Join Free! | Login    
   Popular! Books, Stories, Articles, Poetry
Where Authors and Readers come together!


Featured Authors:  Joan Hovey, iKatharine Giovanni, iDominic Caruso, iWilliam Bonilla, iKalikiano Kalei, iLinda Alexander, iFumiko Takahashi, i

  Home > Business/Investing > Articles Popular: Books, Stories, Articles, Poetry     

Andrew Rogerson

· + Follow Me
· Contact Me
· Sponsor Me!
· Books
· Articles
· 28 Titles
· 2 Reviews
· Save to My Library
· Share with Friends!
Member Since: May, 2009

Andrew Rogerson, click here to update your pages on AuthorsDen.

Featured Book
Glimpse OF An Angel
by J. Allen Wilson

BookAds by Silver
Gold and Platinum Members

5 tips to use when selling your business
by Andrew Rogerson   
Rated "G" by the Author.
Last edited: Friday, October 09, 2009
Posted: Friday, October 09, 2009

  Print   Save    Follow    Share 

Recent articles by
Andrew Rogerson

5 traits of a successful entrepreneur
The Power of Seller Finance when selling your business
Importance of a business valuation when selling your business
Buying or selling the Perfect Business
10 things to expect from your Business Intermediary
5 things to consider if selling your business
8 tips to consider when selling your business
           >> View all

Selling a business is rarely a simple and straight forward process. One of the biggest mistakes Ive found is that the seller doesnt put themselves in the shoes of the other parties be it the buyer, lender, landlord, employees, franchisor or whoever. This article outlines 5 suggestions for a seller to use when approaching the way to sell their business.

To successfully sell a business requires a lot of preparation, attention to detail and organization.  Most sellers badly underestimate both what needs to be done and what to do if a buyer comes along.  A good rule of thumb is that it takes 10 buyer inquiries to reach a potential and qualified buyer.  There is not a shortage of buyers; there is a shortage of qualified and motivated buyers so if you find one; you need to have you’re “A" game ready. 

Here’s 5 tips to help you prepare and get organized.

1. Assuming you know what the buyer wants.
Buying a business is a unique experience with every transaction unique.  Assuming you understand the needs, wants and motivations of a buyer is a bad practice as a smart buyer will not reveal their true motivations.

2. Failing to understand the buyer's objectives and if the business meets their needs.
Assuming you know what the buyer wants is totally different to clearly understanding what the buyer wants to know from you and whether or not this is the right business for them to buy.  If you can meet the criteria the buyer gives you…you are on your way even though the criteria may not ultimately be what the buyer says to you.

3. Improper pre-sale planning and failing to be organized
There are so many steps to selling a business.  Being organized and having all the right processes in place is a starting point to try and be successful.  This includes the legal forms and processes you want a buyer to sign such as a confidentiality agreement, buyers financial statement and buyer disclosure.

4. Answering the question before it is asked
Be careful to understand the question and then provide the right answer.  You may be answering a different question than the buyer is asking…and that can be good or bad.

5. Not allowing the buyer to feel some sense of control in the decision making process.
The standard practice is for all parties to try to control the process.  Most deals collapse because one party doesn’t understand what or why a question or process is being followed at this point in the transaction.  Trust is one of the hardest components to create.

Selling a business requires a lot of patience, making sure it's clear what you are selling, being organized so you can respond to questions and requests for information while at the same time being alert to only answer questions at the appropriate time. 

If you would like more information about selling your business, visit my website; and order a copy of my book Successfully Sell Your Business: Expert Advice from a Business Broker.



Web Site: Andrew Rogerson's Home Page

Want to review or comment on this article?
Click here to login!

Need a FREE Reader Membership?
Click here for your Membership!

Popular Business/Investing Articles
  1. Kim Kardashian & Elvis Presley's Twitter P
  2. The Ultimate Book for Freelancers
  3. 'Limitless' Will Empower You
  4. Frank Sinatra & John Wayne Refused Dirty H
  5. Schwarzenegger Used a James Bond Lifestyle
  6. Sean Connery Tells His Reason for Success
  7. Schwarzenegger Pays for Cameron's Terminat
  8. Boris Karloff's Work Ethic
  9. Best Books for Shark-Tankers
  10. The Power of QuickBooks

The Landlord's Bookkeeper by Nancy Neville

Step by step instructions on how to setup your company, properties and tenants in QuickBooks..  
BookAds by Silver, Gold and Platinum Members

The Savvy Businessperson's Guide to Property & Casualty Insurance by Karin Fleischhaker-Griffin

An Insurance Reference for Everyone from a Businessperson to a Student or anyone who wishes to excel in the Insurance Industry. Knowledge is Power - The information in this book w..  
BookAds by Silver, Gold and Platinum Members

Authors alphabetically: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Featured Authors | New to AuthorsDen? | Add AuthorsDen to your Site
Share AD with your friends | Need Help? | About us

Problem with this page?   Report it to AuthorsDen
AuthorsDen, Inc. All rights reserved.