3 Important Tips for First-Time Sellers

seller tips Oct 31, 2023

When it's time to sell your business, understanding the path ahead will get you there with much less friction. Here are three tips for first-time sellers to maximize the value of your business and keep the sale moving forward to a successful close. 

#1 Keep Running the Day-to-Day
Don't neglect running your business day-to-day. You have to keep moving forward as though the business was not up for sale. Business as usual is the name of the game, and you've got to keep pressing the gas. So many times, sellers sign an engagement agreement with a broker, and they check out of the business. You must stay disciplined until you get to the closing table. Deals can fall apart in the six to seven months it takes from a business going on the market to closing the sale. Things change, and every change to your bottom line affects what a buyer is willing to pay. You must keep pushing forward with your business, even if your business is for sale. 

#2 Keep it Confidential
Confidentiality is so important. It can be so difficult to go into work every single day and run your business while you're talking to buyers late in the evenings and trying to exit your business. This wears on you, and it can feel easier to let the team around you know what's going on. The best policy is to keep things confidential until the closing is imminent, only then should you tell your key people. We help our sellers create a transition plan to let the rest of their staff know and create a positive experience once the deal is closed. 

#3 Understand What Winning Means to You
It's important to understand, early in the game, what winning means to you in selling your business. In any sale, there will always be more that you want from the deal, and once you get into negotiations with the right buyer, your emotions are going to play a part. Before you enter the negotiation process, have a firm grasp on the three or four most important outcomes you'd like to see from the sale. Understanding what you want most helps you keep moving forward during negotiations without getting caught up in the emotions that can lead to unreasonable demands or to a reluctance to move forward in the process. 

Selling your business is a big deal, and it's easy to derail the process if you haven't prepared yourself for the work ahead. Understanding these three tips is key to preparing yourself for the sale of your business. The next step is surrounding yourself with the right support team to guide you through your selling journey. 

If you're thinking about selling, it's never too early to engage the expertise and perspective of a broker. The selling journey often starts long before your business goes on the market, and my team is here to help you with your next steps. 

Visit www.RBASells.com for more info on selling your business or to schedule a call. 


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About Gokul Padmanabhan

Gokul has spent his entire career as a small business owner like you. He learned a lot throughout the process of starting, growing, and selling several businesses. One important lesson: most business brokers didn't add much value to the process of selling his businesses because they didn't understand them.

So, he became a business broker and immediately learned another important lesson:Ā to really understand the businesses you sell you need to specialize in a single market.

So, he specialized in selling restoration businesses, and so was born Restoration Brokers of America.

After more than 15 yearsĀ  of evaluating and selling restoration businesses, RBA has learned another important lesson: most businesses we see can be worth hundreds of thousands of dollars and, sometimes millions, more if the owner will manage his or her business a bit differently as they prepare to sell.

We call this Managing for Value. It's not complicated. It's not difficult. It's just different.


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