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How To Get Top Price For Your Biggest Sale Ever. A Sale, Or A TOP PRICE SALE, When Selling A Business? By Noel Peebles |
| Selling your business will probably be your biggest sale ever. But, if you are to get a top price for the sale, you'll need to satisfy your buyer on two critical points - Firstly, your company should be showing good returns. Put simply - you will have more chance of making the sale and getting a top price if you are selling a business that's profitable. Secondly, to get top price for the sale, there needs to be a strong likelihood that these good profits will continue for the new owner. This is why you (as current owner), have an important part to play in the transition period before, during and after the sale. Your customers and clients may be watching the changeover very closely. If you have a successful business, then it is fair to assume that your customers have grown to like you and the way you run your business. Remember, most people don't like change. This transition period before, during and after the sale is therefore critical, if you get a top price when selling a business. It is important to make sure that your customers and clients remain with the new owners. No customers... no sales…. no business! When selling one of my businesses to a senior banking executive, I remember a comment he made just before signing the sales contract. It was something like this: "I have seen so many people pay top price to buy a successful business, rush in and change everything… and then lose everything." He added, "You have happy customers, are making lots of sales and are running an extremely profitable business. You must be doing something right. I am not going to change anything, probably for at least a year, or until I find better way to do things." He kept his word and the business continued with happy customers, lots of sales and continued to run profitably. Eventually he did make changes, but he did it from a position of knowledge... and with understanding of the market requirements. A smart cookie! However, it is not always like that when selling a business. The new owners may not want you involved. This is something you need to be mentally prepared for. Don't automatically assume there will be a place for you, even in a part-time or consulting role. Regardless of your ability, the new owners may not want you to be involved after the sale. A new broom sweeps clean. The new owners could see you as a threat to the vision they have for the business. The new owners may pay you top price, but still not want you involved after the sale. Naturally, when things go wrong, it is likely you will be blamed for charging a top price and selling them "a dog." On the other hand, the new owners may want your help before, during and after the sale. They may want your experience and full support during the changeover period. They may even want you to stick-around after the sale until they have come to grips with their new venture. Here's the good part. The new owners may be prepared to pay you a top price for this valuable input. The level of support you offer after the sale will need to be negotiated as part of the sales contract. You, on the other hand, may want to cut your ties as quickly as possible after take-over date. I mean, let's face it - selling a business could represent the end of a long drawn-out sales process. You may just want to cut your ties and move on, in which case you may not be able command a top price. So there you have it. You'll need to think about the likely needs of your business buyer and mentally prepare yourself for the different scenarios before, during and after the sale. Your level of on-going support may help you to get top price, if you are able to make it a key bargaining chip, in your biggest sale ever! © Market Leaders Limited. All Rights Reserved. Please Note: The following information must be included if you reprint this article or post it on a website: ******************************************** Get Your 100% FREE mini-course "17 Powerful Secrets That Have Made Business Owners Into Millionaires." 100% FREE! Simply send a blank email to: instantsellbusiness@SubscribeMeNow.com ******************************************** |