Business Selling Mistakes
Selling a business is a complicated process. Even the most successful people can make mistakes along the way. When selling a business, take note of these common mistakes that you should avoid:
1) Setting a sale price too soon
You immediately put yourself in a disadvantageous position when you set the sale price too soon without knowing the value of your business. Talk with your accountant and a financial advisor and even consider getting an appraisal from a 3rd-party source. Remember, you can always go down in price, but it is hard to raise the price once it is set.
2) Waiting too long to sell your business
If you are starting to consider selling your business, pay attention to the market and economy. Look for signs for when it would be an excellent time to sell. Don’t wait until the competition has increased or market conditions have changed not in your favor.
3) Negotiating with only one buyer
If you can entertain multiple buyers for your business, that will ensure you can get the best deal possible. It prevents any one buyer from holding too much power in the negotiation process since they won’t be your only option.