SelfGrowth.comThe Self Improvement Guide
Article

5 Guaranteed Ways Not to Sell Your Business

Topic: Business ConsultingBy Andrew RogersonPublished Recently added

Legacy signals

Legacy popularity: 1,481 legacy views

Legacy rating: 2/5 from 2 archived votes

Selling a business is not easy. Here’s a look at 5 guaranteed ways you will NOT be successful. 1. It is unclear exactly what is being sold. Make sure it is clear exactly what is being sold. For example, have a list of all the Fixtures, Furniture and Equipment. If any items are not being sold, make sure this is stated clearly and at the first meeting and why, or preferably remove the items completely from the business. If vehicles are included, make sure they are roadworthy and have smog clearances. 2. Failure to explain to the buyer the real value in the business opportunity and determine if this meets their business search criteria. If the sale includes real estate, check the Title to make sure it corresponds to what you think are the boundaries. Do any of the buildings need repair? Are the fixtures in good shape and operational? Would painting the building or cleaning things up improve the presentation?

3. Failure to follow through with an interested buyer and keep the process moving forward. Time kills all transactions. Make sure everything is in order and readily available so the process keeps moving forward. 4. Telling the buyer they are incompetent or don't know what they are doing. It sounds obvious but I’ve seen it done.

5. Selling when you shouldn't. Some sellers try to sell a business when they run out of energy, are distracted by personal problems such as a divorce or medical problems, the business is not performing at its best due to the economy, or there has been a shift in the economy that reduces the demand for that service. There are many other reasons but to increase the chances of selling, make sure there is a compelling reason to expect a buyer to buy the business. If you would like more information about selling your business, visit my website; http://www.Andrew-Rogerson.com and order a copy of my book Successfully Sell Your Business: Expert Advice from a Business Broker.

Article author

About the Author

Andrew is a 5-time business owner and his expertise includes helping owners sell and/or buyers purchase a business, new entrepreneurs buy a franchise, certified machinery and equipment appraisals and business valuations. His credentials include the CBI designation from the IBBA and the CBB from the CABB. Andrew is also a published author on four books on buying or selling a business available at Amazon.com.

Further reading

Further Reading

4 total

Article

Self Mastery As A Way Of Life

Old habits die hard, as the saying goes. And one habit that most of us share—and find difficult to both notice and shake—is our tendency to run “on automatic.” Unconscious patterns of thinking, feeling, and behaving are often the silent saboteurs of self mastery in our ...

Related piece

Article

Benefits of a transition plan when selling your business

For most owners of a privately held company, when the time is right they want to sell their business for the highest price possible in the quickest time possible and live happily ever after. There is nothing too complicated in that and at a basic level, that’s perfectly fine. However, a question to ask is whether the business owner wants to sell the business or is their preference to transition the business?

Related piece

Article

How a business transition plan enhances selling your business

A transition plan that allows the business owner to sell the business for the highest price possible in the shortest amount of time to the most qualified buyer is generally the top of the wish list for most business owners. Because the business owner lives and breathes their business they become emotionally attached to their customers, employees, suppliers and other business partners as the business is a reflection of who they are.

Related piece

Article

Importance Of Terms When Buying Or Selling A Business

In the initial stages of listing a business for sale, all the attention is placed on getting the business in shape so it presents as strongly as possible, sometimes doing a business valuation to arrive at the most appropriate listing price for the business and discussing the tax implications to the seller of the business. Tom West is the owner of Business Brokerage Press and he has a great saying that most sellers and buyers don’t understand until they get into the negotiations of the transaction and it is – You name the price and I’ll name the terms.

Related piece