How to Be More Flexible When Selling Your Business
Selling a company will not happen overnight. While a quick closing does happen for some, there are plenty of successful businesses out there that take months or years to sell. Understanding how to best prepare for the sale of your business can help you avoid mistakes and remain patient.
An important aspect of selling your business is to be flexible. So many factors are involved with selling a business, and therefore, lots of issues can come up. Being flexible means being able to work through these issues with buyers to avoid sabotaging your deal.
A good Business Broker will tell you that your price needs to be negotiable. Remain willing to accept a lower offer if the reasons behind it are valid. These factors range from lack of systems, quality of management, and limited geographical distribution, to an overreliance on a handful of customers or key clients.
Three things most business owners want when selling their business are confidentiality, the right price, and a quick turnaround. Attaining all three of these is a fairly difficult task. You might have to sacrifice price for quick turnaround, or quick turnaround for price.
Selling a business takes time. You have got to find the right person, at the right time, with the right capital. Set realistic expectations around how long it is going to take to sell the business. The fact is that stressed out owners are far more likely to make mistakes.
Remember that old saying, “You win some, you lose some.” There will be points of contention in the selling of your business. You will lose some battles and win others, but however it plays out, it’s important to remember that a good deal (not a perfect deal) is better than no deal. Do not) lose sight of what you want to achieve: a new venture with your business sold!
Ready to sell your business? Contact us today!