You as the owner have one opportunity to sell your business. Often times your business is the biggest asset of your life and one of the most important. Realizing the maximum value with the least amount of work is the goal.
The following are a list of mistakes that I have seen owner and brokers make while selling businesses:
Over valuing the business:
Undervaluing a Business:
Misrepresenting the Sales, Expenses and income:
Misrepresenting the Lease Terms:
Lack of Accounting Records:
Arguing with the Buyer:
Selling down of the inventory:
Not paying the rent:
Refusal to Obtain a Long Term Lease before Negotiating with Buyer:
Not Keeping the Store Clean:
Failure to Reach Potential Buyers:
Selling to an Employee or Partner with out competition:
Lack of Negotiating Ability and Expertise:
Lack of Knowledge of Structure the Sale:
Not offering to Work After in the Business After the Sale: