As we begin the holiday weekend I thought this was a great time to reflect on some pearls of business wisdom and a little humor from business brokerage industry guru Tom West.
- “The first offer is almost always the best one!”
- “The real selling price is half-way between what the seller thinks it’s worth and what the buyer thinks it is.”
- “The figure the seller provides for annual sales is usually the best year the business hador even the figure the seller thinks the business is capable of doing.”
- “The profit the business can make is what the seller dreamed up in his or her wildest dream.”
- “It’s true that 90 percent of buyers will buy something other than what they first were interested in.”
- “If the business buyer’s wife is opposed to her husband
buying a business, there will be no deal. The reverse is not true, but a wife will buy a business regardless of her husband’s opinion.”
- “Only one out of 12 to 15 interested potential buyers will result in a sale.”
- “Every business sale falls apart at least twice before it closes.”
I’ve added a few tips on the subject of selling your business to increase your profits and joy in your life.
- To win big, sell your business long before you need to.
- What you invested or paid for it is a sunk cost and has no bearing positive or negative on value.
- Remember it’s not just price, but terms that make a good deal.
- You can replace money, but you cannot replace time. Choose wisely.
- Understand the difference between what you want and what you need.
- Hope is not a strategy so take action.
Edward Valaitis, CBI – The Certified Business Intermediary designation is your assurance of the highest level of training, expertise and integrity in the business intermediary profession. Mr. Valaitis has more than 25 years of experience building, managing, and leading commercial lending, CPA and consulting firms. Merger and Acquisition services provided throughout Florida. 800.975.2114 www.EdisonAvenue.com