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You have reached that point in your life where you really need to sell your business. There are several reasons why you may feel the need to sell, but what is most important is how you sell and making sure you are not the one being scammed. In this day and age it is easy to find people that are less than legitimate in their intents. The internet has opened a whole new world for scammers, but they do not have to affect you at all. Buyers will be looking at the same concepts we discuss here, which is one reason you need to avoid them yourself.
It does not matter whether you have an internet business or brick and mortar business. There are still things you need to watch out for in both. The most important thing is to remember that something “too good” is usually “too good to be true.” If you have a person walk in off the street, see your sign, and offer you double what you want for the business you know right away they are probably not legitimate. These are the obvious issues. There are other indications that are not so obvious.
When you sell your business you need to do a background check on the buyer. Ask them to fill out a form regarding their experience, why they are interested, and details about where they live or work. A buyer who is unwilling to fill out the forms is probably not too serious or is looking for an easy mark. You want to approach the situation with firmness, but also be kind and considerate. In other words do not pressure the individual and do not make them angry. You can even offer to allow them to do a background check to help make them feel more comfortable. However, you should make sure they have a business transfer agent or solicitor that will actually do the check.
The lack of available contact information is just one thing to look out for. The other is clearly stated intentions. As the business owner you have to state what you are selling very clearly. The buyer has to also make a statement of what they are willing to buy and whether they agree to your terms. A person that dances around your questions is someone to look out for.
Due to the issues you may have when selling a business you should have a business transfer agent or at the least a solicitor on your team. These two individuals can check the potential buyer for you and guarantee you a legal sale. Any person unwilling to deal with your solicitor or business transfer agent during the selling process should send up a red flag. If you find a buyer who tells you to circumvent your agent so you both can save money, do not fall for it. The other person should want to work with professionals to ensure the sale is completely legal.