| This is the second of three articles that discusses | | | | A motivated buyer who is serious about buying |
| what NOT to say or do if you own a business | | | | your business will ask a series of questions. Often |
| and are trying to sell. The first article was called | | | | it can be the same question but asked a different |
| "5 guaranteed ways NOT to sell your business." | | | | way. They are looking to hear a consistent |
| The third article is called "5 things to avoid when | | | | answer and therefore develop confidence in |
| trying to sell your business." All articles can be | | | | buying the business. For example, an important |
| read on my blog or simply searching the web. | | | | question could be how many hours do you, as the |
| 1. Talking when you shouldn't. | | | | owner, work in the business? The same question |
| This may sound obvious but when you sell a | | | | a different way, how many hours each day do |
| business it's more important to listen and ask | | | | you work and is that Monday through Friday or |
| questions than continually talk to try and "sell" the | | | | do you work on the weekend? Or another |
| business. Often there is more information in | | | | approach, does your spouse work in the business |
| hearing the type of questions being or not being | | | | and if so, how many hours do they work and are |
| asked and the follow up comments. If you are | | | | these hours when you work? |
| the only one talking that means there is little | | | | 4. Giving worldly advice on subjects or matters |
| interest or other negative perceptions that need | | | | not relevant to the transaction. |
| to be removed so the buyer is comfortable | | | | Politics, sport, religion and how best to run a |
| moving forward. | | | | business are not conversation topics to have with |
| 2. Failing to use common sense. | | | | people you want to sell or buy something from. |
| Selling a business rarely happens to the first buyer | | | | Respect the sole reason that is bringing you |
| that comes along. There is a need to reveal | | | | together with the buyer. Absolutely keep it |
| information but only after the buyer provides | | | | friendly and honest. |
| enough information to show they are suitable | | | | 5. Failing to get expert advice or assistance when |
| buyers. This is one of the main reasons to use a | | | | it is required. |
| broker to sell your business. They are trained and | | | | If you do your own tax returns, file your own |
| have the emotional detachment to ask | | | | legal papers, do your own financial planning, do |
| appropriate questions to know not only if the | | | | your own negotiations, are a sales and marketing |
| buyer is truly serious but more important, qualified | | | | guru and have plenty of time to waste by people |
| to be able to buy, finance, manage and run the | | | | who don't mind wasting your time; then selling |
| business. | | | | your business without expert help may be a good |
| 3. Poor communication and not listening. | | | | option...until something goes wrong. |