If you own a business and are thinking about selling, it is important you recognize the value of a defined plan & strategy and the value of professional advisors.  An article featured on Financial Post summarizes a recent study of business owners who sold their business within the past 5 years (more than 100 business owners were surveyed about selling and what they would recommend to other business owners following their own personal experiences):

• 74% recommend a professional business valuation to determine a fair, credible asking price
• 71% recommend hiring a professional (such as a business broker) to coordinate & facilitate the entire selling process

A common sentiment amongst these business owners who decided to manage the entire process independent of outside assistance was “the process was often lonely, emotional and conducted without proper planning”.  Two other key quotes & findings from this study when business owners did it themselves:

1. “Business owners are waiting till they get an offer before they address key issues in selling a business, which means they’re not negotiating from strength, and are leaving money on the table.”
2. “….the former owners regret their failure to get the best deal not just for themselves, but for their management, staff and customers.”

If these trends are important to you and the sale of your business, take time to read the entire article and then strongly consider the involvement of professionals who understand and are experienced in the complexities of business valuation and business transactions.