"Tom Curtis (a fictional name) was often asked about his succession plans for his manufacturing business. His stock answer was always either, “When someone offers me the right number” or “I don’t plan to retire.” So it was a bit surprising when he told us that he was in negotiations with a strategic buyer.
Those discussions dragged on over the course of nine months. In the end, there was no formal offer, no letter of intent, and no closing. Tom spent precious time, expense and emotions while exposing confidential information to an industry player.
Why did he decide to respond to this one out of many such written and telephonic indications of sincere interest in buying Tom’s company? Perhaps he wanted to test the water on valuation. Well that didn’t happen. Perhaps he was really more eager to get out than he had let on to anyone. Whatever the reason, Tom was only one of many business owners who act similarly."
Read more at:
Being prepared: Selling a business is a process, not a spur-of-the-moment idea - The Business Journals:
For additional information regarding Florida business sales, acquisitions and valuations, please contact Eric J. Gall at info@buysellflbiz.com or 239.738.6227. Also, visit our Florida Business Exchange website at www.fbxbrokers.com and my personal website at www.buysellflbiz.com.
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