The same story plays out repeatedly. A business owner wants to sell their business and go about the process alone. They think: “Why should I pay a commission to a broker when I can do this myself.” As the ship sails in their journey to sell their business without a broker, the ship eventually hits a catastrophic storm in the middle of the ocean (and down it goes).
Here are the #3 Biggest Mistakes Made by Sellers When Selling Their Business:
- Business Valued Incorrectly: What a business owner thinks his business is worth versus the reality are two different things. Surprisingly, the business owner typically undervalues the estimated price of the business. The rest believe they have an Amazon or Apple on their hands and ask for an astronomical price.
- Improper/Incomplete Documentation: The business owner fails to properly gather, organize, and disseminate key company and financial documentation to the potential buyer. The prospective buyer will run the other way when they see this lack of preparation or organization.
- Take it Personal: Why can business owners be so touchy when asked reasonable questions by a prospective buyer? Prospective buyers want to ask fair and detailed questions about the business before they commit their hard-earned cash to the acquisition. Business owners get touchy with these questions and take it personal (inevitably killing the deal).
If you’re a business owner reading this blog, you are definitely thinking this is a self-serving article, so you hire Tempus. Duh, of course we want you to hire Tempus. However, the reality is still the same. We hope you don’t commit these #3 mistakes and contact us to take a deep dive on the benefits of hiring a Captain to steer your ship to close!
Author:
Gil Sanchez, Esq.
Founder & CEO of Tempus Business Strategists, LLC
Senior Business Intermediary
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About Tempus
Tempus #1 goal is to represent Florida business owners in selling their business for as much and as quickly as possible. We sell businesses from all industries. Deal size ranges from $50,000.00 to $20,000,000.00.
We also assist buyers to acquire businesses, business consulting and valuation opinions.
We market our listings confidentially to people and companies in the U.S. and around the world.
All buyers are required to sign Confidentiality Agreements and provide their own personal financial statements.
Our business brokers and business intermediaries will assist in providing a business valuation opinion, guide buyers for financing and take a listing from listing to close.
No upfront cost to hire us. We are paid only if we sell your business.
Contact us now for a free phone or in person consultation. 844-509-5778.
Tempus Business Strategists, LLC (“Tempus”) is a Florida Licensed Real Estate Brokerage (License #: CQ1051910). Tempus is a Member of the Business Brokers of Florida (“BBF”), International Business Brokers Association (“IBBA”) and Alliance of Merger & Acquisition Advisors (“AMAA”).
