At some point, many business owners decide they want to sell their companies. Doing so can be a complicated process, and it is not uncommon for many business owners in Texas and elsewhere to make mistakes in the process that will wind up hurting them in the end. Here are a few of the most common mistakes made when selling a business.
Mistake number one: Making oneself invaluable
If the company is only thriving due to the efforts of the current owner, that is a big mistake. It may leave potential buyers worried about what they are walking into. A company that has a good team in place that can run the company without the owner stepping in is going to be more appealing to buyers. Most buyers are looking for a smooth transition.
Mistake number two: Not knowing the real value of the company
It is not uncommon for a business owner to believe the value of the company is one thing, but it is really something else. If the owner asks for too much, it could scare buyers away. If the asking price is too little, the owner could walk away with less than is possible. For this reason, it is wise to get a third-party business valuation so one knows exactly how much the company is worth.
Mistake number three: Not getting the right help
Selling a business isn’t an easy thing to do. There is a lot to it. It is not something to do alone. Company owners in Texas will find it a much easier process if they get the right help right off the bat. With the assistance of an experienced business law attorney, mistakes can be avoided, the best deal reached, and the transaction completed as quickly and smoothly as possible.