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• 0. Selling your Business during the COVID-19 Crisis.  
 
• 1. Should I sell my business ?   Take this Quiz ....
 
• 2. Get Ready to Sell Your Business.  
 
• 3. 3 Key Considerations to Create an Effective Business-for-Sale Ad.  
 
• 4. The importance of photos in effective advertising.  
 
• 5. The Ad Title that Sells the Business.  
 
• 6. How to Choose Effective Categories for your Listing.  
 
• 7. Selling your business: ASSET sale or SHARE sale ?  
 
• 8. Some Hints for you When Selling your Business.  
 
• 9. How to Respond to Buyer Inquiries .  
 
• 10. Qualifying Buyers: Separating the sharks from the keepers.  
 
• 11. Ten things I should know when negotiating !  
 
• 12. Will I Get Top Dollar When I Sell My Business ?  
 
• 13. Prepare your Business for your Ultimate Customer.  
 
• 14. Is Your Business a Pain, or a Pleasure ?  
 
• 15. What Drives Owners to Sell & Buyers to Buy ?  
 
• 16. Frequently Asked Questions - by Jim Clark  
 
• 17. An Overview of the Business Selling Process.  
 
• 18. Recasting - a key to building value to the seller.  
 
• 19. What the Profit & Loss Statement Doesn't Tell You.  
 
• 20. How Do Buyers Determine Value when Considering a Business Purchase ?  
 
• 21. Why does Confidentiality Matter when Buying or Selling a Business ?  
 
• 22. Should You Buy an Existing Franchise?  5 Questions to Ask  
 
• 23. Succession Planning is central to selling success  
 

 
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 Will You Get Top Dollar When You Sell Your Business ?

by Noel Peebles
Author of "Sell Your Business The Easy Way"

Selling your business will probably be your biggest sale ever.  But, to get the best price you'll need to satisfy your buyer on two points.  Firstly, your company should be showing good returns.  Secondly, there needs to be a strong likelihood that this trend will continue.
 
This is why you (as current owner), have an important part to play in the transition period during and after the sale.
 
Your customers and clients may be watching the changeover very closely.  If you have a successful business, then it is fair to assume that your customers have grown to like you and the way you run your business.
 
Remember, most people don’t like change, so the transition is critical to make sure that your customers and clients remain with the new owners.  No customers... no business !
 
Here's what I mean.  When selling one of my businesses to a senior banking executive, I remember a comment he made just before signing the contract.  It was something like this:
"I have seen so many people buy a successful business, rush in and change everything and then lose everything."
He went on to add,
"You are running an extremely profitable business, so you must be doing something right.  I am not going to change anything, probably for at least a year, or until I find better way to do things."
He kept his word and the business continued to perform exceptionally well.  Eventually he did make changes, but he did it from a position of knowledge... and with understanding of the market requirements.  A smart cookie!
 
However, it is not always like that.  The new owners may not want you involved.  This is something you need to be mentally prepared for.  Don't automatically assume there will be a place for you, even in a part-time or consulting role.  Regardless of your ability, they may not want you to be involved.  A new broom sweeps clean.  The new owners could see you as a threat to the vision they have for the business.
 
Naturally, when things go wrong, it is likely you will be blamed for selling them "a dog."
 
On the other hand, the new owners may want your help.  They may want your experience and full support during the changeover period.  They may even want you to stick-around for a while until they have come to grips with their new venture.  The level of support you offer will need to be negotiated as part of the sale contract.
 
You, on the other hand, may want to cut your ties as quickly as possible after take-over day.  I mean, let's face it - selling the business could represent the end of a long drawn-out sales process.  You may just want to cut your ties and move on.
 
So there you have it.  You'll need to think about the likely needs of the buyer and mentally prepare yourself for the different scenarios that could follow.
 
And remember your level of on-going support may be another bargaining chip for you to play in your biggest sale ever !

This Article is copyright © Noel Peebles
Author "Sell Your Business The Easy


 
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