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Secrets for Successful Business Sales

June 21, 2012

Are you looking to buy a business?  Or are you looking to sell a business?  A recent survey of business broker professionals reported the following response to the question: What was the main obstacle that caused pending sales from closing?

1.   Misunderstandings force many deals to fall apart. The buyer and seller should be in agreement from the beginning and understand the terms of the sale.

2.  Patience. Putting a deal together and closing it takes time. It’s crucial that the buyer and seller advise their lawyers of the timelines and that unless the deal is illegal or unethical, they want it to work.

3.  No surprises. Everything should be revealed from the start. No business is perfect and buyers are more understanding if company weaknesses are disclosed from the get go.

4.  If buyer and seller should both feel like they got a good deal, closing is a mere formality. That’s the sign of a win-win transaction.

5.  The real secret is one word – listen. Everyone involved in the deal must listen. No one can win on every point. By listening, both sides will understand what is really important to the other.

Business Brokerage is all about relationships and connections. If you are interested in exploring business opportunities or are contemplating the sale of your business, contact the Sunbelt Nanaimo office at 1-877-289-0969 or visit us at http://www.bcbusinessbroker.ca or http://www.sunbeltnetwork.com/vancouverisland.

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