Why your business is not selling?
Are you trying to sell your business but are failing? Read on to find out what you can do about it.
Selling your business is a decision that requires no small amount of thought and consideration. Further, when you have do finally decide to sell and work out a plan for what you are going to do next once your business is sold. It can get awfully difficult for you to move on if your business remains unsold for a long period.
What can hamper the chances of securing a sale?
The biggest barrier preventing your business's sale can be the price tag attached to it. You might value your business highly and it may have a sentimental value to you. However, a purchaser will not have the same feelings and will only be willing to pay its market value. So don't let your emotions cloud your judgment.
Terms and conditions
Reconsider your terms and condition. Are you offering flexible payment terms or require payment of the whole amount at once? It will be better to provide more options, but this should be balanced against what you want to achieve from your business's sale.
Further, some owners become an integral part of their business and are crucial for their success. Are you offering to stay on for a short term or do you want to make a clean break with the sale of the business? Consider offering training to the new owners in order to make the transition smooth.
You have to think about whether you would be interested in buying your business based on the information available and how it has been presented. While you want to portray your business in the best possible light, you might be reluctant to provide detailed information. However, no one is going to be willing to buy a business without the proper information.
Do not attempt to hide anything because the buyer will scrutinise the financials and it is highly likely that your buyers will be put off when they enquire further.
If you are struggling to sell your business, it is vital that you do not panic. Selling a business usually take 9 – 12 months. Further, if you are really struggling, think about employing a professional business advisor who can advise you on the best possible chances of selling your business.
Please note that the information provided on this page:
- Does not provide a complete or authoritative statement of the law;
- Does not constitute legal advice by Net Lawman;
- Does not create a contractual relationship;
- Does not form part of any other advice, whether paid or free.
We would love to hear what you think about this article and how we could improve it. Please do let us know. However, we shan't be able to reply to your specific questions. If you have a question about a document, please contact us.
If you have noticed a bug or a mistake on this page, or just want to give us feedback, we'd love to know. Nothing is too small or too big. Send your message on this feedback page.