No matter how much you try to prepare, you need to remember that trying to sell a business is an unpredictable endeavor. Additionally, it’s also a difficult task if you go it alone, especially considering statistics state that 30 to 40% of businesses never sell. Luckily, many companies can hire a business broker like the ones at Hallmark Business Brokers when selling their business to ensure the best possibility for success.
Companies can also learn to expect the unexpected when selling a business. If you want to learn the various aspects of selling a business that could catch you off guard, you might want to continue reading. We have stated a few of the business selling aspects you should expect that could be unexpected if you’re not prepared.
What Are The Unexpected Things You Should Expect When Selling A Business?
Below are four unexpected things you need to expect when selling a business. The more unexpected things you manage to expect, the better your chances of selling your business, allowing you to move on to bigger and better things.
Expect To Dedicate Numerous Hours To The Selling Process
Even if you take the time and decide to hire a qualified business broker, you still need to be prepared to dedicate numerous hours to the selling process. This is because you’ll need to take the time to do everything from preparing the right documents for selling your business to meeting potential buyers.
Unfortunately, if you haven’t taken a few years to begin the selling process, it can be a daunting task which is why our team advises clients to start working with a broker early on. This is true even if you don’t currently have any thoughts about selling your business.
Expect To Deal With Confidentiality Concerns
When selling your business, one of the things you must remember is that confidentiality is paramount. You must guard your business’s confidentiality concerns throughout the selling process.
Luckily, if you use a business broker, they can help you with effective strategies that will ensure you maintain the highest levels of confidentiality. You should also have a contingency plan if your business’s confidentiality is breached. We can help you formulate this plan at Hallmark Business Brokers.
Expect To Deal With The Rights of Minority Stockholders
Many business owners forget that minority stakeholders also have rights when selling a business. You must expect to deal with the rights of these minority stockholders and the major players involved in your business.
That’s why it’s an excellent idea to get a ‘fairness opinion’, a report that tells everyone involved in your company that everyone’s best interests have been considered. This fairness report will play a key role in convincing all parties involved that selling your business is the best course of action.
Expect A Reality Check Surrounding Your Asking Price
Most business owners have their own numbers surrounding how much they believe their business to be worth. Unfortunately, these figures often don’t meet reality, which could lead to disappointment when potential offers are lower than expected. Thus you need to set your expectations according to a professional analysis of your business.
A professional estimate will ensure no delays and conflicts, meaning your business will sell faster. You can trust our brokers to conduct a professional valuation of your company to give you a fair price expectation.
If you’re ready to sell your business and expect the unexpected aspects we discussed, you have a better chance of selling your business swiftly. In addition, if you use the services of a professional business broker, you can expect an easier selling process. So consider speaking with our team at Hallmark Business Brokers, as we have your best interests in mind. You can give us a call at 941-445-4726 visit us in person.