In this day and age of now, when you are buying or selling a business, you need to anticipate that something, or even everything, may not go exactly as planned. Things happen, and you need to control your expectations and emotions so you don’t go crazy. The typical advice is to take deep breaths and relax. In the grand scheme of things, a problem or delay is just a road bump – it too shall pass and we will get to the closing.
If something is discovered in due diligence that had not be considered in the selling stage and is material to the business, but the Seller really is interested in selling, the issue can be discussed and worked out with the Seller.
Many times, issues come up with the bank loaning the money or with the landlord in the process of a transaction. When you have a professional business broker/intermediary, it is his/her job to look for an alternative way to keep the transaction moving forward. Unless the issue is a material change, there are many different ways to skin the cat. Patience is the key.
In a high-stress situation, I like to bring everyone back to where we began, and consider whether anything really has changed. What was it that Buyer liked about the business – has that changed? Many times, the stress is self-made and it only takes a calming voice to bring it back in line.
If you would like a confidential conversation about how to prepare your business to be sold, receive the best price possible and get the transaction funded so you get all cash at closing, please call Bob Dolan at 954-579-4687, email firstname.lastname@example.org. My LinkedIn profile is at: http://www.linkedin.com/in/dolansales.