The 10 worst mistakes you can make when selling your privately owned small business - Page 2
In the end, no matter what your scenario or reason for selling, your objective is to get the most money for your blood, sweat, and tears. Here are ten mistakes not to make when selling your privately owned small business:
1. Not Knowing Your Business's True Market Value: Different buyers will have different perceptions of value and some will pay far more than others. Unless you know your business's range of value you are handicapped in the process. Knowing value is always the best starting point when you plan to sell your business.
2. Having Customers, Employees and Others Know that you are Planning on Selling: Keeping the entire process completely confidential is essential, otherwise you create the risk of losing employees, customers, and vendors. This will negatively impact both value and marketability.
3. Stating an Asking Price: Putting a price on a business creates a ceiling. If you are able to find that "value added" buyer who will pay a premium for your business, a stated price may result in a lot of money left on the table.
4. Providing Seller Financing: There are a number of lenders who will finance buyers wishing to purchase privately owned businesses. Your objective should be to get "cashed out". If you do provide any financing, it should be a small percentage of the sales price.
"The 10 worst mistakes you can make when selling your privately owned small business - Page 3"
"The 10 worst mistakes you can make when selling your privately owned small business"
"The 10 worst mistakes you can make when selling your privately owned small business - Page 3"
"The 10 worst mistakes you can make when selling your privately owned small business"
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