Three Tips for Managing Your Business While It’s for Sale

When your business is for sale, you’ll want to maintain the same standards of success and productivity as you ever have. You might even want to grow the business and increase profits during this period.

However, unfortunately, some business owners get so distracted with the sale, they fail to run things as well as they usually would. As you can imagine, if your business’ standards start to falter, prospective buyers may lose interest. Let’s take a look at some tips for running your business while it’s on sale.

1.    Ensure Confidentiality

During the time your business is on the market, you should always make sure to uphold the highest standards of confidentiality. If word gets out that you are selling your business, people may assume there is a problem with the business even though that is very much not the case.

When the confidentiality of the sale is leaked, I’ve seen some unfortunate events occur that derailed the sales process. For example, employees can get nervous and start looking for new jobs. In the same way, customers may get nervous that they will not receive the same quality from the new owners. This could cause your business’ profits to decrease.

2.    Keep Things Running Smoothly

Now is probably not the time to make big changes. You want to make sure you keep things somewhat consistent. If you are in the midst of negotiations on a sale and a buyer finds out things are different from what they expect, this could cause them to get cold feet. On the other hand, if you can grow your business while you’re waiting for the sale to go through, this could serve to benefit the transaction.

3.    Get Help from the Experts

When you hire an intermediary, it will take much of the pressure off of your back so you can get back to focusing on what you do best. You’ll be less distracted when it comes to the day-to-day management of the sale. Also, be sure you select an attorney who is knowledgeable about M&A transactions and an accountant who can help you understand how taxes figure into the big picture. This will help protect you and ensure things go as smoothly as possible.

A typical business takes 9 months to a year to sell. As a result, you may be in a situation where your business is for sale for an extended period of time. When you make the right choices during this time period, you can ensure that operations will run in a routine manner. When this occurs, buyers will see minimal uncertainty and feel more confident about their purchase decisions. This will help you to command maximum value for your business.

Sunbelt Business Brokers of Columbia provides dedicated intermediary services for all of your buying and selling needs. Whether you are an established business owner nearing retirement and looking to sell, or an ambitious entrepreneur seeking your next investment opportunity, there is no reason to look beyond Sunbelt Business Brokers. Visit us at 1916 Barnwell Street, Columbia, SC 29201, or contact us at 803-779-29219.