Selling your business can be a stressful time and the business franchise recently revealed the most common fears business owners have when selling up.
Cheshire-based Business Partnership franchisee Paul Dodgshon knows what makes a successful business sale. Having worked for the business and B2B franchise for some time, Paul recently revealed some of the most common worries associated with the selling of a business.
Paul explained, “In my experience, not achieving the right market value is the top common fear for many people selling their business as they have no idea how to value their business. The first thing they ask is for a free valuation as they’re concerned that they could turn down a great offer in the hope the next offer might be better. However, what they actually need from a business broker is a marketing strategy to achieve that best offer”.
“Confidentiality is also a common fear for sellers as they don’t want their customers, suppliers or staff to find out about a sale before the deal has been agreed. A sale is often a positive decision, but people jump to conclusions and adopt a worst case view and assume there’s something negative going on.”
Some of the most common fears for individuals selling their businesses are:
- Not achieving the right market value
- Confidentiality
- When do I get paid
- What happens to my legacy and/or employees
- Not being able to sell
Although many sellers have worries over when they will be paid, and whether or not they will be even able to sell their business, a skilled business broker can help ensure a successful and profitable sale for the business owner.
If you’d like to become a franchisee for a business or B2B franchise, find out more about Business partnership by clicking on the link above.
Elliott Fudge, Point Franchise ©
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