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Mistakes to avoid when selling a company

Market conditions may be ideal for business owners in North Carolina to sell their companies for maximum profit. However, there are key mistakes that they need to avoid when trying to do so. For example, it is a good idea to avoid trying to be a superhero when it comes to running the organization. A buyer will want to see that there are people and systems in place that will continue to function when the original owner is gone.

It may also be a good idea to have manufacturing, accounting or other important functions performed by employees as opposed to freelancers. While outsourcing may save a company money, it could also cause the business to rely too heavily on outside parties. Therefore, it might put a drag on the organization's potential to consistently grow in the future.

Those who are seeking to sell their companies should not obsess over an exact sale price. Instead, they should look to structure a deal that works for the buyer and seller. In some cases, this could mean selling an equity stake to a key employee with the expectation that they will eventually buy the business outright. It might also be a good idea to allow a buyer to pay in installments as opposed to making a lump sum payment.

It is not uncommon for business transactions to take months or years to complete. This is because a buyer may want to conduct due diligence before making a formal offer. A business deal may also take time to complete because of the need to obtain regulatory approval. An attorney could help a business owner review a purchase offer or obtain consent from relevant authorities to allow the deal to close.

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Mistakes to avoid when selling a company | Britton Law, P.A.