Six Questions to Ask When Thinking About Selling Your Business Yourself

You’ve built your business up into the success it is today and now it’s time to advance to your next endeavor. Given all you’ve learned building your business yourself, selling it yourself should be possible, right? Here are six questions to ask to ensure you’re prepared:

Can I keep up with my management tasks while also focusing on selling my business?
Avoiding any negative impact to current business performance is important at this critical time in the business’s history. Be certain that focusing on the sale process while running the business doesn’t lead to errors, delays, or lost opportunities. A drop in business performance during the sale process could result in a renegotiated or failed deal altogether.

Can I build an accurate valuation myself?
Overcoming personal biases about the value of your business is critical so that you don’t underestimate, or overestimate, when you create your valuation. No one wants to put forward a valuation that leaves money on the table or deters buyers.  

Can I market my business effectively to attract the best buyers?
Once you’ve built an accurate valuation, it is important to ensure your business is presented and marketed effectively; ideally in a manner that attracts ideal buyer types and drives competition among those buyers.

Do I know how to reach all the potential buyers for my business? 
Tapping into a pool of potential buyers is necessary to gain exposure to a full range of offers when you sell your business. You’ll want to protect your business from an unnecessarily low selling price due to lack of access to a wide range of qualified buyers.

Who can negotiate on my behalf in this transaction?
It is paramount to assign the task of negotiating your deal to someone who is skilled in addressing your needs as well as the needs of the buyer, while fully protecting your interests. The appropriate negotiation tactics required for a business-for-sale transaction are often difficult for business owners to deploy themselves without damaging relationships with potential buyers.  Having the right intermediary can make a big difference in the closing price.

Do I have all the financial, legal, financing, and deal structure knowledge I need?
Making sure you don’t overlook crucial documentation or fail to anticipate buyer concerns that can come up during due diligence is necessary to avoid delays and trust issues that jeopardize the transaction. Anticipating potential legal landmines such as liabilities, warranties, or compliance issues is also necessary. Getting exposed to creative deal structures can maximize the value of your business and improve the likelihood of your sale.

Expert representation allows your business to be presented confidently and professionally. When an experienced Merger and Acquisition Advisor communicates the strengths of your remarkable business and outstanding management team, it resonates more effectively with buyers. Their years of experience and credibility lend weight to the assessment of your business’s value, building trust and enhancing the buyer’s perception. Their professional approach can significantly impact the success of your sale and the final terms of the deal.

Why not consider letting the right Merger and Acquisition Advisor save you time by creating the momentum needed to lead you to the right buyers, generating a competitive environment and sharing a sense of urgency that is difficult to accomplish yourself?

It can’t hurt to start with a free valuation of your business by our expert advisors. Reach out today to get started.