"Expecting Paco to do it all might just land you in a nightmare. Stay involved; after all, it's your business, not Paco’s churro stand."

The Biggest Blunders When Selling Your Business (And How to Dodge Them Like a Pro)

Ready to part ways with your business? It’s like letting go of your favorite T-shirt—it’s tough but could pay off. But beware! Just like T-shirt design trends, the process can get a little crazy, especially if it's your first rodeo.

Too many business owners stumble, tripping over their own two feet, and end up selling for pennies on the dollar. Let’s dive into the top mistakes business sellers make and how to avoid them—so you don’t sell your business for the price of a piñata.

Mistake #1: Relying Too Much on Paco the Broker

Handing everything off to a broker sounds like a dream, right? But expecting Paco to do it all might just land you in a nightmare. Paco’s there to steer the ship, not sail it. Stay involved; after all, it's your business, not Paco’s churro stand.

Mistake #2: Dodging Those Icky Details

Got a few skeletons in the closet? Ignoring them won’t help. Whether it’s sloppy books or “creative” accounting, hiding your mess under the rug can lead to undervaluing your business. Keep your numbers clean, or you might end up with an offer lower than a limbo bar.

Mistake #3: Forgetting to Train Juan the Manager

Ever seen a restaurant crash and burn because the owner stepped out for a siesta? Investors worry about that too. Make sure Juan (or whoever’s in charge) can handle things without you, or you’ll scare off buyers faster than you can say “adiós.”

Mistake #4: Speed-Dating Brokers

Choosing a broker isn’t a game of musical chairs. Don’t just grab the first one you meet. Take your time to find a broker who can help you spruce up your business and boost its value. After all, you wouldn’t choose a dance partner just because they showed up first, right?

Mistake #5: Going Solo Without a Paco

Selling on your own might seem like a money-saver, but it could cost you big time. A good broker knows the game and can help you get top dollar. Unless you’re a master negotiator, you might end up selling your business for the price of a taco stand.

Checklist:

• Don’t rely entirely on a broker; stay involved in the sale.

• Face those insecurities and clean up your financial records.

• Train your manager to ensure business continuity.

• Don’t rush into a broker deal; choose wisely.

• Consider hiring a broker to avoid undervaluing your business.

For more questions about buying a business call us +1 (561) 867-7697