27 Dec Selling Your Business: Closing the Deal

You’ve finally made it to the penultimate step in the process of selling your business and you’re about to close the deal. You’ve been working with your business broker diligently to bring the transaction to this stage and you’re almost across the finish line. It is also at this stage as an owner trying to sell your business that you might feel the most anxiety, as you might be worried about any mistakes that you could potentially make that could derail all of your hard work and prevent the deal from closing. Well, to alleviate your stress, for everything that could potentially go wrong, there are also plenty of preemptive steps that a business owner can take to ensure a successful sale.

First and foremost, it is imperative that you and the potential buyer are in complete agreement and on the same page from the very start of negotiations. You need to make every detail and term of the sale completely clear in order to ensure that the there are no misunderstandings between you and the buyer. If this endeavor is successful, all of the buyer’s questions will have been answered and any concerns he or she may have had are discarded from the very beginning. Also in this regard, the seller should have complete transparency to the buyer’s qualifications and financial ability to take control of your business. Once this has occurred, and both sides are in complete understanding and agreement, the transaction can successfully close without conflict.

Secondly, both buyer and seller and all parties involved on both sides need to understand that patience is key in these transactions. Selling a business takes time, and it is better that both sides understand this aspect from the beginning. Any outside advisors must also be aware of this in order to prevent conflict from arising. It is up to the buyer and seller to make sure that every individual involved in the sale is made aware that they are the ones who make the final decisions in all matters regarding it. All outside advisors should also keep to the schedule outlined by both parties, as deviating from it could potentially waste time and prolong the deal from reaching a close.

Finally, the seller needs to be completely transparent in regard to all aspects of the business. The buyer will understand that no company is perfect and that certain facets will be more difficult than others. All financial details need to be brought to light immediately. If the buyer is reasonable, and everything is made known and legitimate, then closing the deal will simply be a matter of time.

If you’re ready to sell your business, then it is important that you have a professional, experienced business broker help to close the transaction. Contact Broker Matcher today when you’re ready to sell!