On Deal Talk, we often hear from former business owners who have sold their companies or professionals who are dedicated to helping entrepreneurs sell their...
These Two Deal Killers Are Responsible for the Death of Over 50% of All Deals
There are two deal killers that kill more than half of all deals. What are they and what can you do to fight them?
Deadly Deal Killer # 1
Throw out the abacus and start using QuickBooks. Keep your numbers clear and organized. The number one deal killer is poor financial statements. The answer is simple. Make sure your financial statements are accurate and up-to-date. Be sure to have the necessary backup material to support your financials (bank statements, receipts, invoices).
If you are unsure if your financial statements are organized and ready for your sale, please contact us either via email or phone. We have an on-staff CPA who can review your financials in a matter of minutes. It is best if you have QuickBooks, so he can remotely view your QuickBooks file. There is no charge for this and it could save you months of dealing with a buyer only to have your financials kill the deal.
Deadly Deal Killer #2 – The King of the Castle
Hail to the King! Bless the King!
Bow to the landlord and do as he/she says. Treat them with respect. Address them with “Yes, sir,” and “No sir.” The landlord can kill the deal with a snap of the fingers so treat this relationship with finesse and tact. Treating them like a king or queen certainly won’t hurt.
Follow these simple steps:
- Let the landlord know early on in the process that you are selling.
- Ask the landlord what is important to them in terms of a new tenant.
- Position the new tenant to fit the landlord’s needs.
Well, that wraps it up. That was short and sweet. If you address those two issues, you will nearly double the chances of selling your business.
Jacob Orosz Bio
Jacob Orosz ,President, Morgan & Westfield
Jacob is the president and founder of Morgan & Westfield. A certified business broker and licensed business/real estate broker, Jacob has over 15 years of experience facilitating mergers, acquisitions, sales and other business transfers with transaction values ranging from $30,000 to $75 million. Jacob has successfully participated in or managed the sale of over 300 privately held companies...