4. Selling to the Wrong Buyer: Envision reaching a challenging point in your hike and relying on an inexperienced hiker who struggles to keep up and make sound decisions. Similarly, selling your business to an unsuitable buyer can jeopardize its future success and your financial gains. According to a survey by the Exit Planning Institute, approximately 30% of business owners regretted their choice of buyer. Look for a buyer who possesses relevant industry experience, leadership qualities, and a proven track record of business growth. Selling to the right person ensures a smooth transition and the continued prosperity of your business under capable hands.
By avoiding these costly mistakes and adopting a prudent approach, supported by industry statistics, you can navigate the challenging terrain of selling your business successfully. Remember, careful planning, choosing an experienced guide, setting a realistic price, and selecting the right buyer are like having a knowledgeable hiking partner, essential hiking gear, and a well-paced journey leading you to a prosperous destination.
Get your eBook on 15 Steps to Accelerate Value Before You Exit.
We invite you to click here and get in touch with us today to schedule a free 30-minute call to discuss your exit options.
ABOUT THE AUTHOR
Tim Fawcett CEPA, CAP, CMEA
EastWind Business Solutions Inc.
Tim Fawcett, the founder and managing director of EastWind Business Solutions, Inc., a merger and acquisition advisory firm that specializes in strategic sales of SMEs with revenue between $2M-$100M+, has provided strategies to over 2000 baby boomer business owners in Canada and the USA, helping them accelerate value and prepare their businesses for sale and guiding them through best practices in exit planning.