Selling a business or buying a business can be an extremely stressful, tension filled journey. The last thing anyone wants is to have the deal end up falling through. Fortunately, arming yourself with a competent team of professionals and the right mindset can go a long way to ensuring a deal goes through.
The right set of professionals includes a professional business broker/M&A specialist, the right attorney, and an accountant. Both the attorney and accountant should have previous experience in M&A sales and should be deal oriented. All parities should have the end goal of making a deal in mind and should not be constantly looking for reasons why the deal won’t work.
No one likes surprises, so it’s essential for buyers and sellers to be up front from the start. Surprises are all but inevitable in a deal so being patient and staying at the table to work things out is key. Novice buyers and sellers often panic when unknown information comes to light, but a professional business broker should be there to keep everyone level headed and working through the process.
There are several other potential deal breakers that buyers and sellers should be aware of during a business sale. Some of these include:
- Neglecting the running of your business – Make sure you are not so preoccupied with selling the business that you forget to run it and cause profits to decline.
- Placing too high a price on the business – Trust your business broker to price your business competitively for you.
- Breaching confidentiality of the impending sale – Working with fewer buyers at a time and a professional business broker can reduce potential leaks.
- Not preparing for the sale far enough in advance – Be prepared with financial statements and resolve any outstanding issues long before trying to sell your business.
In the end, no one wants a deal breaker. By preparing in advance and having a team of professionals, business deals will go through. At Regal Consulting Corp., our professional team of business brokers has years of experience helping clients sell businesses in New Jersey, Pennsylvania, New York, and Connecticut. Our expertise, integrity, and marketing tools ensure we price your business appropriately, identify a qualified buyer, and close the deal. Call us today and we can begin with a thorough business valuation and exit plan.