What I've Learned About Business Sales Part 2

What have I learned about business sales? This is the second of a two part series of 9 Things I’ve Learned About Business Sales.

Number 6, Know the Financials of Your Business

Buyers get frustrated and start to question the seller of the business when the owner does not remember the financials of the business, especially if there is a lot of cash involved in the business. 

Number 7, Patience Is King

The average business takes eight and a half months to sell and most buyers who inquire or meet with a seller will pass on the business.  Most buyers want to buy a business as an investment instead of actually working the business.

Number 8, Take New Laws Into Pricing

Industries are always in a state of flux and new government regulations can lower or increase the of a business in a city or state

Number 9, Don’t Agonize Over Listing Prices

Do not compare your listing price to another similar business. That listing price might be overinflated and they won’t have buyers looking at the business.