a fair selling price that doesn’t scare buyers off.
Not taking confidentiality lightly
Last but not least, you must take confidentiality seriously. If information about the sale leaks, you may end up dealing with a series of problems. Your business broker Ramona will take care of this but you must also not be reckless when discussing the sale.