Issa Asad Says to Avoid These Mistakes When Selling a Business
When setting up a profitable business, the thought of putting your business up for sale is miles away from your mind. Building a mega successful business needs more than just planning. It includes selling your idea in a manner that clearly portrays the main product the business has to offer to the target market, choosing potential investors carefully, marketing strategies and many more.
Founders don’t expect to exit from a company that has taken a lot from them in terms of resources and energy invested in the business. But exiting from the company is not that easy. lt can be difficult considering numerous facts. When you put your business up for sale you must be careful about the potential acquirer of your business.
“Buyers of businesses tend to do their homework thoroughly before making a critical decision, they find a way in your business to review every part of your business; however a great outlook of the business always outsmarts the odds against you,” said Issa Asad Florida entrepreneur. Mr. Asad is the CEO of Q Link Wireless and Quadrant Holdings, located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
Do you play a key role in the success of the business? Finding out the answer to this question is figuring out whether the business is dependent on you, meaning if you walk away the business would incur losses. It’s more of a planned strategy that the buyer carries out in order to come with well thought plan at the negotiating table. These are usually traps used to mainly persuade you to sell on a cheaper rate.
Here, Issa Asad Says to Avoid These Mistakes When Selling a Business:
1) Rescheduling meetings
Scheduling an important meeting involves a lot of consultations to determine whether the concerned parties have an open schedule. You should never cancel on a potential buyer because it sends mixed signals. The buyer takes this action seriously and may start to investigate to find out why you had to cancel, even becoming suspicious of the fact that the business is depended on you so much that you have to available. You must avoid this trait fast, because anybody can suspect something is not right.
b)Clear Vision of the business.
Every business always has a vision and goals to reach, and the buyer tends to ask about the vision of the company. When asked about your business’s vision you must be able to explain it thoroughly and precisely. Always know the goals the business has to achieve and future goals. Answer the questions confidently and this will affirm the buyers you know what you are talking about.
2) Not having great customer relationships
A potential buyer will want to know why customers do business with you if he probes around finds out it is what your customers like doing business with you because of the benefits of the product and services offered by the company then that’s a plus on your side. Always make sure the dealings between your business and customers is not based on your personality or they like you personally then that will not look good in buyer’s eyes. Always keep your relationship with customers professional.
Always avoid these 3 mistakes when selling your business. When setting up and running your business always keep in mind the above tips and one day you will be glad you did.