In this article, we want to talk about the “do-it-yourself” myth when selling a business. Owner mays feel Because they owned their business for long time and have extended skills and expertise on their industry, that they are the best agent to sell their company.
However, selling a business is different from selling your product or service. Forgetting for a moment the emotion (Because of big link to the company, they can ask higher price than the market prices) or need for fast sale (meaning selling for smaller than what your business is actually worth), other perspective will need to be considerate which probably will make that the owner is far from being the appropriate individual one to succeed selling a business.
Time needed for selling a business:
so one important question to ask is if you have the time to run your business and performs task for selling your Business. Including preparing marketing material, make advertising, qualify potential buyers, present your business and give guidance on due diligence?
Loss of Confidentiality:
it is extremely possible that in the process of entertaining a customer or client, most likely accidentally, that you will remark that your business is going up for sale. Word can spread quickly in this instance and you may lose clientele who ready themselves for a change in ownership (and perceived change in excellent service),or start a sense of fear among employees that their jobs are at risk.