The sale of a company is often not given the attention it deserves as a major strategic project, which leads to avoidable mistakes.
Some businesses that are put up for sale in Florida are for reasons of age. Other motives such as strategic changes or conflicts among partners also play a role in the sale of businesses. A large number of these transactions succeed to the delight of both buyer and seller, but a good number do not conclude. As different as the reasons for the sale of a Florida business may be, the mistakes that ultimately lead to the failure of the sales process are largely the same. These include:
Not preparing for the sale early enough
The most important shortcoming that company sales often face right from the start is a lack of proper time to prepare for the sale. Many transactions may take up to a year from the search for a buyer to the signing of the contract – but many business owners in Florida do not take this into account. In addition, a pending transaction often means a full-time job for the entrepreneur, as he/she must always be available for discussions and to provide information. If an ideal time for the sale of the company is to be found in terms of value, twelve months in advance is not enough. Choosing the best time to sell requires pre-planning of at least two years. During this phase, the company should be brought to the best possible condition. This means that the sale of the business should be free from personal or financial pressure to act.
A lack of professionalism
A lack of professionalism is just as problematic as failing to prepare in good time or selling at the wrong time. Serious buyers will only consider a business offering if it is professionally comprehensive, transparent, comprehensible, and fact-based. Business buyers have likely seen many offerings and can therefore compare and turn down unprofessionally marketed businesses for sale.
Selling for the wrong reasons Excessive price expectations often correspond to an unwillingness to part with one’s life’s work. Incorrect sales motivation hampers the sale of your Florida business significantly. Only a positive approach creates room for a sale from a position of strength and thus for the sustainable continuation of the company through the right successor. To avoid making mistakes in the process of selling your Florida business, make sure to consult with our expert business brokers today.
You may also want to check out these 5 tips to sell your business in Florida or consider these 4 questions when selling your business.