17 Aug Common Mistakes When Selling Your Business: Post Sale Transitions
Concluding our recent series of blog posts concerning the potential common mistakes of business owners who desire to sell their business, we will now turn our focus towards the failure to address post sale transitions.
While the ultimate goal of selling a business is the changing of ownership, don’t overlook what happens after the deal has been settled and the ink is drying. During the sales process, you will likely negotiate a transition plan with the buyer. You should not ignore the details of this plan to simply get the business sold. You may plan to retire or start a new venture once the business is sold, but it’s not uncommon for buyers to ask the previous owner to stay with the business for a period of time afterward. You may be asked to fill the same role, or one with scaled back responsibilities. Make sure that you are comfortable with the transition plan before you accept an offer.
When selling a business, it’s best to plan ahead. Although each situation is unique, there are some common mistakes to avoid. Don’t put off preparing your business for sale. Be sure that not only your office is in order, but your financial documents are as well. Work with an experienced broker who can help determine the best valuation for your business while maintaining confidentiality. Don’t waste your time with the wrong buyers and remember to address post-sale transitions during negotiations. These may not guarantee a fast sale, but they can ensure a smooth sales process.
This is why you should find the right broker for the sale of your business now! Contact Moche Hazout at Transworld Business Advisors today!