Last week I got a call from Max about the sale of his construction company. Unfortunately, he called me right before the closing date, after he had already finished negotiating the key terms of the deal, and the due diligence period was over.
It was really too late. Too late for me to fix anything. Too late for me to try to improve anything that was already "set in stone."
Sellers often get more money when the business books, corporate records and contracts are clean and in good order.
A business sale is not the time to go it alone. If Max had assembled a team of advisors well before the business was offered for sale, including at least a lawyer, an accountant and a business valuation expert, but preferably also a broker, and a financial advisor, he could have ended up with more money in his pocket with fewer liabilities and less risk.
You're ready to sell your consulting firm and retire to the beach where all you have to worry about is your next margarita. You just got an intriguing offer from a potential buyer. How do you plan to respond to it?