A typical sale transaction can take six to eight months to complete from the time the decision to sell is made. Consequently, it is important that any business owner seeking to sell his or her business in the near term take immediate steps. The following are some key questions every potential seller should ask to assess their readiness and some key steps they should take to make sure they are ready for a sale.
Over my three decades of practicing corporate law, I have helped hundreds of founders sell their businesses. In the process of helping them achieve a successful transaction, I have noted ten common mistakes that can cost the founders money by way of a lower sale price or higher expenses and that can delay or prevent the successful closing of the sale transaction. If you want to maximize your chances of closing your transaction on time and on the best possible terms, avoid making these common mistakes:
Steven Gulotta, Managing Member of Mintz Levin's New York Office, discusses the importance of advance planning in the sale of privately held companies.