Selling your business requires a lot of work and preparation. When it comes time to actually make the sale, tensions, and hopes both run high. That’s why all business owners looking to sell their companies should be on the lookout for the following four buyer red flags:
Some potential buyers will send enthusiastic messages or call you when you first list your business for sale, asking for more details about the listing. These buyers often turn out to be just casual browsers with no true purchase intent. They typically fall off the radar quickly when a price is named.
Some potential buyers are very interested and motivated, but just don’t have the financials in order to get financing from a bank. This is usually discovered when the seller requests the buyer’s financial statements and pre-approval documentation, which is why it is so important for the seller to check out these documents.
Some potential buyers are interested and qualified but don’t want to disclose their financial statements for some reason. While selling a business without reviewing these documents might be okay for an all-cash sale, any sale that requires financing (especially seller financing) must include financial information. If the buyer does not provide it, it’s best to move on to the next interested party.
Finally, there are buyers who show interest, are qualified to make the purchase, and provide all the required documentation, then…nothing. They just disappear into the background, stop returning calls, and seem to be dragging the process out. These buyers may have cold feet or just be busy with other commitments, but in either case, they’ll need some extra encouragement to get the deal done.
Business Seller Representation in Tampa Bay
If you’re selling your Tampa Bay business and don’t want to do it alone, trust the professionals at Tampa Business Broker, Inc to help you prepare your business for sale, maximize value, find qualified buyers, and finish the sale quickly. Call us at 813-469-7957 or contact us online for more information.