Get the Deal You Deserve: How to Sell Your Business Successfully
Every business owner who decides to sell wants to walk away from a deal happy and well-compensated. However, in the real world, many deals fall through. This could be due to unforced errors, unrealistic estimates, or lack of a clear strategy.
However, with just a few tactical revisions and mindset adjustments, you can maximize what you receive when you sell your business.
Here are some simple approaches to the sales process that can result in higher offers, strong negotiation skills, and closing of the deal. These tips can help you sell your business at the terms and price tag you deserve.
Evaluating Offers: How to Spot the Best Deal
Say you get an offer for a sky-high price that outdistances all other suitors. The number’s larger than anything you’ve seen. Obviously, accepting the offer has to be tempting. But is it really the best deal for your interests?
There’s a lot more to choosing the superior deal than picking the biggest number offered.
The offer’s meaningless if the buyer doesn’t have financing secured. Their track record may be littered with bankruptcies, up-and-down assets, or failed ventures. They may attach strings to the price or include too many contingencies. Or they may just be “kicking the tires” with an amount they’re not serious about.
It’s important to go below the surface and conduct due diligence on the buyer’s history, operational experience, and marketplace presence. Gauge how much they rely on third-party financing and performance-based payouts.
In this area, a broker like Sunbelt Business Brokers can leverage their experience to find the best offer and deal partner you can get.
Strengthening Negotiation Skills: Key Tactics for Sellers
Some business owners push the sale process to move quickly, especially when big money is involved. Occasionally, they may settle for an amount far less than their business deserves just to wrap it up. Ending negotiations early for this reason is always a mistake.
Being skilled at negotiations requires a reserve of patience. The best way to sharpen negotiation skills is to prepare rigorously. Understand your business’s true value, set a deal threshold, and establish what’s non-negotiable.
The more parties interested in your business, the more leverage you have. Even if you’re only seriously talking to one or two buyers, the notion of more options strengthens your position. Stay focused on negotiations and steer away from emotional or impatient decisions.
Avoiding Deal Breakers: Common Pitfalls That Derail Sales
Lack of seller preparation is perhaps the most common reason deals fall apart. One typical error is under- or over-pricing your business’s true worth. If the price is too high, buyers walk away. If it’s too low, it could leave good money on the table.
That’s why Sunbelt Business Brokers’ free business valuation calculator is a good tool to start with. Enter just a few bits of information about your work, company, and financials, and the calculator returns a personalized estimate within five minutes. It’s a great jump-off point for eventually refining the value officially.
Other traps include disorganized documentation, insufficient buyer vetting, and legal snags. Working with qualified business brokers like Sunbelt Business Brokers can prevent those setbacks from happening.
Sell Smarter With Sunbelt Business Brokers
Since 2015, Sunbelt Business Brokers’ mission has been to put you in the best position to sell your business. We help small- to medium-sized businesses at every step in the sales journey — offering evaluation, negotiation, final terms, and closing the deal. We’ll give you the tools and effort you need.
Start with our free online business valuation calculator. Then, contact Sunbelt Business Brokers to find a broker who works for you.