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1. Underestimation of the sales process: many entrepreneurs underestimate the effort and complexity of a sale. Selling a business is a complex process that requires a lot of time, know-how and patience.
2. Wrong pricing: a too high or too low sales price can reduce the value of the company, so that the transaction does not lead to an adequate return for the seller.
3. Inadequate preparation: a successful sale requires thorough preparation before the sales process begins. This includes a comprehensive review of the business to determine the true values of the business and to ensure that all important documentation and information is in place.
4. Not staying consistent: If the seller does not remain consistent and is not firm on pricing or other important issues, it can delay the sale process and diminish the value of the business.
5. Inadequate public relations: effective public relations is an essential part of the sales process. A business owner must ensure that potential buyers are informed about the sale in order to create a competitive market.