Be honest when you sell your business

Guest post by: Russell Bowyer
Become an Author

Free PDF Download
How to turn your prospects into paying customers - By Russell Bowyer

Honesty in business is as it is in life and a must and extremely important. If you are about to sell your business or if you are in the middle of selling it then make sure you are honest from the outset...not only with the broker, if you are using one, but also with potential buyers.

If you tell lies at the outset or during the initial stages then it is very likely this will be found out at the due diligence stage of the selling process. The problem with telling lies is that if they get found out you may put off potential buyers and lose their trust.

Put yourself in the shoes of a buyer and you will know that they will feel both stressed and worried about the whole process. Don't make it worse for them by putting any element of doubt in their mind...they may be thinking if you are lying about one thing you might be covering up any number of other things and they may well walk away from the deal.

I remember going to look at a business which was being advertised as turning over around £8,000 per week, when in fact it was only turning over around £4-5,000 per week. Admittedly, at some point in the past this business had been doing this level of turnover and more, but the broker had not bothered to update their advert. This then wasted my time and their time in looking at a business which was highly over valued.

Always remember that with the majority of business sales that it is a ‘Buyers Market' and rarely is it a ‘Sellers Market' - which means that when you have a buyer on the hook, as it were, you want to play them well and nurture the whole business sales process from start to finish.

Nice vs. Honest - A Woman's Struggle

Dealing with Difficult Customers #4

Jumpstart Your Business NOW – Focusing and Planning Tip #5

Straight Selling - The Quickest Path To The Top 20%

Prioritise Your Day Keep Focus Win

Should we encourage mistakes on our team?

Lesson #4: Be Honest

How to Make Money with E-books

Are You Confident Or Cocky?

The Power of Personal Marketing

Your Marketing Actions Must Match Your Business Ethics To Increase Sales

The Real Truth about Business Plans What the Consultants Dont tell You

Brutally Honest... or Just Honest?

The trick: no tricks

Community Involvement the Wrong Way

Advice For New Real Estate Agents

The Power of Honesty

Are You Looking For Ways To Earn Money Online?

The Second Sale You Have to Make for Increased Sales

Earn From Home With A Legitimate Online Business

Home > Buying-A-Business > Russell Bowyer > Be honest when you sell your business > Google +

Free PDF Download
How to turn your prospects into paying customers - By Russell Bowyer

About the Author: Russell Bowyer

RSS for Russell's articles - Visit Russell's website
I am an entrepreneur having started, bought and sold businesses since 1990. I have also advised hundreds of business on how to set up a business, how to grow a business and improve profits and how bext to structure a business. I now run, amoungst other things, a Business Blog and have just launched a Business Forum (We always welcome new members and their input and comments at the forum). With my wealth of business experience I have since written a number of business books and software, including Cash Flow Forecasting Software, Increase Profit Software, a No Money Down Book, Buying a Business Tool and others at my site Bowraven.com
Click here to visit Russell's website.

More from Russell Bowyer
When buying a business you can ask for vendor finance
Consider offering guarantees
Times are tough with the credit crunch
List of small business ideas
Small business administration

Share this article. Fund someone's dream.

Share this post and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Be honest when you sell your business

Related Articles

Related Forum Posts

Share this article. Fund someone's dream.


Name:
Email: