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Selling businesses is a difficult process. There are many factors that could affect the end result M&A process and the timeframe. The process may be lengthy and complex, and an unwary entrepreneur can fall into a number pitfalls. This includes failure to sell at a lower price than expected and breaches of confidentiality.
With the proper preparation and assistance, you can ensure that your business sale is a success. Realistic expectations are key. This includes assessing your personal capacity to let go and taking into consideration the financial impact of the sale, and knowing what your company is really worth.
You must be prepared for any inspections that could be required. It’s essential to ensure that your financial statements are in order, and that you have copies of all contracts with customers as well as suppliers and make an organizational chart to show the flow of information. It’s also an ideal idea to get interested parties to sign a confidentiality agreement to ensure your confidentiality.
You must be able to answer questions about your reasons for selling and why you believe that the time is right. It’s essential to explain how the company will continue to grow under the new management. Consider how the transition may affect your employees and how you can manage their emotions. Find a buyer who can continue the legacy and mission of the business.