You, the business owner, are a risk taker that is accustomed to getting things done onRead Further
We cannot understate the importance of confidentiality. When business owners try to go it alone, they often share valuable information with the wrong people, such as competitors. Or accidentally alert employees, suppliers and customers that the business is up for sale. When confidentiality is breached, unexpected and unfortunate consequences can result, such as employees looking for new work or customers switching over to work with different businesses. If any of these scenarios occur, it can devalue the business or even interfere with a sale going through properly
If the party assisting you to sell your business lacks experience, he or she may accidentally omit preparing critical paperwork. Additionally, if the financial records are not properly audited, it could negatively impact the numbers. This could lead to lower offers and less interest from prospective buyers.
Another error that could be caused by inexperience is neglecting to bring key parties into the deal. For example, when a business owner is guided by a layperson or trying to handle everything on his or her own, important people, such as the CFO, might accidentally not be brought into the due diligence process. While an error like this one might not necessarily kill the deal, it could lead to delays and complications.
The bottom line is that when it comes to a large transaction like selling your business, it is time to rely upon trustworthy professionals. There is a long list of protocols and steps that lead to a deal going smoothly. Experienced business brokers and M&A advisors will make sure that all the best practices are followed and that you come out ahead in the end.
Jeff Elder is a versed professional that understands business transactions from assessment to close. Broad practical business experience & understanding his clients wants, gives him the ability to sell a wide variety of industries. Jeff has been involved in many M&A transactions involving private equity, family groups & foreign entities. Graduating from Texas A&M with an accounting degree & an MBA, he is also a member of the International Business Brokers & Texas Association of Business Brokers
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Photographer: Ryan Adams
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“Texas Real Estate Commission Information About Brokerage Service”,
“Texas Real Estate Commission Consumer Protection Notice.”