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.