- It’s so big you can’t download it;
- Its pages and pages of words;
- There is no index of contents; and
- It’s all written about the past and in business babble.
you discuss the product or service in detail and don’t cover in any sort of depth the financial future potential. Don’t bring your team, then it looks like you are a one man or woman show. Do all the talking; better still, talk over the prospective buyer. Now that bad impressions are securely in place, you may get a desperate offer. Make sure this doesn’t come to fruition:
- Be super greedy in your expectations, particularly thinking, “well, I wouldn’t pay that myself”;
- Say you will absolutely do no more than the minimum in a handover; after all, you can’t wait to get out of the place;
- If you do have any management, and best if you don’t of course, then tie them into the buyer with onerous contracts; and
- Have all your business, with a select few customers ideally, with no contracts in place.
- Change your mind at the last moment on everything from price to deal structure;
- Refuse to give any warranties or indemnities of any sort; and
- Let your lawyer do all of the commercial negotiations.
Share this story