5 Things Every Business Seller Should Know
Don't wait until you are forced to sell for any reason, whether financial or personal.
Plan ahead carefully by cleaning up the balance sheet, settling any litigation, tackling any environmental problems, and by gathering in one place all pertinent corporate documents.
Remain with the company in some capacity after the business sale to get a better price.
The trend is for sellers to assume they will retire after selling the business. Many buyers will pay more to have the seller stay aboard, thus helping to reduce their risk.
Realize a Buyer Will Not Appreciate the Work That Went Into Building Your Business.
Unfortunately, buyers look at your business simply as an investment. Neither they nor their sources of capital (banks, investors, etc.) have any way to understand, appreciate, or value the blood, sweat and tears that you put into building it. Try not to take it personally.
Buyers Love it When Your Represent Yourself.
Few sellers are experienced in business sales or valuation. All sellers are emotional when it comes to selling their "baby". No seller is objective. Business sale advisors have a tool kit of options built from years of experience.
Don't Take Your Eye off the Ball.
Selling a company is full time task. Running your business is a full time endeavour. Exiting your business is one of the most significant events in your life. Take advantage of all the resources available, and get help from a professional business sale advisor.