You may have your business listed on the market, but that doesn’t mean that your responsibility as owner has stopped- on the contrary, this is the time your business needs you to be at the top of your game.
The typical time period for a business to go from listed to sold can be 9 to 12 months, so allowing yourself to check-out is out of the question. The worst mistake a business owner can make is to let the responsibilities of the business go. You might be ready to move on to the next phase of life, you might be counting the money you hope make, you might be dreaming about retirement- but the time to focus on these thoughts is after the sale, not before.
What can happen if you stop paying attention to your business?
The most obvious answer is that the business will suffer. It may seem to an owner on the way out that the business is no longer their problem, but this is not the case. Here’s why:
Your business might not sell. Sometimes you are ready to sell, but there is not a buyer ready to buy. Sometimes after a time on the market, an owner will pull a business off the market for personal reasons. Perhaps you have priced your business too high. Whatever the reason, you don’t want to be left with a business in a hole that you will have to dig yourself out of.
Buyers look for businesses that are profitable, and ultimately a business that is on the rise. If you let your business slide, it may appear to potential buyers that you are trying to unload a failing business when this couldn’t be farther from the truth.
How am I supposed to focus on my business if I’m trying to sell it?
Hire a good business broker. A business broker can focus on all the aspects of your business sale while you focus on keeping your business profitable. This will ultimately help the final sale price of your business because a profitable business will bring in more money in the end.
The key to a successful sale is a successful business. Use the resources of a business broker so you can focus on keeping your business in the black.
Are you thinking about selling your business, but have questions about what a business broker can do for you? Leave us a comment or question here, and we will be happy to assist you with your business sale.
Leave a Reply