When selling a business, common mistakes include taking too long to prepare for the sale, informing customers and employees too early, and underestimating the length of the sale process. The document recommends beginning preparation when drafting a business plan by maintaining detailed records and growth plans. It also advises not informing staff and customers until the sale is finalized to avoid losing key members and customers. Lastly, it notes that fully running the business until the sale is finished prevents issues that can hurt the sale and bottom line.

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Tyler T. Tysdal
Image source: betterbusinesscontent.com
Mistakes to avoid when selling a business
May 28, 2019
When it comes to marketing and selling a business, it’s crucial that you are familiar with the
ins and out of the process so as not to risk jeopardizing the transaction and protect your
best interests. Transferring ownership is complicated, requiring possibly long-winded
negotiations, complex nancial discussions, and delicate tax audit, explains business
professional Tyler T. Tysdal.
One common mistake a businessman
makes when opting to sell a business is
taking too long preparing for the sale.
Remember that the ideal time to begin
preparing a business for the market is
the time you draft a business plan. It’s
not premature at all to do it this way as
you’ve nothing to lose by anticipating a
future sale, even if you don’t end up
selling the business altogether. As you
work on your business model, begin
maintaining detailed records and growth
plans.
Another common pitfall is informing
both customers and employees too early about the sale. For one, this will force your staff
to already apply for a new job even before the sale is nalized, causing you to lose crucial
team members whom you still need. This could also make loyal customers waver and look
for new providers before the sale is realized. Moreover, no prospective customer would
patronize a company amid a big transition as they’d deem products and services
inconsistent at that point.
Lastly, most people selling a business
tend to underestimate the length of the
process. Keep in mind that until such a
point that the actual sale is nished, you
have to continue running the company
as this drastically hurts the sale and
affects your bottom line says Tyler T

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affects your bottom line, says Tyler T.
Tysdal.
Tyler T. Tysdal is the Managing Partner of
Platte Management, a single-family o ce with active investment strategies in private equity
and real estate. More on Mr. Tysdal and his work here.
business business tips entrepreneurship selling a business
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