The Biggest Mistake, Part 3: The “Wear” Factor
As discussed previously, dealing with only one buyer can be a disaster, and is the biggest single mistake that sellers make. One of the reasons is that due diligence and contract preparation are so time consuming and wearing, you are likely to just give in to buyer demands because you have invested so much time away from the day to day running of the business. The thought of stopping discussions and starting over with another interested partner is daunting. Thus, you need to contact and control the dialogue with a range of potential bidders in a global search. These contacts may have to be staged to gain interest from those less knowledgeable about your firm/market first, before you approach those who are able to make a fast decision and offer. Also, don’t forget the financial buyers who are back in the game and doing roll-ups.
Posted by BruceDMilne, Founder on 14 December 2009
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