Most potential buyers want to know about the business and its potential, the location, your competitors and of course the bottom line profit. No-one knows your business more than you, but be careful not to give the impression that without you, the business would not survive. This is a common fault made by owner operators, but if you are in this position, then there are ways for you to re-assure the buyer of the business’ sustainability, like:
- Stay on to ensure a smooth transition
- Provide good hands-on training
- Have good documentation and/or procedural manuals
- Work as an employee, until new owner comfortable
- Introduce new owner to your customers/suppliers
- Give a clear, honest reason why you are selling.
- If you are staying in the same line of business, then a potential buyer may request that you sign a ‘restriction of trade’ agreement which will form part of the contract of sale.
