There comes a time when you are ready to move on and sell your business. It’s a difficult decision to make because you raised your baby from the ground upwards. However, it’s the right move if you are no longer passionate about the role, need to unwind, or the offer is too good to turn down. After all, everything has a price.
Selling isn’t simple. Even with the right people by your side, it’s unlikely the business will go in a short space of time. Finding a buyer is difficult in this climate as there isn’t a great deal of money floating around. Here’s how to snap up the chance when the opportunity arises.
Waiting Too Long To Sell
Because there are lots of emotions involved, it’s tempting to mull over the deal. Well, maybe I’ll wait a little while longer in the hope of a better offer. Plenty of owners go down this path and end up missing out. Why? It’s because buyers won’t wait around forever.
They want to invest and they want to do it ASAP. Plus, the odds that there is a greater offer out there are low. Try and make an analytical decision devoid of emotion and feeling. Let the figures do the talking.
Not Finding The Right Person
Completing the transaction without a professional realtor is hard. They have the contacts and the experience to get the job done. Plus, they can put you in touch with interested parties from the very beginning. Like all experts, some are worth the money and others are cowboys pretending to be pros.
They say all the right things but don’t follow through. For example, a bad realtor will raise the value of the property to boost their commission. Sadly, no one will make a bid because it’s too much money. You need to interview as many people as possible before making a final decision.
Forgetting To Clean Up
There’s a fine line between bare and cold and a blank check. The first one is unappealing, whereas the second one is an opportunity. So, removing all the furniture and gutting the place can be a smart move. In fact, it’s encouraged depending on the expert you talk to.
However, forgetting to tidy up is a huge no-no. All it takes are commercial cleaning services that will get rid of any mess. More importantly, it helps the property to make an excellent first impression. If this doesn’t happen, then the chances of selling are low.
Leaking The Sale
One reason people are interested in buying a business is the setup. Everything is taken care of to a degree and they don’t have to create a successful company. Sales mean they’ll get their investment back pretty quickly too.
Of course, if these features don’t exist, then the interest will wane. Why buy a company that isn’t making as much money as before? Leaking the sale is harmful because customers and clients will pull back. Keep your cards close to your chest.
Can you avoid these errors and sell up ASAP?