Infographic: Read this before you try to sell your business.
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- Take credit for every success. Buyers seek businesses that will thrive after their founder's departure. So, tout your management team's strengths, not your own.
- Present sloppy financials. Have a CPA prepare your financial statements before you go on the market.
- Set too high an initial asking price. First let buyers get interested in your company, and then start negotiating price.
- Forget tax implications. Your tax bill can vary significantly depending on how the deal is structured.
- Go it alone. Too much is at stake to sell without the professional advice of M&A experts, valuators, accountants and attorneys.