Originally written by Jo Thornley on Small Business
For many entrepreneurs, selling a business is a major decision. Given that many sell a business just once, it can be hard for even experienced businesspeople to understand the business sales arena and its established norms. Myths about selling a business, perhaps based on the evidence of one isolated transaction, are often voiced as general truths.
Make sure you don’t walk into traps by learning these seven common business sale myths.
1. I know the type of buyer I’m looking for
This could be ‘a clone of me’, a major player in your field, or someone with a large wallet and a string of companies. But why restrict your options? Someone else with good credentials, sound finances and new plans may be just the shot in the arm your business needs to move to the next level.
More generally, it can be reassuring to everyone if a change is largely cosmetic and it’s almost ‘business as usual’. But if maintaining your legacy and securing staff futures are your priorities, you may have to settle for a lower price to get such guarantees. That can be tough if cash is your key consideration. Remember a seller paying top

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