The sale of a business is part financial, part qualitative and part emotion. In many instances, the local business market is far from efficient and price variations can exists based on the buyer's preferences and capacity to improve the site. Hence the way the business is presented to buyers can have a profound impact on its perceived value.
You only get one chance to make a first impression and it is important to ensure that the first impression is the right one. If the business is put to market outside a controlled process - that puts forth a consistent message and manages confidentiality of the process - it can be very difficult to maintain the momentum of the sale.
I have been in the position of speaking to buyers who had "heard" about the business being for sale before, but information they were previously provided with (often incorrect and by way of third parties) had resulted in them losing interest in the transaction. It is very difficult to then change their impression in retrospect with correct information.
If you're lookint to sell your business, make sure you work with a professional business broker who can ensure that the process is handled correctly. Make the first impression count!
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