46 Myths About Selling A Business

We’ve compiled a list of the most commonly held myths that business owners have, when it comes to selling a business. We’ve written much greater detail on each myth, which you can read by clicking the links to each.

Myth 1 - Confidentiality is Not Important In The Sales Process

Myth 2 - Deals Are All About The Price

Myth 3 - Due Diligence is a Huge Daunting Process

Myth 4 - I Can Sell The Business Myself

Myth 5 - I Don’t Have To Give A Reason For Selling

Myth 6 - I’ll Sell When I’m Ready

Myth 7 - I Don’t Need A Management Team

Myth 8 - A Business Broker Is My Only Option

Myth 9 - A Buyer Will Come In And Change Everything

Myth 10 - A Buyer Might Asset Strip My Business

Myth 11 - A Share Sale Will Remove My Liability

Myth 12 - Business Broker Valuations Are Reliable

Myth 13 - I Should Wait For A Buyer To Approach Me

Myth 14 - I Want To Sell But The Process Takes Too Long

Myth 15 - I’ll Get Paid In Cash At Closing

Myth 16 - I’ll Have To Leave The Company After It’s Sold

Myth 17 - I’ll Receive The Asking Price

Myth 18 - If They Don’t Ask, I Don’t Need To Tell Them

Myth 19 - It Doesn’t Matter If People Know I’m Selling

Myth 20 - It’s a Sellers Market, I’ll Have No Problem Finding A Buyer

Myth 21 - It’s Not The Right Time To Sell

Myth 22 - Lender Finance Is Not Based On My Company Performance

Myth 23 - Lenders Aren’t Lending, It’s Impossible

Myth 24 - Marketing The Business To Every Prospective Buyer Is The Same

Myth 25 - My Business Is Different To Those That Aren’t Selling

Myth 26 - My Business Is Worth A Multiple Of Profit

Myth 27 - My Business Is Worth A Multiple Of Turnover

Myth 28 - My Business Is Worth At Least A 10x Multiple

Myth 29 - My Business Is Worth Millions

Myth 30 - My Business Will Sell In A Few Weeks

Myth 31 - My Current Advisers Will Help Me

Myth 32 - My Family Will Continue Running It

Myth 33 - One Of My Competitors Will Buy My Business

Myth 34 - Our Staff Will Lose Their Jobs

Myth 35 - Public Company Valuations Are Relevant To My Business

Myth 36 - Reducing My Salary Increases The Business Valuation

Myth 37 - Running The Business Prepares You For Selling

Myth 38 - Selling Is About Getting Exactly What I Want

Myth 39 - Selling Will Be An Unemotional Experience

Myth 40 - The Business Is Ready To Sell

Myth 41 - The Buyers Financing Is Not My Problem

Myth 42 - There Will Always Be A Buyer For My Business

Myth 43 - They Don’t Know How To Run MY Business

Myth 44 - Valuation Is Based On Opportunity Potential

Myth 45 - We’ll Lose Our Brand

Myth 46 - We Won’t Get Our Final Payments

Remember, if you want to read more in depth about each myth, click the link, and we’ll explain exactly why it’s a myth, but more importantly, how you can benefit from understanding, WHY it’s a myth.

We hope you’ve received some value from this article, and some information that you can use to move forward toward your vision.

If you’re confident that selling your business is the way to go, or perhaps you’re undecided, it’s important to consider the significant amount of effort and resource you’ll need to make it happen.  It’s a full time job. - The time investment alone is enough to put anyone off.  So imagine for just a minute, that you didn’t need to do all of this work.  What if this could be done over the next 3 - 5 years (by someone else).  Everything we’ve listed in this article, is what you’d need to do, if you were selling through a business broker, or direct to a buyer.

Unlike other private equity firms, our focus is on growing businesses at the smaller end of the market.  We’ve worked in, and grown our own businesses in the exact same fields you work today.  We’ve spent years coaching and supporting small businesses just like yours, developing their teams, and helping them to grow, but now, we’d like to help you.  

We have a solution for business owners that need to sell their business immediately, or for those who want to stick around for a few years.

If you’re considering the options to grow or sell over the next five years, read more about how we're helping others just like you. Click here to read about our unique approach to helping you get what you want with the YokeFormula™ for your business.

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