Selling a business requires careful preparation and specific knowledge. Sellers who approach the sales process haphazardly often pay dearly for their carelessness. Prepared sellers, on the other hand, are often handsomely rewarded for their diligence. If you want to successfully sell your business in New York, it’s imperative that you avoid the following common mistakes.
Setting a price too early.
By setting a price too early, you place yourself at an immediate disadvantage. Before you set a sales price, you must ensure that you know the potential value of your business. With the assistance of a financial professional and New York business law attorney, you can properly assess the value of your business and set a proper price. Remember, you can always lower the price later, but it’s much more difficult to raise the price after setting an initial price.
Selling too fast.
Unless you must sell your business quickly for personal or financial reasons, you shouldn’t rush the sales process. By taking your time and being patient, you can ensure that you are getting a fair value for your business.
Failing to increase the value.
If you aren’t in a rush to sell your business, there are multiple steps you can take prior to the sale to increase its value. Sellers who fail to take steps to increase the value of a business prior to selling leave profit on the table.
Failing to identify the best buyers.
It’s important to pre-qualify potential buyers so you don’t waste your time. By taking the time to identify serious buyers, you save yourself time and money.
Failing to negotiate.
Negotiation is key when it comes to selling a business. If you aren’t skilled in negotiations, that’s okay—your New York business law attorney can negotiate on your behalf.
Waiting too long to sell.
The flip side of not rushing the sale of your business is waiting too long to sell. In order to determine when to sell, you must examine the market, the economy, and other factors. Waiting too long to sell can be just as damaging as selling too soon.
Failing to contact a New York business law attorney.
Finally, the biggest mistake you can make when trying to sell your business is failing to contact a New York business law attorney. Selling a business is extremely complicated and requires professional assistance.
Contact a New York Business Law Attorney
Selling your business requires planning, knowledge, and experience. Therefore, if you need assistance selling your business in New York, our New York business law attorney is here to help. At the Law Office of Angela Siegel, we represent clients in connection with the buying and selling of businesses and franchises. In addition, we are experienced in the areas of business formation, contracts, dispute resolution, and real estate. Please contact us today to schedule a consultation.