If the competition in your market is aggressive in trying to lure away your customers, a would-be buyer may hesitate. The buyer will want to know how the competition is affecting your business. The buyer may even consider the possibility that increased competition may be the reason you’re selling and decide to walk. Even as [...]
When selling a business, often a key component is the contracts to which the company is a party. They may be contracts with customers, which include the company's revenue, contracts with vendors, or various licensing agreements that allow the company to operate. It could involve a lease for a particularly favorable location or on particularly [...]
For many business owners, the idea of selling their business may seem inconceivable. It may seem so distant they do not even consider the significance of negotiating a new lease. However, a business’s leased premises can be one of its most important assets. Can you negotiate a lease with the landlord while selling your business? [...]
Details, details, details. When you’re negotiating the sale of a business, everyone comes to the table with their own details—what they want and don’t want, what they need and don’t need, and their own strategies and expectations. Negotiating the sale of your business can involve everything from price to employees to branding to intellectual property [...]
It is imperative that you maintain the trust of the person who is interested in buying your business. The last thing you want to do during negotiations when selling your business is to lose credibility with the buyer, otherwise, it’s most likely that your deal will go up in smoke. Buyers come to the table [...]
As a business owner, it can be very exciting when a potential buyer inquires about your business for sale. This may happen when your business isn’t even on the market. Although there may be many aspiring business owners in the community, many of them will never be business owners. They may not have the skills, [...]
Congratulations! You’ve just received a Letter of Intent from a prospective buyer for your business. Try to contain your level of excitement because, when that Letter of Intent arrives, you still have a lot of work to do before selling your business and the deal closes. From here to closing, expect another 90 to 120 [...]
Sure, you’re excited about possibly selling your business and moving on to a larger project or simply retiring. It’s easy to get excited about the large payout in the offing. But revealing too much too soon can put the deal, and your business itself, in jeopardy. When the time comes to sell your business, just [...]
Benjamin Franklin, Winston Churchill and many others have said it: “Failure to plan is planning to fail,” or some version thereof. This is certainly true for a business owner, who someday will decide to exit the current business and retreat to a retirement of peace and enjoyment. This is why we recommend that business owners [...]
Every owner knows that the financial situation of his/her business is the heart-and-soul of the operation. Keeping sloppy books can not only foul up the operation, it can mean disaster when it comes time to selling your business. When meeting with prospective clients, we often tell business owners to “clean it up.” Clean up the [...]
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Our book can teach you how to plan now to maximize the sale price of your business.
Deal Killers is a practical guide for current and future business owners who will, at some point, consider the sale of their business.
