Photo: Andrew Fox
Today’s advice comes from our interview with Spreadsave.com‘s CEO Andrew Fox:“When you’re trying to sell a business you’ll often have people who want to get the deal done and they let details slip through the cracks.”
Fox has bought and sold close to a dozen businesses and he tells us there’s a couple of things you need to do when selling your enterprise:
1. Do a deep dive on the financial health of the people interested in buying your company.
2. Check the references of those people.
3. Try to meet their family members. You need to be able to see how they conduct themselves outside of the office.
Fox says that a lot of times, potential buyers will only pay you a percentage when taking over your business and you need to investigate into their backgrounds so that you don’t run into issues later on getting the rest of your money.
“A lot of times, [in these situations], I went in with the best of intentions thinking the partners were going to do what they said they’re going to do, and that doesn’t always happen.”
“If your business is going to be presented properly, you need to get to know the people buying it a little better.”
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