According to Russell Robb, author of “Buying Your Own Business” and editor of M&A Today, just as it is unwise to be your own doctor or lawyer, it can be shortsighted and often costly to price your business yourself, most business owners only sell one company in their lifetime, and it usually represents their life’s work. He notes, “While corporate buyers are often singularly focused and highly skilled at negotiating the deal.”
“The biggest mistake owners make is in not hiring a professional to help them do it,” Robb says. “They can’t understand what the values are because they’ve never sold a business before. They may decide their business is worth $1 million, only to learn too late that they could have gotten $2 million for it.”
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