When preparing to sell your business, it’s crucial to know about the most common mistakes that other business owners make so you can avoid making the same errors. One wrong decision can cost you a lot of money when selling your business, so continue reading to learn how to avoid the top three mistakes business owners make.
Not Planning Ahead
You can’t sell a business overnight! All business owners should be planning the sale of their business for years in advance, as it typically takes an average of two to four years to complete the entire process. Long-term planning is key, which includes a detailed business history and updated records. Even if you aren’t planning to sell, a buyer may be interested in your business and make a great offer- so it’s always smart to be prepared!
Selling To The Wrong Buyer
Selling a business is a huge decision, and selling to the wrong buyer can have very negative consequences. Business sales can go bad after the new owner takes over, especially if they have little to no experience and are a poor leader. As a successful business owner, you may make it look easy to run a company, but the wrong person for the job can result in your business failing. After spending so much time, money, and energy on your business, the last thing you want to do is to let it fail under the leadership of the wrong buyer. It’s crucial to take your time to ensure you make the best decision and evaluate all options thoroughly.
Not Finding The Right Broker
Finding the right business broker is an extremely important step when selling your business, as they will save you time and money and find the best buyer for you. The wrong broker can waste your time by not providing any leads, while the right broker will do the work for you! Although Atlantic Business Brokerage is not a large firm, we are very successful in what we do. We are built on integrity and honesty and has a long history of highly satisfied clients and customers. Learn more about our seamless selling process and be sure to contact us today if you’re interested in selling your business with the best!
Sell With Atlantic Business Brokerage, Inc.
At Atlantic Business Brokerage, our mission is quite simple; we help sellers sell businesses, and buyers buy businesses! Over the past 30 years, ABBI has facilitated the sale of countless commercial properties, businesses, and franchised locations. With our unparalleled knowledge of the business purchase and sale industry and our network of contacts, we offer services to both buyers and sellers that no other brokerage firm can match.