Three ingredients for a successful sale

When it's time to sell your business there is a lot that can go wrong. With it being such a large transaction that takes a considerable amount of time, there's a lot of moving pieces that can go haywire. But what we've observed in over 40 years of helping entrepreneurs sell their business is that all successful transactions have these three ingredients in common:

First, there must be a strong commitment and sincerity to actually selling the business and ensuring a transfer takes place. Many times sellers fail to make proper and timely decisions to satisfy potential buyers and consummate a sale. Don't let this be you.

Secondly, you must make sure the business goes to market at the highest achievable price for you, while being able to prove to any potential buyer that it's a worthy investment. You should never consider exiting your most important asset without first securing a professional business appraisal from an independent, third-party appraiser.

Third, avoid the use of a compromising professional, which is a broker who works for free. Do you really think someone working for free is making choices that are in your best interest? They are most likely making choices that get them to a commission as quick as possible I'm not suggesting that brokers who work for free are all dishonest, but I am saying they are compromised by their financial position. By nature they are more inclined to put their own needs above yours in many situations.

When you are serious about selling your business, do these three things to ensure you get your business sold the right way for the right price. Give me a call to get started!

*This content is from the book E4: Evaluating, Entering, Enhancing, and Exiting Privately Owned Businesses. Written by Bill Bumstead, President of Advocates Business Consultants.