When Selling Your Business, Make it a Top Priority
By Jason D Tuzinkewich – CBI
We’ve all heard the phrase, “Timing is Everything” and in the M&A business a common phrase is “Time Kills All Deals”. Transactions completed with the best results have sellers and advisors that recognize the critical role timing plays in the process. Effective timing provides your M&A professional the ability to better manage communication with buyers. Additionally, it allows the process to move more quickly, reducing the chance something undesirable happens during the process that reduces the value or marketability of the business. Companies can lose their best customer or a key employee, or an aggressive competitor could enter the market. There could be a lawsuit. Even if there is not an unfortunate development, buyers who have had a difficult time trying to acquire your business grow disinterested and move on to other opportunities if things move too slowly.
Sellers need to allow the flexibility in their schedules to provide requested information in a timely manner and be available for phone meetings and facility tours. Postpone that extended vacation and instead opt for a long weekend or two until after the business is sold. It can make a large difference in the number of buyers at the table and the value you are able to ultimately achieve. If you prioritize correctly, you will get the business sold sooner, and for a higher value – making it possible for even better vacations for years to come.