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5 guaranteed ways not to sell your business
| Guest post by: Andrew Rogerson |
Article Overview: Selling a business is rarely a simple and straight forward process. One of the biggest mistakes I’ve found is that the seller doesn’t put themselves in the shoes of the other parties be it the buyer, lender, landlord, employees, franchisor or whoever. This article outlines 5 ways a business will NOT sell their business no matter how hard they try.
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Free Download - How to sell a business By Andrew Rogerson |
5 guaranteed ways not to sell your business
Selling a business is not easy. Here's a look at 5 guaranteed ways you will NOT be successful.
1. It is unclear exactly what is being sold.
Make sure it is clear exactly what is being sold. For example, have a list of all the Fixtures, Furniture and Equipment. If any items are not being sold, make sure this is stated clearly and at the first meeting and why, or preferably remove the items completely from the business. If vehicles are included, make sure they are roadworthy and have smog clearances.
2. Failure to explain to the buyer the real value in the business opportunity and determine if this meets their business search criteria.
If the sale includes real estate, check the Title to make sure it corresponds to what you think are the boundaries. Do any of the buildings need repair? Are the fixtures in good shape and operational? Would painting the building or cleaning things up improve the presentation?
3. Failure to follow through with an interested buyer and keep the process moving forward.
Time kills all transactions. Make sure everything is in order and readily available so the process keeps moving forward.
4. Telling the buyer they are incompetent or don't know what they are doing.
It sounds obvious but I've seen it done.
5. Selling when you shouldn't.
Some sellers try to sell a business when they run out of energy, are distracted by personal problems such as a divorce or medical problems, the business is not performing at its best due to the economy, or there has been a shift in the economy that reduces the demand for that service. There are many other reasons but to increase the chances of selling, make sure there is a compelling reason to expect a buyer to buy the business.
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Article Tags: Andrew Rogerson, business, Business broker Sacramento, business escrow, business for sale, business plan, due diligence, exit plan, franchise, franchise for sale, Murphy Business and Financial Sacramento, Sacramento business broker, Sacramento business ownership, sell a business, Sell a business, succession planning
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About the Author: Andrew Rogerson RSS for Andrew's articles - Visit Andrew's website Andrew Rogerson is a 5-time business owner that loves helping entrepreneurs sell or buy a business. Andrew currently holds the Certified Business Intermediary (CBI) designation from the International Business Brokers Association (IBBA), the highest designation awarded by the IBBA. Andrew has also earned the Certified Business Broker (CBB) designation from the California Association of Business Brokers (CABB.) He holds a Certified Machinery and Equipment designation (CMEA) from the NEBB Institute and is a Certified Senior Business Analyst (CSBA) with the Society of Business Analysts. Andrew is a member of the Sacramento Metro Chamber of Commerce and past Chair of the Sacramento Chapter of the California Association of Business Brokers. Andrew is also the author on a series of four books: Successfully Sell Your Business, Successfully Buy Your Business, Successfully Buy Your Franchise and Successfully Start Your Business. For more information go to http://www.businesstransactionbooks.com Click here to visit Andrew's website   Successfully buy a business |
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Re: Has anyone bought targetted visitors?
- Most "Targeted Visitors" do not look for your site or intend on going to it. Most of the vsisits are generated through popups and popunders. Some of the targeted visitor sites allow you to create an online add that people can click and go to your site but I have never heard of anyone getting so much as a newsletter signup from them.
I think it would be more productive to take the money you would spend on guaranteed visitors, guaranteed signups, buying leads etc. and use it to advertise on some of the higher page rank websites related to your industry.
Try with non-franchisee
- If you are disillusioned with franchises why not look for a non-franchised business for sale. As you have found out a franchise is not guaranteed to succeed and like any other business, needs to have a lot of due diligence done on them before you consider buying one.
Re: English TV Programme
- The example in the Apprentice was signing exclusive rights to a company that would ONLY have rights to sell there product even thou they didnt have permission and could generate more revenue from other companies - but to close the deal they guaranteed exclusive rights to a small company not looking at the bigger picture.
Again on TV show, just wanted results but in a real life scenario could of worked a better deal for the longterm.
Selling my business....
- I am looking to sell my business. It is a profitable business but I want to get out because I am burnt out after 7 years(since I was 17)......... I am almost ready to sell(making the proper preparations)..But I'm unsure about my lease with the landlord. He doesnt seem to want to resign.. I am worried about how marketable my business is with only 2.5 years on the lease...
When I sell my business, does my landlord have to resign with whoever my buyer is?
Thanks in advance...
G.
Joint Ventures??
- I read this following paragraph in another business forum. Has anyone used joint ventures and had successful results? How do you go about setting up joint ventures?
[quote:3vnvuml9]Joint Ventures have been, and always will be one of the most powerful marketing tactics ever, and for good reason. They are easy to set up, and they cost you nothing and if set up correctly will allow you to have more customers than you can handle!
So if you promote a great product or service and want to expose it to more prospects, or you you seek ways to increase your sales, but aren't quite sure how to go about it you should definitely consider harnessing the power of Joint Ventures
And the best part is that anybody can start using joint ventures to skyrocket their profits. It doesn't matter what you sell, or where you sell it.[/quote:3vnvuml9]
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