Selling Your Small Business – The Pitfalls Of Going It Alone

Your do-it-yourself spirit is the reason you launched your own business. When you’re ready to cash out, it’s natural to assume you have what it takes to sell it.

Reality check: No, you don’t.  

Selling a business is a complex process with unexpected challenges and pitfalls when you go it alone.

Unrealistic expectations – because you’re not entirely objective about the pros and cons of your business. That’s why many do-it-yourself listings sit on the market, too long, or never sell at all.

Failure to prepare – because most owners have no idea how much groundwork is required:

  • Multi-tiered analysis of the business-transfer market.
  • Determining the true value of your business including equipment and stock.
  • Compiling accurate financial records for review by a potential buyer’s team.

Bungling negotiations – because successfully selling a business requires expertise and a very specialized skill set. Owners who go solo often over-value their business but you’d be surprised how many leave money on the table because they’ve under-valued it.

Next up: What A Talented Broker Brings To The Table. 

Topics: Insider, Uncategorized, value

Gokul Padmanabhan

Written by Gokul Padmanabhan

Gokul Padmanabhan has devoted the past 15 years to buying and selling businesses, much of that in the restoration industry. His partnership with RESCON Business Brokers strengthens his hands-on expertise with a national presence and infrastructure that is second to none.