7 Mistakes to Avoid When Selling Your Business

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If you’re selling a business in the Tampa FL — or a nearby city like St. Petersburg or Clearwater — it’s easy to make mistakes.

Most business sales are confidential, meaning most business owners have a hazy understanding of what it takes to sell a business at full value. When they attempt to list their business, they end up making errors. As a result, they either struggle to sell their business or leave money on the table.

So, if you’re getting ready to sell a business in the Tampa Bay area, avoid the following mistakes…

Selling a Business? Steer Clear of These Common Errors…

  1. Undervaluing Your Business. When you’re selling a business, the last thing you want to do is undervalue your business. Without a proper appraisal, that’s a big risk. While your business might sell quickly, you could be leaving tens or hundreds of thousands of dollars on the table.
  2. Overvaluing Your Business. When listing a business, overvaluing can be nearly as bad ­ as undervaluing it. Most business buyers won’t touch a listing if it appears dramatically overvalued. That can lead the listing to stagnate, causing its value to fall beneath what it should be.
  3. Listing Your Business Too Narrowly. If you’re selling a business in Tampa, your search for buyers shouldn’t be limited to the Tampa Bay area. Ideally, you want to reach buyers across the United States or even international buyers. To do this, you’ll need to find listing networks that can reach these wider markets.
  4. Lack of Confidentiality. Nothing can tank a business deal more quickly than indiscretion. If word gets out to employees, customers, or clients that the business is for sale, they could jump ship, causing the value of the business to crater.
  5. Chasing Bad Prospects. Anyone can say that they want to buy a business. But that doesn’t mean they have the resources to buy your company or the wherewithal to see the deal through. So, it’s crucial that you qualify prospects, and that you take steps to ensure that any interest is serious.
  6. Taking Your Foot Off the Gas. When you’ve decided to sell a business, it’s easy to start thinking about what’s next and pay less attention to the business itself. But if you do that, your business will start to underperform. And when buyers see that happen, they’ll be a lot less eager to purchase your company.
  7. Not Hiring a Business Broker. When listing a business for sale in Tampa, the easiest way to avoid mistakes is to hire a professional business broker. At the Murphy Business office in Clearwater, our brokers have the expertise and experience you need to capture full value for your business.

Selling a business in the Tampa Bay area? Call Murphy Business Clearwater office at (727) 725-7090 today to request a consultation with an experienced business broker.