Before going
into great detail about all the different aspects of selling
a business such as business valuations, price negotiations and
due diligence, I think it is a good idea to get a basic understanding
of the overall process.
In this
Overview Section, some of the topics we will discuss include
how buyers think and what they look for in a business. And we
will list some of the common mistakes business owners make that
stop them from successfully selling.
The
Six Steps To The Sale. But first, lets take a look at the
big picture: the specific steps that are a part of every business
sale. The
6 Steps To Selling Your Business
—
Positive
Features That Will Attract a Buyer: No matter what type
of business you run, there are certain features that all buyers
will be looking for when they evaluate your company. Of course
profits are important, but are your profits trending up or down
in recent years? You may have a lease in place with low rent,
but how long before it expires?
A qualified
prospect will have many businesses that she can buy and will
always compare your business to the others she has researched.
The more you can highlight the positive elements of your business
the better you will look compared to other businesses on the
market.
Here's a
list of The
Most Important Features That Attract A Business Buyer.
—
Understanding
The Psychology Of The Buyer: Buyers are interested in more
than just the profits of your business. They want to know if
the business is right for them. Will they enjoy owing it? Is
it risky? If they are new to the field, they will wonder if
they have the right experience or can they get the needed training?
To your
prospect, these concerns can be just as important as your company's
sales and profits.
So, in order
to increase your chances of selling quickly you should Understand
The Psychology Of Business Buyers
.
—
Common
Mistakes Sellers Make Or Why Some Businesses Don't Sell:
Next, we discuss why some businesses don't sell.
There are
any number of reasons why a business may not sell, but the two
most common mistakes sellers make are that they set an unrealistic
asking price (and then refuse to negotiate) and they try to
hide negative facts about the company from the buyer. Trying
to hide the truth about pending legal issues , tough competition,
shrinking profit margins or other problems never works - the
buyer will always find out. So it is vital that you to understand:
Common Mistakes Business Sellers
Make
Sell
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