17 Aug I tried to Sell my Business but was Unsuccessful, What Gives?
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We’ve seen it many times, you began the M&A process, you got to the 11th hour (or maybe not that far), and your deal fell apart. In this episode of Shoot the Moon, we’re talking about common mistakes to avoid & tips to success when it comes to selling your business.
Here’s what we cover in this episode of Shoot the Moon:
- M&A is hard and the most unnatural act in business; expect challenges and some loneliness in the process.
- Answer questions on your readiness for a sale: personnel motivation, financial readiness, history of success
- Avoid common mistakes of over valuing the business, ruling out suitors before discussions, being unwilling to negotiate, not having succession plans in place, waiting for suitors to knock on your door
- Run the business like it’s not for sale and meet sales, forecast, and profit expectations
- There will be changes between an LOI through Due Diligence and into close, work with a professional to get through the hundreds of points of back and forth
- There are options if you don’ sell the company in the first round.
- Be patient through the process – the more niche your business is may require time to find the right buyer. We talk about finding the right strategic, cultural, and financial fit, but timing can be a challenge