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It all begins with your attitude.
Like anything in life that is worthwhile , success is dependent on our mindset. So the first thing to consider if you are considering the sale of your small business - or even if you have it on the market now - is the set of expectations by which you act:

  • Do you think it will be a simple, a very simple task, handled with ease and inexpensive exercise, because of your ability to combine efficiency with imagination, when your small business hits the market?

  • Do you see people lined up with wads of cash competing for your business?

  • Do you expect to tell buyers, advisors, and anyone else who’ll listen, the strict terms you expect will be met by anyone lucky enough to bid on your business?

Or do you

  • plan to assess the realities of the marketplace and prepare your offering accordingly?

  • see the selling process as a collaborative effort involving preparation, assistance from an experienced support like including your accountant and solicitor and a qualified buyer?

Having looked at hundreds of business offerings over the years, and analysing those that resulted in a successful deal, as well as the majority, that turned out to be an exercise in frustration for sellers, brokers accountants, solicitors and would-be buyers, it’s clear to me that the single most important factor influencing the outcome of an attempted sale is the willingness of the small business owner to sell.

My colleagues in the industry and I have seen any number of different situations and conditions that have prevented a business owner from achieving a sale. Yet in every case, there has been one underlying problem:

The reluctance of the seller to do what it takes to attract and satisfy a buyer interested in paying the going market rate and terms for the business.