Essential Meeting Tips for Sellers

If you’re considering selling your business, it’s not a decision to be taken lightly. Many factors go into determining the value and selling points of your business, and leaving anything out could cost you tons of cash.

That’s why it is so important to go into each and every meeting regarding the sale of your business highly prepared! Use our top tips for sellers to put your best foot forward during all buyer-seller meetings:

  • Get professional help

We may be a little biased (we are business brokers, after all), but we see people almost every day regret the decision to attempt selling their businesses on their own. Often, buying or selling a business is a once-in-a-lifetime event, so it’s difficult for either party to know just how complex it can all be. On the other hand, our professional business brokers deal with business sales every day. Don’t risk making a mistake that could cost you money or land you a lawsuit. Instead, get the help of a professional business broker service!

  • Be organized

You may meet with multiple potential buyers during the process of selling your business. It is easy for details to get mixed up when dealing with so many new names and faces, but confusing these details can lead to costly mistakes. Don’t allow that to happen by simply being organized.

Start by creating a new folder for each potential buyer you meet with. Since we do live in a digital world, save a tree and create these folders on your computer if possible. Inside of the folder, include all of the buyer’s pertinent details. Add notes to the folder as you go along. When it is time to make a decision on which buyer to choose, having these folders neat and accessible will make the decision much easier!

  • Know your business’ value

Nothing will turn a buyer off like an owner that doesn’t seem to know or trust the value of their own business. You need to be ready to answer questions about even the minutest detail of your business with urgency and confidence. Imagine all of the questions you would have about a business if you were a potential buyer, and make sure you have answers for them all.

  • Vet the buyer

During the buyer-seller meeting, the buyer will constantly try to feel you out to decide if they can trust you. You need to be doing the same to potential buyers. You know your business better than anyone else; you know what types of personalities work well with your industry, what type of people will get along well in the neighborhood, and what type of owner will treat your employees well (assuming they are staying). If you want the sale of your business to be truly successful, you’ll need to consider all of these things when meeting with potential buyers. 

  • Tell the truth

This one should go without saying, but always be honest in all business dealings. No one likes to be misled, and sometimes, it can even be illegal. 

So, be honest about any issues the business may have, especially financial ones. Discuss with potential buyers if they plan to take on the existing obligations of the business, or if they want no strings attached. A buyer discovering serious financial or legal problems after the sale is a sure way to end up in court.

Sell your business in Tampa Bay

Now that you know how to navigate the buyer-seller meetings, you’re one step closer to making the dream of selling your business a reality. But, you don’t have to do it alone! Here at Tampa Business Broker Inc., we have the knowledge and experience you need when trying to get top dollar for the business you worked so hard to build. Call us at (813) 993-4452 or contact us online to start the process of finding your business’ perfect buyer today!

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