The Seller’s 10 Commandments

1.Thou Shalt Not be Greedy – Buyers look at many businesses before buying. Offering reasonable price and terms will get a prudent buyer's attention. 2.Thou Shalt Have a Good Reason for Selling  – After the buyer asks "How much?" the next question is "Why is the seller, selling?". The reason must be logical . . . to the buyer. 3.Thou Shalt Provide Proof of Profits – All books and records should be clear and readily available. 4.Thou Shalt be Willing to Train – Most of those purchasing a business are first-time buyers and will need a minimum of two weeks training. 5.Thou Shalt Provide a Covenant Not to Compete – Buyers want to make certain they will not be competing with you for the same customers. 6.Thou Shalt Provide a Complete List of Assets -Buyers want to know what they are buying before making an offer. 7.Thou Shalt Keep thy Business in Good Repair – Clean, neat appealing businesses sell. 8.Thou Shalt Prepare the Landlord for the Sale – Landlords can be real 'deal killers' and buyers need to know if the lease will be assigned or a new lease will need to be negotiated. 9.Thou Shalt Avoid Surprises – Surprises tend to destroy the buyer's trust and will send them running, not walking, to another opportunity. 10.Thou Shalt List with an Experienced Business Broker – Specialist business brokers add value to the process because of their appraisal and negotiating skills and their multi-pronged marketing strategies. Brokers can also "recast" financial statements, qualify buyers, maintain confidentiality and identify hidden 'intangibles'. Bruce Rylance Business Broker