A seller’s state of mind makes a big difference in the ability to get the best price for your business. Some might call it an attitude adjustment or controlling expectations. Although your business broker or intermediary does much of the legwork, it does require time and effort on the part of the seller.
One of the first important matters is gathering the facts so the business broker/intermediary can put together a comprehensive package. This package is typically not provided to a potential buyer until a Non-Disclosure Agreement (NDA) has been signed. Depending on the size of the transaction, a potential buyer may also be required to provide a personal balance sheet and a bio or résumé.
It is important that the seller provide all of the information that the broker/intermediary requests on a timely basis to allow your business to be presented in the best light. In many cases, you only get one chance to make the correct impression. To accomplish this, a complete package is required.
Responding to requests from a potential buyer on a timely basis is also important, even though the seller has a business to run while the sales process moves forward. It is important to be mentally prepared, because the process of making sure a prospective buyer has bank financing and doing due diligence will be a distraction/disruption and a nuisance from your normal routine. This typically only lasts for about 30 days, but it is the price to be paid if you want to sell at the best price possible.
As a seller or a buyer, if you would like a confidential conversation about how to prepare, please contact me on my cell, 954-579-4687, or by e-mail at firstname.lastname@example.org. My LinkedIn profile is at http://www.linkedin.com/in/dolansales.