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How to prepare your business for the sale - view tip
You can maximize your business value by having a viable marketing strategy in-place - view tip
Important guide prior to announcing that your business is for sale - view tip
To whom to sell your business - view tip
#5 Timing Your Business Sale - view tip
#6 What is Your Company Worth? - view tip
#7 Cash Determines Price - view tip
#8 Listed 3-out-of-4 Businesses Do Not Sell - view tip

Sales Tip #3

Prior to announcing the business sale

First, Keep It Confidential

The decision to sell your business should be kept among yourself and other select individuals for the following reasons:

  • Avoid upsetting your employees
    Any rumors of a sale can be unsettling for any staff. Your employees want job security. Rumors of a pending sale may prompt employees to seek other employment
  • Keep the Competition at Bay
    Once your competition finds out that you are for sale, they might undertake moves that can undermine your customers, suppliers, and creditors

    Rumors that 'you will no longer be in the business' could damage the goodwill that you have developed over the years
Second, Move Quickly

Once you make the decision to sell, jump into it quickly. The longer it takes to sell, the higher chance your employees, competitors, creditors, etc., may disrupt your continued operations -- which, can hurt for sales value. Suggestions:

  • have your financial statements ready for review
  • validate every potential buyer prior to showing them your sales sheet
  • make yourself available as needed
  • seek professional assistance from an advisor who can prepare the necessary documentation and keep things confidential and moving.

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Krayton M Davis
Executive Director, Novars Group, Inc

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