So you’ve decided to sell your business – congratulations! It’s a momentous decision that signifies years of hard work and dedication coming to fruition. You’ve meticulously planned, assembled your A-team of professionals, and feel confident about navigating the sale. But hold on! The selling journey, while guided by a roadmap, can also surprise you with unexpected twists and turns. Here’s how to be prepared for the curveballs:
1. Lowball Offers and Bidding Wars: Staying Composed
Undervaluing Your Gem: Be prepared for offers that seem too low. Trust your valuation and have your team ready to present financials and growth potential to justify your asking price.
Bidding Frenzy: Multiple interested buyers can ignite a bidding war, driving the sale price higher. Enjoy the validation, but don’t get swept away – prioritize the buyer who aligns best with your vision for the business’s future.
2. Skeletons in the Closet? Unearthing Hidden Issues
Buried Treasure or Pandora’s Box? Due diligence can unearth previously unknown issues, from expiring permits to lagging inventory. Be transparent, address them promptly, and demonstrate a proactive approach to problem-solving.
3. Cold Feet and Buyer Backouts: Navigating Uncertainty
Second Thoughts: Buyers may develop cold feet due to external factors or internal anxieties. Address their concerns promptly and be prepared to showcase the business’s strengths to reignite their enthusiasm.
The Buyer Disappears: A potential buyer might vanish mid-negotiation. Don’t panic! Maintain communication with your remaining leads and revisit your marketing strategy to ensure a wider pool of qualified buyers.
4. Emotional Rollercoaster: Staying Grounded
Selling your business is an emotional journey. You might experience moments of excitement, apprehension, and even a tinge of sadness. Open communication with your team and trusted advisors can help you navigate these emotional highs and lows.
5. The Unexpected Deal-Breaker: Adapting to Change
Hidden Deal Killers: A seemingly minor detail – a key employee’s sudden departure or a regulation change – can become a deal-breaker. Be prepared to adapt your negotiation strategy and showcase your business’s resilience in the face of unforeseen circumstances.
Remember, while the unexpected can arise, being prepared with a plan B and a positive attitude can make all the difference. Embrace the journey, stay flexible, and trust your team to guide you through the surprises. By doing so, you can transform the unexpected into an opportunity for a smooth and successful sale.