National Brokers Network

The Common Mistakes Made When Selling the Business

In the world of business, committing a mistake — no matter how big or small — can make or break a business’ growth or even transaction. And selling a business is no exception. There are a number of sellers who made drastic mistakes that cost them thousands of dollars, letting their long-term investment down the drain. Don’t let this happen to you. So, here are tips to save you from business fails and pitfalls.


Plan in advance

Selling a business is a long process; it can take months to years to sell. Therefore, long-term planning is vital since it helps you become organized and decide on better options. Remember to keep updated records, a detailed business history and sales portfolio with you because you’ll never know when a buyer comes with an offer you can’t resist on.


Sell yourself to the world

This should not all be the responsibility of the broker. They are not the best ones, but you since you’re the one who knows best about the business. Definitely, a broker can help in many ways than one, such as being able to produce activity and help you with transactions and promotions, but no one can still compare to what you know and feel about the business.


Find the right broker

Being able to find the right broker or consultant for the business is of great importance in selling the business. One of the biggest mistakes of business sellers is going to the first broker they meet to list the business. Remember, each broker has their own strategy in getting leads and making a sale. Choosing the wrong one can cost you a lot of time and money in the long run.

As a business seller, promoting the business and handling the promotion can be done along, but can be tough work. That is why getting the help of a broker and consultant can help in the process, as long as they’re the one perfect for the job. In finding business brokers melbourne, make sure to interview more than one to have more choices in choosing a person who will be with you through thick and think of the process.

Confidentiality Agreement

In Consideration of the Vendor of the subject business, or any other business introduced to the Proposed Purchaser and their agent National Brokers Network (“the agent”) providing information to the Prospective Purchaser, the Prospective Purchaser agrees:

1. To keep all information provided confidential in respect to the subject business and any other business introduced to the Prospective Purchaser by the Agent.
2. That no information is to be disclosed by the Prospective Purchaser to any third party without consent by the Agent;
3. That it will not use for themselves. Or for others benefit, such information other than to Purchase the subject business or other business introduced by the Agent;
4. That any agreement to purchase the whole or portion of the business shall be exclusively through the Agent;
5. To immediately return to the Agent all such information and other details in written form including any drawings and any copies made of written information, notes, summaries or extracts of any document therefor if any when requested by the Agent;
6. Under no circumstances will the Prospective Purchaser make direct contact with the vendor of the subject business or other introduced business without the prior written consent of the Agent;
7. If the Prospective Purchaser breaches this agreement or buys the business direct from the Vendor, the Prospective purchaser is liable to and indemnifies the Agent for any and all losses the agent may incur including economic loss and loss of income.v

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