Dec 10
2
If you wish to sell your company without going through a broker, pay attention: here are a few key points to keep in mind. While occasionally it could be beneficial to go through a skilled professional who specializes in selling businesses, however it’s also possible to do things yourself and save on broker’s fees, particularly in the case of a distressed sale where the money made may not even cover all of the liabilities involved, never mind any middleman’s commission!
So herewith without any further ado are two really important pointers to bear in mind. First of all, when you are willing to sell your company you want to avoid any delays you can. You might already know this as a businessman or woman, however it does bear repeating, especially in cases of a distressed sale where emotions may trump logic and, even, common horse sense. It will always be best to avoid delays than to, say, wait for the “best” deal.
The far more common cause of delays, however, is being unprepared. Shocking indeed, but a majority of would-be sellers are in fact unprepared, without the important paperwork documenting financials, contacts, and other necessary information to show would-be buyers. When you find yourself prepared to sell your company you want to make sure that you are prepared so as to not lose people’s interest. After all, a professional broker would not bother putting a company on the market until it is absolutely available for sale, with all the necessary documentation available for review, so why should you?
However, it’s not necessary to disclose everything prior to accepting an offer; just enough for the buyer to make an informed purchase. There should be the option to back out, even at the last moment, to reassure the potential buyer. But certainly under no circumstances withhold any negative information – unless you have undeclared income!
