Paying For His Mistakes Read Online Professional Speaker And

Learning from my mistake, I interviewed 12 more brokers before signing another contract.

Proper planning can mean thousands of dollars in your pocket.

Every day small business owners (retailers) make drastic mistakes when selling their business and lose thousands of dollars in the process.

All their hard work and long-term investment goes down the drain.

As entrepreneurs, they had once dreamed of owning their own business and building it to successto reap the rewards in the form of a successful business sale.

Sounds like a great plan But making the sale is not as easy as it may appear.

As an entrepreneur, I have built and sold six businesses including a car rental company, two mini-storage facilities, and three retail stores.

Paying For His Mistakes Read Online Professional Speaker And

Now, as an international professional speaker and business consultant, I help other small business owners achieve this same success.

Here are my five tips to help you avoid business sale pitfalls, disappointment, and lost money.

Waiting too long, or not planning in advance, can cause many business owners to miss their window of opportunity.

It takes an average of two to four years to sell a small business.

Therefore, long-term planning is key to any successful business sale.

By keeping updated records, a detailed business history and sales portfolio on hand at all times, it will make your planning pay off.

Even if you do not have a successor who is a relative, you are still thinking like a succession planner.

If they see you have been planning and considering this for quite some time and that its not a quick Ive had enough sale, your price will be much higher.

Add to that the confidence the buyer will have in a retail store purchase if they see there was a strategy for the sale and that its not driven out of desperation.

Finding the right broke r andor consultant to help you sell your business is crucial to your success.

Often business owners go with the first person they meet just to list their business and get the process going.

Within a few months, you may see no results and have to go on the search all over again.

Taking time to interview many brokers and looking at a realistic outcome of what is expected will get you going in the right direction.

After all, he had a background in retail (and that was my industry), he was friendly and best of all he came up with a BIG price tag.

Unfortunately, it was too good to be true because he was asking too much.

By raising the price he got me to sign the contract but never made the sale.

After six wasted months without even a lead, I finally decided to move on.