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I sold my business and this is what I learned
Selling a business is fraught with emotion, frustrating in the extreme and full of angst and euphoria. What should you know before starting the process? If you’re an advisor, this is your chance to prepare entrepreneurs for the realities. If you’ve sold before, tell us what you learned from the first time around.
Selling a business is fraught with emotion, frustrating in the extreme and full of angst and euphoria. What should you know before starting the process? If you’re an advisor, this is your chance to prepare entrepreneurs for the realities. If you’ve sold before, tell us what you learned from the first time around.
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Three nuggests of advice I would give.
Firstly to be realistic over how long it might take to sell your business. They can sell in a week, (just like on the soap operas!) but you can have your business on the market for 6 months or more, especially if you are holding out for a good price.
Secondly if you are using an agent be honest with then, don't ask them to market your business at a high price if you need to sell now because you are close to bankrutpcy.
Thirdly, it is very stressful selling a business, but if you are using an agent let them do the negotiating and let them deal with the nitty gritty of dealing with the enquiry, don't do it yourself you are too close and are likely to get exhasperated by the buyer.
Horizon Business Agents www.horizonbusinessagents.co.uk