Selling your business can feel like an invasive process, where a buyer examines every detail. Along with asking standard questions like:
– When does your lease expire?
– Are customer and employee contracts signed and up to date?
– Are your products or ideas protected by patents or trademarks?
– Is your technology current, and are software licenses valid?
– Are your finances in order, including any outstanding payments or legal issues?
Buyers will also assess how dependent your business is on you personally. Here are four common traps to avoid:
1. Last-Minute Scheduling
Buyers might ask to change a meeting last minute. If you’re unable to adjust, it could show that your business can’t function smoothly without you.
2. Inconsistent Vision
Buyers may ask your employees about the company’s vision. If their answers don’t align with yours, it suggests the vision is in your head, not shared across the team.
3. Customer Loyalty
When buyers talk to your customers, they’re looking to see if loyalty is to your business or to you personally. If it’s the latter, they may worry about the company’s future without you.
4. Secret Shopping
Buyers often visit your website or business anonymously before contacting you. Make sure the customer experience is professional and doesn’t rely on you personally.
By preparing for these scenarios, you’ll show that your business can succeed without your constant involvement.
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