Business is like a game of chess: no matter how many hours you spend strategizing and winning, the game has to come to an end. But few business owners realize that there’s life beyond checkmate. They burn out on their business without realizing it and often wake up wanting to exit—only to realize exiting is a beast.
The truth is, selling your business isn’t a walk in the park. This is a process that takes months of work. Allbusiness.com reports that 28% of businesses sell in 6 months, while 31% of businesses sell within 9 months. That’s a lot of time and effort spent on a business sale, which is draining if you’re new to the process.
The good news is that when you know what to expect from the sales process, you can not only save more time and sanity, but also get a better paycheck from selling your business. Follow these three tips to know what to expect from selling your business.
Be easy to work with (i.e. be nice!)
Buyers aren’t just evaluating your business. Like a chess opponent looking for their next strategic move, buyers are looking at everything—including you. That’s why you need to play nice when you’re selling your business. I’m not saying you have to be a pushover, but you need to be amicable and easy to work with.
After all, a buyer isn’t going to be through with you after they get the keys to the kingdom. You’re going to need to train them and answer questions for a few months after the sale. They need to know that you aren’t a jerk!
Follow these quick tips to let your light shine during a business sale:
- Be likable: Just like high school, likability is the key to good business. This matters because you’ll have better conversations with your buyer, which usually lead to better deals.
- Be honest: You don’t need to spill the beans here, of course. Honesty is about being transparent about what you will and won’t share, and why. This makes you more likable and reduces the buyer’s perceived risk.
- Be informed: For the love of Pete, don’t storm into a buyer call if you don’t know your business. Understand the financials, historical trends, and the internal mechanisms of your business. A buyer can tell if you don’t have that deep knowledge, and it’s a red flag.
Read More at : https://www.entrepreneur.com/article/343564