If you are thinking about selling your business then there are a few common pitfalls which you should always try and avoid.
Not planning ahead
Not thinking ahead when selling your business is one of the most common mistakes company owners make. It isn’t enough to just think about finding a buyer and how much you can get for your business.
A successful sale will entail you considering a get out strategy; thinking ahead to ensure a smooth and efficient transition of ownership for the sake of your business and your employees.
You should consider how to value your business, advertise in the right places, find the right buyer and then plan ahead about how the sale is going to progress and follow you plan in order to keep as much stability in place so that you don’t loss staff or business in the process.
Not finding the right buyer
When you have made the decision to sell your business you may be tempted to sell to the first person who offers you what you have valued your business at or sell to whoever offers the most money.
Selling your business quickly may seem like a good idea at the time but it would be crushing to later find out that you sold to the wrong person and they have now run the company that you spent so much time building up, into the ground. Take your time and find a buyer who shares your values and visions for your company.
There is a lot to be said for gut feelings, especially in the world of business.
Not taking a step back
Many business owners forget that they are selling their businesses and not themselves. This is a common mistake and one to be avoided.
Remember to take a step back, take yourself out of the picture and try to be impartial when selling your company. Buyers may be out off by an owner who is too involved as they may get the impression you are not ready to let go or mistake your eagerness for you trying to hide other less-favourable aspects of your business.
Remember buyers want to be able to picture how they would run the business, not how you already do.
Selling any company can end up being very difficult if you don’t get it just right but this shouldn’t put you off. The market in the UK is extremely buoyant right now and now is the best time to get the best price for your business.
Simply avoid these common mistakes and seek out professional advice from an expert in business valuation and sales such as Company Valuation Services. The valuation calculator can provide you with an accurate valuation of your business which will help you sell your company at the right price, at the right time.