Help! Someone wants to buy my business!
I regularly speak with business owners who tell me how another company has, quite out of the blue, made an offer to buy their business. As a company owner myself, I completely understand how flattered they must feel. We make our businesses our life’s work. And when somebody knocks on the door, wanting to purchase it, well… that’s got to get your attention.
If this has happened to you, I have some advice. Don’t, under any circumstances say yes - certainly not without lifting the phone and having a conversation with an experienced advisor.
An unsolicited approach to buy your business is a bit like somebody knocking on the door of your home - and making an offer right then and there.
We all know that you get the best price for your property when you have tidied up, the coffee pot is on and bread is baking in the oven. Showing an acquirer around your unprepared business will give the skilled acquirer the upper hand in negotiations.
It sounds obvious, but making sure you are tidy, well-prepared and practiced when you go to market will put you, as the seller, in a much stronger position. And instead of talking to just one acquirer – the only runner in a one-horse race – you should be in dialogue with multiple interested parties.
So, put the coffee on, bake the bread – and make sure you invite multiple potential buyers to the table. Only then can you be sure you sell your prize asset for its true worth.