5 Tips to Improve the B2B Buyout Process

Selling your business is hard. Even if you’re selling out of necessity or tragedy, it can be incredibly difficult to give up on a dream. This rings especially true if you’re selling to a competitor. The business to business selling process isn’t an easy one, but these 5 tips can help ease the process:

1. Make sure that your business is ready to sell.

Whether it’s increasing the value through value growth opportunities or working with an exit planning advisor, don’t let the sale of your business to a competitor come without benefits to your pocket. Business transition can hit you hard in the pocketbook, so set yourself up for success.

2. Come with a non-disclosure agreement ready, just in case.

Everyone knows someone who’s had a sale fall through, whether it’s a home, a commercial building, or a business. While it’s nice to think that everyone only has kindness in their heart, it’s not unheard of for a competing business to drop out of a sale and take trade secrets that they learned with them. An NDA protects your business and your process.

3. Don’t let competition taint the relationship.

A little healthy competition can sometimes be the basis of a great friendship. Be friendly and recognize that they’re almost certainly not participating in the business to business selling process with you for nefarious reasons. Work together and get what you’re looking for out of the sale.

4. Don’t be afraid to ask questions.

If you’re concerned about the motivations behind the purchase, ask genuine questions about why they’re interested. Ask what their intentions are with the business once you’ve exited and why they’re thinking about going through with the purchase. If you have a bad feeling about it, walk away.

5.Work with a business advisor.

Working with a business advisor is one of the best decisions that you can make. Whether you’re only thinking about transitioning out or you’ve already started the process, a trusted confidant with knowledge of the business world is an invaluable asset.

Lori Moen knows what it’s like to be a business owner. With over 35 years of experience, you’ll find expertise and empathy that you won’t get anywhere else. Don’t let emotions and turmoil interrupt your business to business selling process. Get in touch with an advisor who cares and ease your transition out of your business and into the next stage of your life.