Wednesday’s= Succession
When the time comes to sell your business, you want to be a little bit discrete about who you tell. If you put a sign on the building saying For Sale, that could affect the value of your business.
Your customers might decide that since you are selling they won’t bother to come in anymore and will go look to your competitors for what they need. They might also decide that since they will need to find a new supplier that they might as well start looking now.
When my dentist was selling his practice, patients were a little bit nervous about who the new dentist might be and started looking around to find their own new dentist. Some decided not to wait until the practice was sold. The number of patients a dentist has affects the value of the practice. So word getting out that it was for sale, reduced the ultimate price.
Don’t put a sign on the door that your business is for sale until you have exhausted all other options for selling your business.
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