How I Help: Selling a Business - What to Do Before Signing Anything
I was recently speaking with the owner of a logistics firm about an offer she received to buy her business.
My first piece of advice was for her to do some research to make sure this buyer was legitimate:
- Are they actually capable of writing a big enough check?
- Are they trustworthy and respectable?
- Have they acquired any other companies recently? If so, it’s a good idea to make some calls to find out how the acquirer treats its new acquisitions.
Also, if she got this offer, then perhaps others might be interested in her business as well, and she would have more leverage if she had multiple offers on the table. A business broker can help with this!
There’s a lot that sellers can do before signing anything.
When a business owner thinks she might be ready to sell her company, before doing a deal, she needs to know if it’s worth disrupting the business and engaging in a prolonged sale process. It's worth taking the time to explore the alternatives.