Don't start the bidding when selling a business – audio

Say a buyer does approach you, unsolicited, with interest in buying your business…

It’s an exciting situation, but take it easy.

Whether you’ve made a conscious decision to sell your business or you’re caught off guard by an offer, don’t be naive enough to believe that you are going to start a bidding war. You need a realistic, objective idea of the value of your business – and the corresponding sales price – before entering any conversations about selling your business.

Dave Driscoll discusses a mistake he made when he was approached by a buyer for his business in his interview with Ron Ameln of the Smart Biz Show...

 

[powerpress url=”/docs/audio/09.mp3″ height=”80″ width=”300″]

Transcript of this segment:

Dave: Just like the one company that came to me, they came to me and they wanted to buy my business. I was totally unprepared emotionally, and I started out the bidding, which I wanted to create a bidding war like everybody does, be sought after. I created this thing totally out of unrealistic expectations, these were professional buyers. Once I opened my mouth, which was the first mistake, the first guy who lays out a price is the loser. So when owners are looking to sell their businesses, DO NOT start the bidding yourself because then you will always be bidding against yourself because you are going to set the high water mark. But I set mine so high, the conversation ended; so another mistake.

 Smart Biz Show featuring Ron Ameln Like what you’ve heard so far? Listen to the entire interview…

Leave a Comment