From P3 Services' CEO - Services, Chad Lusco, Forbes Council Member, Forbes Business Council
Embarking on the journey of selling a business or saying farewell to a beloved family home might initially seem like unrelated undertakings altogether. However, I've found they share more similarities than one might expect. Comparing the two processes may assist business owners in navigating the process overall.
Selling your business and selling your home both entail navigating complex and often stressful negotiations, considerations, and emotional investments. I have been a business owner, entrepreneur, and leader for close to 20 years. In that time, I have been heavily involved in the mergers and acquisitions process, having reviewed and qualified or closed over 200 acquisitions, three of which were my own companies. The process can feel daunting and emotional but has the potential to be incredibly rewarding.
Let's uncover six key similarities that many sellers are more familiar with than they may realize.
Just as you'd rely on a seasoned real estate agent to guide you through the sale of your home, enlisting the services of a reputable business broker ensures that you have a knowledgeable ally in the sale of your business. Their expertise and industry insights can be instrumental in driving a successful transaction.
With that said, every seller has the option to drive this process internally as well. It is highly recommended to, at a minimum, enlist the support of a legal expert as you likely would in a "for sale by owner" transaction in real estate.