Business Broker

Owner Flexibility: Why it’s Important

Selling your company can be a difficult endeavor, with a myriad of variables that one has to recognize and deal with in order to make the sale successful. The main variable one must consider is time: more than likely, you are going to have your business sit on the market for a while. It’s very rare that a business sells immediately, and accepting that fact will save you immense stress and worry while waiting for the right opportunity. The correct mindset truly is key for successfully selling your business, and that mindset involves one key word: flexibility.

Flexibility with Time

As stated above, it’s a rare instance that someone is able to sell their business overnight. So many factors are at play: you have to find the right buyer who will respect your business and the legacy you have created, and you don’t want to leave everything you have built through years of hard work in the hands of someone who is destined to fail.

Realizing that this vetting process will take time is important not only to your success but for your personal well-being. How can you efficiently find the right buyer if you can’t think straight because of stress? Patience will be the key to peace of mind as well as guaranteeing that the sale of your business will prove successful.

Flexibility on Price

Another area where a business owner cannot afford to be rigid is price. Let’s face it: you’re not going to get the exact price that you have in your head from the outset of selling. There is a myriad of factors to consider that can lower the price of your business during negotiation. It could range from an over-reliance on certain clients to issues with distribution in a specific geographic area. A business owner needs to take into account all of these factors to remedy any pitfall in price negotiation with a potential buyer.

Flexibility with Compromise

Ultimately, what will determine that you are able to sell your business for the best deal possible will be your ability to compromise. Life isn’t perfect, we can’t control the actions of other people, and they will most likely not have your same complete vision of what the best deal entails. You are going to have to work toward a remedy for any disagreement in negotiation if you are going to meet in the middle with a potential buyer and get the price and deal on which you both agree. The sooner you accept this humbling realization, the easier it will be to negotiate and succeed in the sale of your business.

Conclusion

The main takeaway is that you cannot be rigid and static when it comes to selling your business. You cannot have unreasonable expectations that are guaranteed to disappoint. You have to remain open minded when in discussion with your potential buyer. This does not mean that you must accept any unreasonable expectation that you are asked to meet, but you should be attentive and look for any reasonable compromise or middle ground in which both parties walk away successful and satisfied.

Contact Broker Matcher today when you’re ready to sell!

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