5 more guaranteed ways NOT to sell your business

This is the second of three articles that discusses what NOT to say or do if you own a business and are trying to sell.  The first article was called "5 guaranteed ways NOT to sell your business."  The third article is called "5 things to avoid when trying to sell your business."  All articles can be read on my blog or simply searching the web.

This may sound obvious but when you sell a business it's more important to listen and ask questions than continually talk to try and "sell" the business.  Often there is more information in hearing the type of questions being or not being asked and the follow up comments.  If you are the only one talking that means there is little interest or other negative perceptions that need to be removed so the buyer is comfortable moving forward.

Selling a business rarely happens to the first buyer that comes along.  There is a need to reveal information but only after the buyer provides enough information to show they are suitable buyers.  This is one of the main reasons to use a broker to sell your business.  They are trained and have the emotional detachment to ask appropriate questions to know not only if the buyer is truly serious but more important, qualified to be able to buy, finance, manage and run the business.

A  motivated buyer who is serious about buying your business will ask a series of questions.  Often it can be the same question but asked a different way.  They are looking to hear a consistent answer and therefore develop confidence in buying the business.  For example, an important question could be how many hours do you, as the owner, work in the business?  The same question a different way, how many hours each day do you work and is that Monday through Friday or do you work on the weekend?  Or another approach, does your spouse work in the business and if so, how many hours do they work and are these hours when you work?

Politics, sport, religion and how best to run a business are not conversation topics to have with people you want to sell or buy something from.  Respect the sole reason that is bringing you together with the buyer.  Absolutely keep it friendly and honest.

If you do your own tax returns, file your own legal papers, do your own financial planning, do your own negotiations, are a sales and marketing guru and have plenty of time to waste by people who don't mind wasting your time; then selling your business without expert help may be a good option...until something goes wrong.