What To Do and What Not To Do When Selling Your Business - The Comprehensive Guide

Trying to Sell Your Business? Just Don’t Skip These Crucial Steps

If you’re thinking about selling your business, you know that it’s important to get the right price and fast. But you may be missing a key step.

To get the right price, you need to do more than simply come up with an offer.

You need to make sure that you understand how much money you can get for your company.

That’s why it’s so important to perform a business valuation.

It will help you figure out if you’re being offered too much or not enough.

Plus, you can’t get the right value for your business if you don’t know what to look for.

Here are four things you need to consider when performing a business valuation:

1. Find Your Reason to Sell the Business

Finding the reason why the seller want to sell their business is the first and basic (yet incredibly important) thing for buyers to know.

How and why the business is good come secondary. The first thing your buyer wants to know is, what is your reason?

Why are you selling? What’s the real reason you want to sell? Is it money?

If yes, what are exactly you planning to do with the money? When do you expect it? What is the structure? How about the terms and conditions?

Did you have any similar transaction in the past? Is it because the business bad? Is it because you need to get out of the business?

Is it because you just feel like you have to, or you don’t want to live with the consequences of your business anymore?

Is their reason resonates with the numbers? Are you feeling any “guts” in your stomach that tells “this is a good business” or “there’s something fishy about this person”? And so on..

See? By going through these questions you could understand the whole story and what is the “real” motive behind the transaction from the buyer’s point of view.

What to do

• Don’t lie or trying to hide even a bit of truth. Your buyer is not dumb.
• Make everything simple. Make it easy for people to work with you.
• Prepare a 6-to-8-pager presentation. Don’t bother with technical details yet. They want you to show them from the helicopter view, the big picture.

What not to do

• Lying. If your buyer lose trust at the first impression, trust me, they don’t even want to hear one word from you.
• Not understanding where your business true value is. Or even worse, not really understanding what you’re selling.
• Don’t rush. Your buyer needs time to chew the gum.
• Don’t over complicate with the details yet, or they’ll lose you.

Find the next 6 steps along with What to do and What not to do before selling your business...

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