“Steer Clear of These 4 Expensive Errors When Selling Your Business”

“Steer Clear of These 4 Expensive Errors When Selling Your Business”

4.      Selling to the Wrong Buyer: Envision reaching a challenging point in your hike and relying on an inexperienced hiker who struggles to keep up and make sound decisions. Similarly, selling your business to an unsuitable buyer can jeopardize its future success and your financial gains. According to a survey by the Exit Planning Institute, approximately 30% of business owners regretted their choice of buyer. Look for a buyer who possesses relevant industry experience, leadership qualities, and a proven track record of business growth. Selling to the right person ensures a smooth transition and the continued prosperity of your business under capable hands.

By avoiding these costly mistakes and adopting a prudent approach, supported by industry statistics, you can navigate the challenging terrain of selling your business successfully. Remember, careful planning, choosing an experienced guide, setting a realistic price, and selecting the right buyer are like having a knowledgeable hiking partner, essential hiking gear, and a well-paced journey leading you to a prosperous destination.

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Tim Fawcett CEPA, CAP, CMEA

EastWind Business Solutions Inc.

[email protected]



Tim Fawcett, the founder and managing director of EastWind Business Solutions, Inc., a merger and acquisition advisory firm that specializes in strategic sales of SMEs with revenue between $2M-$100M+, has provided strategies to over 2000 baby boomer business owners in Canada and the USA, helping them accelerate value and prepare their businesses for sale and guiding them through best practices in exit planning.