Never sell your business for a price unacceptable for you.
I have seen newsagents sell recently for a price considerably lower than they wanted and then in the lead up to settlement lash out at others in the channel, not about the price but on other things because of the anger they have at selling for the low price.
The price you sell your business is the price you agree to sell your business for.
If you are unhappy with the price, you can say no.
If you are desperate to get out of the business and have only one party interested and they have given you a very low price, it is 100% up to you whether you accept the low price or not.
It’s okay to be unhappy with the price you achieve, every business seller wants more, it’s natural. It is another thing altogether to be so angry about the price that it harms relationships and fuels poor mental health for you.
The transaction of selling your business is one you control. Sell for a price acceptable to you, and once you have signed the agreement, stop looking back at the price, stop allowing negative thoughts to fuel your behaviour as doing so is a road to much harm.
Beware: there are buyers in the market today who present as separate buyers yet who are working together to drive down the price of businesses they target. I have seen this happen and the vendor agree on a price way below what they wanted because they saw potential purchasers withdraw when, in fact, those potential purchasers are part of the group that purchased the business. Have your wits about you.
Set your price at a fair level, a price supported by the performance of the business. Be sure as to whether you would negotiate on the price. Be certain of your reasoning. Be clear in your communication with buyers about the price. Understand the consequences of saying no.
To get the best price for your business ensure it is as profitable as it can be. Every decision you make every day should support this goal. Also, ensure your business is easy to run. It has to look appealing. An appealing business will attract more interest. The challenge is that what appeals to one party may not appeal to another.
Never sell your business for a price unacceptable for you.
This is good advice. People should take note.
I second that Kate. Know your price and sell at that.
Excellent advice. If your business is successful and profitable keep it until a fair price is achieved.
Yes, beware bottom feeders who collude to trick you on price. They are out there and they are getting deals.
I have sold two newsagency businesses and will sell my third later this year. My last one was sold more than ten years ago. The buyers today are very different. The advice here is right. I will only sell for the price I want and if to does not sell so be it. A mate of mine sold a few weeks ago for a quarter of what he wanted.
Beware some brokers too who appear to favour some who try and get too good of a deal from newsagents selling.