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Be Honest with Us So We Can Be Prepared

We have seen just about everything — from owners (spouses) getting divorced to having affairs to money disappearing from a business due to a spouse or partner’s drug addictions, and so on. There is nothing to be ashamed of when talking with an experienced, professional intermediary. This is a business for us. We have no reason to make moral judgments.

Trust is critical because selling your business can be such a protracted process. Eventually, the truth always surfaces. If you are bored with your industry and selling because you are burnt out, tell us. If you are selling your business because you see a large competitor taking over your industry, let us know. Whatever your situation, being honest with us will best enable us to handle any last-minute surprises that may arise.

By being honest and upfront, you arm us with knowledge so that we can prepare for potential objections from buyers. No business is perfect; every business has its flaws. We have heard it all. Level with us so we know the issues in advance and can put a positive spin on a situation instead of getting caught off guard.

Tell us everything we need to know about your business — good or bad — so we can best position your business in the market and address any objections from a potential buyer.

Explore the article for more insights on M&A Negotiating Tactic #1– Honesty

Let Us Know if You Don’t Plan on Heeding Our Advice

If we offer you advice regarding a situation and you choose not to heed it, we are fine with that; just tell us. We prefer that you let us know upfront if you’re not planning to follow our recommendations. Clients do not always heed our advice, and we’re fine with that — just let us know.

Exercise Patience

Selling a business can take as long as six to 18 months. This is not something you can expect to do in a couple of months. Exercise patience and be persistent. Give us the time we need to do our job.

Planning, strategizing, and taking action require patience and persistence but will pay off in the end. Did you receive an offer, but the deal fell through? The key will be to learn from that situation and be patient and persistent in continuing the sale process.

Be prepared for deals to die and buyers to change their minds at the last minute — these situations are par for the course. Be emotionally prepared for events not to always unfold as expected. By being prepared, you will be able to handle the inevitable setbacks and continue marching toward our ultimate objective.

Stay Focused on Your Business

Postpone that trip to Hawaii until after the conclusion of the sale and transition. Taking a trip before the closing may result in your business’s revenues slipping. Continue managing your business while we manage the sale. Stay actively involved in your business to maintain its growth and profitability. You’re more likely to enjoy the trip after the sale in any event, so it is best to intensify your focus throughout this process to ensure revenue and profits are maintained.

If your revenue or profitability slips during the sales process, the buyer will expect a price concession. The best way to ensure you receive the highest possible price is to stay focused on running your business and continue to grow revenues and profits all the way to the closing day.

Be Actively Involved in the Sale Process

Hiring us does not completely relieve you of any responsibilities. You must be actively involved throughout the process. In addition to staying focused on operating your business, you must be very involved once a buyer expresses interest.

After you accept an offer, managing the process from due diligence to closing can be stressful and demanding. To improve your chances of success and to help you get through the process as sanely as possible, we suggest minimizing all other responsibilities in your life. This will allow you to maximize your time and focus on the process until the transition of the business has successfully been concluded.