Author of the E-Myth Series Michael Gerber says that if you don’t sell your business, you have bought it.
One of the best coaching questions to business owners is “What is your exit plan?”
Stats show that 85% of businesses never sell. Call any business broker and ask. [On this subject standby for an announcement about improved business broking services in Townsville.] The honest brokers will tell you.
Generally there are three problems that stomp on your dream of selling a business.
1. The business is so dependent on the owner that it is not worth anything to a potential buyer.
2. Unrealistic expectations about the price of your business. Your years of hard blood, sweat and tears have no value to a purchaser. Similarly the future ‘potential’ of your business adds little to your bargaining on price, buyers wont pay for ‘blue sky’.
3. Business owner has not completed the business marketing checklist that a buyer needs and is attracted to. Unprofessional, incomplete, inaccurate and often blatantly fraudulent information is given to potential buyers. Some brokers just go along with this – knowing that their client [who is the seller!] will eventually just drop the price to overcome this.
There are solutions to these problems – and they can be implemented quite quickly once the decision is made, the plan created, and action steps implemented in a systematic and accountable way.
If you are considering selling your business in the Townsville area, stay tuned for news of a strategic alliance that creates a powerful platform for preparing your business for a GOOD sale. Or give me a call or email.
Cheers
James Hooper