Mistakes to Avoid When Selling a Business

Unrealistic pricing

In this information age, buyers can source all types of businesses within minutes. With such key information at buyers’ fingertips, sellers are at a disadvantage if their asking price is out of bounds. Aberdeen Advisors helps you value your business appropriately, even suggesting ways to enhance its value to prospective buyers.

Selling your business without professional advice

An ideal team consists of a good business intermediary, such as Aberdeen Advisors, to help you with the sales process as well as a lawyer with transaction experience and a CPA who can advise on the best structure so you “net” the most amount of money from the transfer of your business.

Selecting the wrong buyer

There are many stories of owners not getting their full payments, and in some cases having to take back their business. This can be challenging to retired owners who don’t want to return and run their old businesses. Selecting a qualified buyer with the necessary experience, skills, ethics, and credit quality is important, which is why we’re here to help you avoid selling your business to the wrong buyer.

Waiting too long to sell

Many business owners who waited too long to sell their business are facing selling their businesses for lower values or riding out this tough economic cycle. That’s why it’s important to plan ahead, even if you don’t want to sell your business for years. Aberdeen has helped our clients prepare their businesses for sale, which includes keeping clients up to speed on market conditions.

Not being prepared

It’s important to have everything about your business in order. We can help you with this process that includes clean accounting records, tax returns, complete asset and inventory lists, and a management transition plan. Also be sure facilities and equipment are in good order and have properly and professionally prepared memorandum about your business.