Selling your business yourself?
Ever sold a company before?
Think you can sell one now?
Selling a business may sound like a simple matter, but it’s not. There are too many pitfalls to avoid.
You’re not just selling assets – there are also liabilities to consider. How are you going to make those sound attractive to buyers?
You’ll also need skills in accountancy, presentation, research, negotiation and qualification and, of course, a thorough understanding of the legal requirements of such a complex sale.
Putting it simply, if you don’t know what you’re doing, you’re making a big mistake.
Doing it yourself sounds easy – at least in theory
Listing websites make it sound so simple: pop an ad offering your business for sale in the listings for a small fee … and then sit back and wait.
Statistics show you’re going to be waiting for a very, very long time, and the reason is quite simple. Are potential buyers going to be spending all their waking hours ferreting through website after website looking for that ideal business for sale?
What you’ll need to sell your business yourself
Initially you’ll need to find a potential buyer. And that’s only the first step in a complicated sales process. The steps afterwards are fraught with pitfalls to avoid.
You’ll then need the ability to handle negotiations with specialist accountants and lawyers.
You’ll also need the background knowledge for those negotiations.
And you’ll need the kind of negotiating skills to prevent these seasoned negotiators from taking advantage of you.
As well as that, you’re going to need time. Lots of time. Buyers can afford to wait – but can you?
Just one slip-up – whether through inexperience or just being in a hurry to sell – can be fatal.
Make no mistake: M&A isn’t the kind of selling process you can learn on the job … or get right first time.