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Tips to help you sell your business |
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Friday, 04 January 2008 |
Insufficient training will almost certainly cost you the sale of your business. If potential customers for the sale of your business knowledge any delays on requested information, they will usually be scared away, and who can blame them. If they feel you are not prepared for the sale, then how must you run your business? Which would lead them to think that maybe you are selling the business because it is not doing so well. Selling your business does not have to be a difficult exercise. If you do all of your home work before putting your business on the market, you will be one step closer to smooth and anxiety free sale.
Failing to identify the best buyer is another vital point to remember. Sometimes if the sale of your business is taking longer then expected, or you are after a fast sale, you can waste a lot of time and effort by qualifying a possible buyer who is really just a tyre kicker, when this time could have been used with the serious potential buyers that have now lost interest. Understanding the buyer’s motivation is the key. Negotiating with the wrong buyer will cost you the sale of your business, so make sure you inquire just as many questions as the potential buyer. Asking them if they have their finances ready is a great start.
Over-pricing the business will result in a decrease of interest and in some cases eliminating interest all together. Write down the price you want for your business and ask yourself why? How did you come up with this number? More often then not, business owners have an emotional attachment with their business, which can sometimes result in over pricing. Make sure you look for guidance from your accountant, who will be able to give you a realistic business valuation. A business dealer can also assist with this, as they are up to date with current market trends.
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