The process of selling a business can be confusing. Every business owner is intrinsically invested in their business, both financially and emotionally, and the sale is therefore often compromised by the complexity of these interests.
Because of this proximity, many sellers make the same mistakes during the sale process, including loss of objectivity, confidentiality breaches, and destabilization of the business as a whole. However, all of the aforementioned pitfalls are avoidable by inviting a trusted outside perspective into the sale process.
The objectivity of a business owner is always in question because of the close connection they share with the business as whole. When a potential buyer questions certain aspects of the sale, including asking price, business stability, and future prospects, it can lead to a seriously bruised ego on the part of the seller.
Selling a business requires an objective view and a thick skin. However, it’s very uncommon to find a seller with these traits, as many sellers are lost in the territory of business buying and selling. Because of this, most sellers would benefit from hiring an industry broker. By acquiring the view of an industry broker, both buyers and sellers can avoid becoming too emotionally invested in the sale process. What’s more, the business owner can continue to run the business, helping to eliminate stress on all parties.
The stability of a business rests in the hands of the business owner. Discretion during a sale is thus crucial because allowing competitors, wary buyers, and even trusted employees access to all the sale-related information could result in a failed sale. Confidentiality is therefore key to help ensure a successful sale.
Again, the best way to achieve this is by hiring an industry broker. This person’s experience will facilitate perfect timing throughout the sale, as knowing what information to leak to the public and when to do it is part of their job. They will also focus on the sale while a business owner continues to run the business, which helps to entice potential buyers because stable productive business naturally will sell better than chaotic ones.
The Tenney Group is a transportation business sales company that has been conducting industry brokerage since the early 1970s. They are an excellent resource for guiding you through the sale process- from pricing and listing your business to completing the closing legal paperwork-, and Tenney can be trusted for objectivity and confidentiality throughout the sale process. Contact The Tenney Group today for a free initial consultation at thetenneygroup.com or give them a call at 877-642-8033. Don’t trust the sale of your business to amateurs or general business brokers when a specialty broker would be better-suited for the job. If it’s transportation, it’s the Tenney Group.