Selling or buying a small to mid-sized business is serious business so BizBen - California Businesses For Sale took a recent survey about three groups important to the process of buying/selling a businesss: small busines owners/sellers, business buyers, and business brokers & agents. Several common factors seem to come into play with many of these complaints: lack of communication, not knowing the "protocol" of the deal process, and a general lack of serious commitment and in some instances professionalism.
BizBen.com surveyed these groups and found the following to be the biggest complaints regarding these groups:
Top Complaints Regarding Small Business Owners Selling A Business:
1. They have not compiled/organized & have ready financials, tax returns, important documents.
2. They are so worried about confidentiality they don't release any relevent data.
3. They haven't informed the landlord of the sale and wait until the last minute to do so.
4. They get "cold feet" when the business is in contract and back out of the deal.
5. They expect too high of price and unrealistic terms (usually want all cash) when selling.
6. They hide key facts or misrepresent information about the business being sold.
Top Complaints Regarding Business Buyers:
1. They don't understand and repect the "confidentiality factor" of the business being sold.
2. Not knowing what types/locations of businesses they want to buy and how much they can afford.
3. Have not been pre-qualified for financing, yet want to leverage their down payment.
4. They feel they can buy a business with no money down or utilize unrealistic terms in the deal.
5. They don't provide/have a completed Buyer Profile, Personal Financial Statement, or Resume
6. They don't phone, provide adequate feedback after the visit/interview with the seller.
Top Complaints Regarding Business Brokers & Agents:
1. They really don't have all the information/financials about the business they are selling.
2. They don't really have a listing agreement, the owner is not really serious about selling.
3. They don't cooperate with other brokers and agents when selling.
4. They don't do a great job writing a complete business profile or memorandum for buyers
5. Hard to reach or don't return phone calls or emails about listings very quickly (if at all).
6. They demand too much info from buyers before releasing info, and expect an office meeting.
About The Author - Peter Siegel is the founder and President of BizBen.com - Businesses For Sale In California. A nationally recognized author (3 books and a syndicated small business blog) and expert consultant. If you are selling a business and need professional assistance utilizing high performance advertising, marketing, and highly effective strategies, or individual customization with your BizBen Power Search options in buying a California business, you can reach him at 925-785-3118.
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The Veld Group provides a refreshing approach to Business Brokerage, Mergers & Acquisitions and Business Consulting and Valuations. From Your Street to Wall Street, we cater to Main Street Businesses as well as more complex Strategic Firms and Start-Ups.
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