General
Most Common Mistakes People Make When Selling A Business
If you are ready to sell your business in the Triangle, there are many important steps to prepare for a successful sale and a smooth transition of ownership. Whether you are ready for retirement or planning a new venture, at Sunbelt Business Brokers in Durham, we understand the necessary steps to ensure a smooth transaction and the best possible price when selling your business.
Unfortunately, not everyone is prepared when it comes to selling their business. Most business owners are not experienced in selling a business; therefore, they make mistakes along the way. By learning these common mistakes, hopefully they can be avoided.
Here are 3 common mistakes people make when selling their business:
- Moving too quickly – By moving too quickly, there’s a big chance of not understanding the complete selling process which often results in selling too quickly. Learn the terminology of the selling process and understand the typical timeline for a sale. Also, if you set a price too soon, you risk stating a price without knowing the full potential of the business. It is hard to raise the price one it’s been set.
- Not defending your valuation – You have worked hard to create value for your business so you need to be prepared to defend that value. Prepare back up materials and be ready to negotiate.
- Not hiring a professional – Selling a business is a complicated process. Seeking business and legal advice from experienced professionals will result in a more success outcome.
Our expert brokers are here to guide you through successfully selling your business in the Triangle. Contact us to start the process and address any concerns or questions. Our brokers have helped thousands of business owners and we would love to help you sell your business today.
