![]() “This is your baby of course you’re going to see it as highly valuable. “Deciding how much you want to walk away with and figuring out if your business currently is worth that much will help you set realistic expectations,” Wiggins says. “But if those issues have been addressed by the seller proactively, they won’t be able to reduce the price, and the seller can walk away with more money in their pocket.”Īnother way to avoid surprise (and potential disappointment) when selling a company is making sure you have an accurate idea of how much your business is worth. They expect to be able to find problems or holes during their due diligence that they can use to lower the price,” she reveals. The key, though, is that buyers don’t actually want to pay that price. “Currently, it’s a seller’s market, so the buyer will likely have to offer a large price to get the seller’s attention before starting negotiations. She says that it’s advisable to have a third-party assessment completed so you can address any gaps or problems before you put your company up for sale, and that having an assessment can increase the value of your business by up to 70%. Even if it doesn’t play out exactly as planned, this exercise will be illuminating.Īccording to Wiggins, you should start the planning process 18 to 24 months before you put your business up for sale.
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