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10 Mistakes to avoid when selling a business

Don't make these common errors when selling your business.

07725644913 - info@hyde-house.co.uk

Mistakes to avoid when selling a business.

Don’t Make these common mistakes when selling your business

1. Don’t rush to market your business before understanding its potential value. Take care not to undervalue or overvalue your business.

2. Don’t begin the process without understanding what’s involved.

3. Don’t talk to much about or make public your intention to sell your business.

4. Go to market at the wrong time. The wrong time can be too soon or too late!

5. Don’t take your eye off the ball. If you are thinking about or are in the process of selling, try to concentrate on maintaining your business’s performance and leave managing the sale to someone else!

6. Don’t mislead a buyer. Anything said in the run up to a sale will be verified or discounted and potentially could ‘cost’ during due diligence.

7. Don’t underestimate your value to the business. Is succession management in place?

8. Pay too much for your adviser. Beware extortionate up front fees which remove the incentive for your advisor to complete your transaction.

9. Pay too little for your adviser.

10. Do not sign any agreement or feel pressured to sign an agreement with the adviser present. Take your time and review the details. If the agreement runs to several pages it would be wise to run it by your solicitor. Better still; ask yourself why such a detailed contract is necessary and find a different broker.

A copy of our terms of business can be found here for comparison.

You may be also be interested in this helpful guide to help you select the right business broker.

Common Broker Tricks And Tactics

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