Note: One of those “10 steps to . . ” articles, so not a lot of depth, but some good stuff here.
Are you getting the most out of your business?
My last three posts have focused on Holly Hunter and her business sale that went bad. I want to thank Ms. Hunter for allowing her story to be told. Although she made some mistakes, she was willing to talk about them in the hope that others might learn from her experience.
But those mistakes are hardly unique to Ms. Hunter. In fact, many business owners have had similar experiences. The most important step owners can take when they think about selling their business is to make sure they understand the sales process. Once you start down the road, you’ll enter an alternate universe where the unexpected becomes the norm. Dealing with the unexpected is easier if you follow best practices.
If you decide the time is right to sell, here are 10 lessons that owners like Ms. Hunter have learned the hard way.
1. Hire an experienced team of advisers. You have spent years building your business, and you usually get only one shot at selling it. Having a team of advisers — an accountant, a business intermediary or broker, an attorney, a financial adviser and a business generalist — who have been down this road many times is crucial.
2. Use an intermediary to sell your business. Going through the sale of your business can be very difficult. You need an experienced intermediary or broker who will speak with the other party and represent you and only you in the sales process. Sellers who represent themselves almost always make mistakes that cost them time and money. This is not a time to cut corners in professional fees.
. . . follow the link to the remainder of the article:
This article originally appeared at: https://boss.blogs.nytimes.com/2013/01/16/ten-hard-earned-lessons-about-selling-a-business/.