Trend: In these slower economic times, we see many business owners looking to sell. Many of them have committed at least one of the 7 Deadly Sins which lowered their value in the eyes of perspective buyers. Don't fall into that trap! Southern California valuation expert Barry Evans (10 years on Wall Street, ownership interests in several businesses with combined revenues over $25 million) outlines the seven worst temptations that can be detrimental to selling success:
Pride is excessive belief in one's own abilities. Do not try to sell a business on your own unless you are an expert in taxes, law and valuation.
Envy is the desire for others' traits, status, or abilities. Yes, get help from experts, but never, ever pay advance fees to a business broker.
Gluttony is an inordinate desire to consume. Not how much money you want, but the true value of your business, is always the best starting point.
Lust is an inordinate craving for pleasure, like retirement. First the work (like legal documents and financing issues), then comes the play.
Anger is spurning love and opting instead for fury. If you enter into longer term agreements with your buyer, wrath can lead to litigation.
