30 Nov Common Mistakes When Selling a Business: Facilitating the Sale Alone
In our continued series of posts on the common mistakes made by owners selling their businesses, we will now look at those sellers who think that they can sell their business completely on their own.
Business owners are entrepreneurial by nature and likely to take the do-it-yourself approach often. While this is an important personality trait to have as a business owner, one that probably contributed to the success of your business, it may not be the best idea when it comes to selling your business. From determining the valuation to finding the right buyer and closing the deal, the process to sell a business is not only detailed, but it also consumes a lot of much needed time, especially if you run your business full-time. Partnering with the right business broker allows you to remain focused on running your business while trying to sell.
Your broker should first evaluate your business and provide feedback on potential red flags, whether with your financials, your building, or even employee vacancies. Again, determining the right valuation is critical in selling your business, and your broker will look at all the factors to find the right price. Experienced brokers will also have access to a pool of potential buyers and should pre-qualify them before they ever step foot in your business. They will then manage the sale through closing, all while you remain focused on the priorities of running—not selling—the business.
This is why you should find the right broker for the sale of your business now! Contact Moche Hazout at Transworld Business Advisors today!