More
Info About How To Sell Your Business
Why
Confidentiality Is Important When You Sell Your Business
Business
buyers tend to think buying a business is like buying a house
or car. The owner runs some ads, interested buyers respond,
they negotiate for a little while and in a few days or weeks
the deal is closed. Nothing could be further from the truth.
Many
very good businesses take a year or more to sell.
The
problem is with the buyer's perception: if he knows you've been
trying to sell your business for 6 months to a year, he may
think there is something wrong with your company. Once
the buyer has this perception in his head (it may be spoken
or unspoken) it becomes almost impossible to sell for
the best price.
The
last thing you want to happen is for one of your suppliers,
customers or competitors to tell your prospect that you have
been trying to sell the business for 6-12 months but have not
been able to find a buyer. Because the typical buyer doesn't
understand that even the healthiest business can take 1-2 years
to sell, he starts getting nervous. He asks himself,
"why doesn't anybody want to buy this business?" "What
am I not seeing?" Next thing you know, he's searching for
some other opportunity to buy.
While
negotiating, you want to have as much control as possible.
If you're in a hurry to sell because your employees are getting
nervous or a competitor is spreading rumors it will always cost
you money.
For
this reason, when you decide to sell, keep this decision close
to your vest. Don't tell people who can't do anything
to help you. Only tell the people who can help you sell the
company - your accountant, lawyer, advisors etc.
The
bottom line - maintain your confidentiality and you will maintain
control of the seling process.
More
Articles On How To Sell Your Business:
3
Questions You Must Ask Before You Sell Your Business
What
Business Buyers Want
How
To Sell Your Company - 4 Important keys
Why
It Is So Hard To Sell Your Business
Do
You Need A Business Broker To Help Sell Your Business
How
To Choose A Business Appraiser
Use
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and you pay no broker commissions when you sell.
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