If you’re thinking about selling your business, congratulations! You’ve built something worth selling, and that’s no small feat. But as you enter into the process of finding a buyer and negotiating a sale, it’s important to be prepared for the unexpected.
Here are a few things you should keep in mind as you enter into this exciting—and sometimes unpredictable—process.
The Process Takes Longer Than You Expect
When you decide to sell your business, it’s natural to want the process to move quickly. After all, you’ve decided to sell, so now it’s just a matter of finding the right buyer and getting the deal done, right?
Unfortunately, it’s not always that simple. The process of selling a business can take months—sometimes even longer.
So it’s important to be patient and work with your broker or advisor to ensure that you’re making the best possible decisions at every step.
You May Not Get Your Asking Price
It’s no secret that sellers want to get the highest price possible for their business. But in many cases, sellers have to be realistic about their expectations. Depending on various factors—the current market conditions, the health of your business, etc.—you may have to adjust your asking price to attract buyers.
Again, working with a broker or advisor can help you understand what buyers are likely to be willing to pay for your business and how to position your asking price accordingly.
The Sale May Fall Through
Even after you’ve found a buyer and come to an agreement on the price, there’s always a possibility that the sale may fall through. Buyers may change their minds, financing may fall through, or any number of other things could happen that scuttle the deal. It’s important to be prepared for this possibility and to have a backup plan in place in case things don’t go as planned.
Selling a business is a big decision, and it shouldn’t be taken lightly. If you’re thinking about selling, make sure you’re prepared for the unexpected by working with an experienced business broker or advisor who can help guide you through the process.
And remember: even if things don’t go exactly as planned, don’t give up! With perseverance (and a little bit of luck), you’ll find a buyer who’s willing to pay fair value for your business.