Common Business Sales Myths

• July 1, 2021
• Richard Willis

For most business owners, selling their business is a huge decision. And when you enter the business sales grounds, you might find that there are many myths about selling a business that are based on a singular transaction. Keep reading to find out some of the common myths!

You Will Receive the Full Asking Price

Receiving the full asking price in cash is a rare sight. Professionals usually consider the asking price as subject to negotiation. The final price you will receive will be a figure that’s mutually satisfactory and often below the original price.

You Can Sell Your Business Without Any Help

Some entrepreneurs have been lucky to arrange a sale through their own network. However, that’s not the case for most business owners attempting to sell the business independently. You’ll most likely have to try out many different ways to find a prospective buyer. This is where the services of a professional business broker can come in handy. An expert can offer you valuable advice and promote your business to sell faster at a good price.

Your Business Will Sell Within a Few Weeks

There have been stories of owners selling their business practically overnight. However, these success stories should never be taken as a rule of thumb. Realistically, it can take months to attract the right buyer. Not to worry, though. Keep in mind that finding a buyer that will meet all of your objectives and selling at a suitable price takes time.

The Company Is Ready to Sell Anytime

Before listing your business for sale, there is plenty of work to be done. Contrary to what many people may believe, a significant amount of time and energy needs to be put into preparing your business for the marketplace. Even the most prosperous business owners often spend months or even years increasing the value of their business, organising financial records, and carrying out other tasks that affect the chances of a successful sale.

Final Thoughts

As you now know, there are plenty of myths surrounding business sales that you should be aware of. Selling a business is not an easy task to undertake and it can take a while to find the best buyer. However, if done correctly, you’ll be looking at a successful sale soon enough!