“Carl, son, if you ain’t got two buyers, you ain’t got none.” That’s a direct quote from one of the smartest men I’ve ever met. He had a third-grade education, but he had built a multi-million-dollar business in the racing tire and wheel niche, including developing the carbon fiber racing wheel.
He was right and the CBI Team is always devoted to getting as many buyers as possible for the businesses we list and take to market, so we took his business to the market, found two buyers, got them competing against one another and sold the business to the highest and best offer.
That’s another good reason why smart business owners don’t try to sell their businesses themselves. We’ve seen it happen time and time again, a seller decides to try and sell the business on their own and they find one “buyer” and come to some kind of agreement, but the seller really doesn’t know what the market might pay for the business because they’ve limited themselves to one business “buyer.”
And way too often, that so-called “buyer” doesn’t have the money to buy the business because the seller didn’t “vet” the buyer properly, nor did the seller properly protect their valuable business by having appropriate NDAs (non-disclosure agreements) signed.
And Sellers often don’t understand that signing an LOI (Letter of Intent) with some buyers only means the buyer now has the seller tied up and the price and terms begin to change, most often to the detriment of the seller.
Don’t fall into the smug, self-made trap of trying to do it yourself. The most valuable asset most business owners have is the business and turning that asset into retirement or investable income is the job we have here at CBI Team.
Give us a call and we’ll help you assess where your business is in readiness to sell. No charge for that and you can save yourself lots of time and headaches and make yourself some money, too.
And that’s all I have to say about that…….