One would think that a business seller would do everything possible to get their business to the closing table, but in the business market deals fall apart because of the carelessness of sellers more often than they should.

Here’s an example. A buyer is interested in purchasing a large pizza restaurant, and although the buyer has some experience in the restaurant industry – they are not comfortable with taking over such a large establishment right out of the gate.

During discussions with the seller, an agreement is made so that the seller will stay on as an acting manager for the first six months after the sale to train the new owner and provide stability with the employees and vendors.

After this agreement is reached and three weeks from the closing table, the seller begins to show up late or not at all to scheduled meetings with the buyer. This happens enough times that the buyer loses confidence in the seller to point of deciding not to go through with the deal.

The issue here is the seller, who mentally checked out long before they should have. It can be difficult to stay focused on a business you are no longer going to be responsible for, especially when your thoughts are on the future and what you will be doing with your life after the sale.

However, this is the most important period for you to be on your “A” game. Your actions will speak volumes about how you feel about the seller, the transaction and the future of your business.

Stay motivated and don’t check out. If the seller in our example had followed through on the promise made to the buyer, then they would have sold the restaurant and shortly been well on their way to a new chapter in life.

Are you a business seller who is ready for your your business to be sold? Do you have questions about what you can do to instill confidence in buyers? Please feel free to leave us a comment or question here and we will be happy to help.

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com