Selling a business seems pretty straightforward – offer your business to prospective buyers, sign the deal, and voila! However, it is not always the case. Many business owners are struggling to sell their business. Finding buyers alone takes time. Some already find buyers, but as they take off, things began to fall, and they end up going back to square one.
The reason for not pushing through the sale is making things complicated. As basic as it may sound, the majority of sellers make things complicated for the buyer, and from a buyer’s standpoint, it’s a red flag. As someone selling a business, you have to think of ways to simplify everything. Why make it complicated? What can you get from it? Will it increase the worth of your business? Will it make your business apart from the rest? Complexities are okay, but a big NO when selling your business. One thing to keep in mind – SIMPLIFY.
When selling your business to a potential buyer, you need to present your business in a simple, straightforward, and approachable manner. Some companies have their own lingo – something that is different from the rest. And that’s precisely their purpose – to make their business distinct from the rest. The intention is good, but the result isn’t, especially when the time comes, you need to sell your business. The buyers would have a difficult time understanding the language of your business. They will look at your business as something complicated to handle. Your business could be worth so much, and it could entice your potential buyers, but they would shy away if they find it extremely difficult to manage.
When pitching a sale to your buyer, you have to explain to them your business per se in a way that you would explain it to your teenage kid. It should be brief, concise, and easy to comprehend. Why complicate? It would be easy to close a deal if the buyer can easily understand your business – management and valuation wise. Avoid making the single worst mistake when selling a business. Do not complicate. Simplify, simplify, simplify!
Let Freedom Factory help you.
If you need help in selling your business, do not hesitate to contact Freedom Factory. It is a Colorado-based business brokerage firm founded by a serial entrepreneur, Robert Hirsch. The goal of the Freedom Factory is to help entrepreneurs sell their business at a maximum profit possible. Robert Hirsch is a self-made man who eventually became a modern-day business sage taking entrepreneurs down the rabbit hole and get them to a place where their heart and mind align, helping them achieve a large-scale growth. Freedom Factory enables you to become financially free and secure your family’s financial future.
Listen to our Podcast of Don’t Make the Single Biggest Mistake When Selling Your Business
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