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10 Commandments for Selling Your Business in 2020

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10 Commandments for Selling Your Business in 2020

  1. Thou shalt not open your mouth, and maintain strict confidentiality through closing.
  2. Thou shalt honor thy financial records and maintain their integrity.
  3. Thou shalt sell, repair, or pitch old, unused, or broken equipment prior to first tour.
  4. Thou shalt sell, give away, or pitch obsolete inventory.
  5. Thou shalt not covet unrealistic pricing multiples that your Uncle Harry heard your business is worth and price the business realistically for buyer cash flow and financing.
  6. Thou shalt not take the name of your broker in vain. Be transparent with your broker and include broker in all communications (No surprises please)
  7. Thou shalt not take thy foot off the gas and work hard to maintain sales and profit performance while business is for sale.
  8. Remember to have fun with the sales process, and prepare for busy and stressful moments.
  9. Thou shalt not take low offers personally.
  10. Thou shalt keep your eye on the prize and keep the big picture in mind.
Josh Klassen
Josh Klassen
As a Business Advisor for Transworld Business Advisors of Minnesota, I am directly involved with helping people looking to buy or sell a business. My experience has included being a commodity trader and investor for a private company based in Oregon, and working for a full service brokerage and investment firm in Minnesota. I graduated with a degree in business from a private college in Minnesota. While running my own business in college, I found my passion for business entrepreneurship. This passion has grown into a desire to help business owners who are looking to sell and move on to the next phase of life, as well as helping entrepreneurs and prospective buyers find what suits them. In my free time, I enjoy being in the outdoors, camping, hiking, and playing sports.
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