Selling your business is serious business. Too many owners’ catch “Gold Fever” during the process. It comes in various shapes and sizes. It impact a business owner’s judgement and takes them down costly paths:
- Negotiating with a one-off buyer that says he really likes your business and will pay a premium;
- Structuring a deal without factoring in the taxes;
- Hiring an investment banker not experienced in selling businesses in your industry, but very experienced in telling sellers what they want to hear;
- Looking for the quick way out based on advice from the “cocktail circuit” which often times leads to the one-off buyer or a failed deal;
- Failing to properly prep your business for sale;
- Thinking you can do it all yourself; or
- Not conducting the entire sale process in a well managed and planned out manner, including skipping key elements in preparing the business for sale.