Â Â Â CHICAGO, May 21 /PRNewswire/ — When it comes to getting the word out, selling a business isn’t like selling a home. During a business sale, confidentiality is of utmost importance.
Â Â Â “When a business owner tries to sell his or her own business, people start to wonder,” said Rob Firestone, International Business Brokers
Association (IBBA) board member and principal and general manager of Bluestem Resources Affiliated Group of Tulsa, Okalahoma. “Just placing an ad can create mounds of uncertainty that can be detrimental to a business owner’s bottom line.”
Â Â Â On average, a business sale takes nine months to one year. Keeping the sale of a business confidential increases the likelihood of a successful sale at an optimum price. Here’s what can happen if word gets out that a business is for sale:
Â Â Â — Employees get nervous.Â The mere utterance of a sale, can send someÂ employees packing.Â “There’s a lot of uncertainty for employees, soÂ they’ll start looking for jobs that make them feel more secure,”Â Firestone said.Â Losing key people is also serious for the sale process. Aside fromÂ their direct impact on company performance, key staffers provideÂ valuable business continuity and knowledge that buyers want.
Â Â Â — Customers will wonder.Â Concerns over the reason for the sale of the business lead to questions of whether they’ll get the same quality from the new owner.Â Just to be safe, many customers will start looking for other vendors.
Â Â Â — Competitors act quickly.Â A non-confidential business sale gives competitors the opportunity steal business.Â “Once the competition finds out, you can rest assured they’ll use it as leverage to acquire your customers,” Firestone said.
Â Â Â — Vendors and creditors may think twice.Â Business owners who are unableÂ to keep the sale confidential may find terms tightening or notesÂ unexpectedly called due.
Â Â Â “Confidentiality is crucial for any business sale, no matter the size or the type of business,” added Cress Diglio, IBBA chairman and partner at Corporate Investments International, Inc. of Orlando, Florida. “To maintain confidentiality, use a professional intermediary who will market the business confidentially, while attracting potential buyers.”
RE/MAX Maple Leaf Realty understands this need for confidentiality, and can assist you with the sale of your commercial property or business.Â Call Troy Richardson today for all your commercial needs at 802-447-3210.
Â Â Â The International Business Brokers Association is the largest international non-profit association operating exclusively for the benefit of people and firms engaged in the various aspects of business brokerage and mergers and acquisitions. http://www.ibba.org/
Bennington VT, Selling, Commercial Property