You think it’s all smooth-sailing from here. The hard work of building your company is done and it’s time to move on. Letting go of your business should be the easy part.
But unloading everything you’ve worked so hard for is not an automatic process. If you aren’t careful, these simple mistakes could set you back financially and keep your business on your hands longer than planned.
Mistake #1: Not Preparing to Sell
There’s no taking your business “as is.” You won’t get what your company is really worth if you don’t first put in some effort to spruce it up. Take care of the maintenance concerns like lease issues and staffing problems. Start the planning process two years or more in advance of putting your business on the market to ensure you’re prepared.
Mistake #2: Expecting Too Much
Your business was once your brainchild and you nurtured it into the company it is today. That makes you impartial to its actual value. Be ready to adjust your expectations and have a realistic view of what potential buyers will offer.
Mistake # 3: Not Getting the Right Representation
As Debbie Allen explains in The Balance, it’s absolutely essential that you find the right person to represent your company.
You can’t leave the sale of your business to just anyone. Without the right market knowledge, preparation, and leads, the wrong broker will just be a waste of your time and money.
Strategic M&A Advisors has a wealth of experience in business sales to share which includes in-depth legal, financial, and risk management aspects. Contact our Jackson, MS or Little Rock, AR offices. We’ll guide you through maximizing your business’ value to secure a sale.
Posted on behalf of Strategic M&A Advisors