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The Four Worst Mistakes to Make When Selling Your Business

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
From ignoring potential buyers to failing to consider what you'll do once you've stopped working, here are the key mistakes to avoid when selling a business.
The article from Kiplinger discusses common mistakes business owners make when selling their business, which can significantly impact the sale's success. Key points include not preparing the business for sale by failing to enhance its appeal to potential buyers, such as not cleaning up financials or improving operational efficiencies. Another critical error is setting an unrealistic price, either too high which can deter buyers, or too low which might leave money on the table. Owners often neglect to maintain confidentiality, risking employee morale and customer relations. Additionally, not having a clear exit strategy or understanding the tax implications can lead to financial losses. The article also warns against rushing the sale process, not vetting buyers properly, and not using professional advisors like business brokers or M&A specialists, which can result in suboptimal deals or even deal failures. Lastly, emotional attachment to the business can cloud judgment, leading to poor decision-making during negotiations.

Read the Full Kiplinger Article at:
[ https://www.kiplinger.com/business/selling-a-business-worst-mistakes-to-make ]