Selling a business can be an exciting yet daunting undertaking for any entrepreneur. Whether you’re a first-time seller or you’ve been through the process before, it’s important to be well-prepared and informed about the steps involved. As a business broker with 15 years of experience in the restoration space, I’ve been given the privilege of working on over 600 transactions and have gained invaluable insights into what it takes to successfully sell a business. If you’re considering selling your business, here are three key tips to keep in mind:

1. Don’t check out. One of the most common mistakes first-time sellers make is checking out too soon. Once you’ve signed an engagement agreement, it’s easy to think that your work is done. However, it’s important to stay disciplined and engaged throughout the process. Keep pushing your business forward as if it’s not for sale, and don’t let the potential sale distract you from running your business each day. Deals can take up to six to seven months to close, so it’s important to stay focused and committed until the very end.

“Keep pushing your business forward.”

2. Keep it confidential. It can be emotionally challenging to keep up with daily operations while simultaneously working with potential buyers, but it’s important to maintain discretion until the final stages of the sale. Only share details with those who need to know, such as your key employees or advisers. This will help protect your business from potential negative impacts that could arise from rumors or leaks.

3. Understand what winning means to you. Selling a business is a complex process that involves negotiations, due diligence, and a variety of other factors. As a result, it’s important to understand what winning means to you early in the game. What are the most important things you want to get out of the sale? Is it a high price, favorable terms, or the right buyer? Knowing your priorities before you enter negotiations will help you stay focused and make informed decisions throughout the process.

If you’re looking to sell your business and need guidance or support, please don’t hesitate to reach out to us at www.RBASells.com. We look forward to hearing from you.