Selling a business is one of the most important transactions you’ll ever make. Done right, it can secure your financial future. Done wrong, it can cost you time, money, and opportunities. The truth is, most business owners only sell once. Without the right guidance, it’s easy to fall into traps that reduce your business’s value or prevent a deal from closing altogether. Below are the most common mistakes we see owners make—and what you can do to avoid them.
Mistake #1: Choosing the Wrong Broker
Too many owners hand their business to the first broker who promises the highest price. On the surface, that might feel like the “best” choice—but inflated valuations are often just a tactic to win your listing. If a broker can’t deliver buyers at that inflated number, you’ll waste months of momentum and eventually be forced to discount.
How to avoid it:
- Vet your broker thoroughly—ask about credentials, industry experience, and success rate.
- Find out how many listings they’re handling and what level of attention your sale will actually get.
- Ask how they maintain confidentiality and qualify buyers.
- Request references from past clients to verify their track record.
The right broker doesn’t just list your business. They actively market it, protect its value, and keep deals moving through the inevitable obstacles on the way to closing.
Mistake #2: Waiting Too Long to Sell
Many owners delay selling because they want “just one more good year” of profits. Others wait for revenues to rebound to a past peak. The risk? You mentally retire before you physically retire, and performance starts to slip. Once trends turn negative, your leverage is gone.
How to avoid it:
- If you’re feeling tired or ready to move on, don’t wait.
- Keep investing in your business right up to the sale—buyers want to see growth, not stagnation.
- Sell while trends are positive, not after competitors, technology, or staff changes eat away at your position.
Timing is everything. Waiting too long can cost you more than you realize, both in dollar value and deal terms.
Mistake #3: Poor Record keeping
Messy or incomplete financials are a deal-killer. Buyers, bankers, and attorneys need clean numbers they can trust. If your books are sloppy, you’ll either lose credibility or lose value.
How to avoid it:
- Work with your accountant to ensure accurate, up-to-date financial statements.
- Be prepared to provide tax returns, P&Ls, and balance sheets that all tell a consistent story.
- Eliminate personal expenses buried in the business—they only confuse buyers and may reduce offers.
The better your records, the faster and smoother due diligence will go.
Mistake #4: Failing to Protect Confidentiality
Word that your business is for sale can spread fast and cause damage. Employees get nervous, customers lose confidence, and competitors seize the opportunity to poach. Once trust is broken, it’s hard to repair.
How to avoid it:
- Use a broker with a proven confidential marketing system.
- Require NDAs before sharing sensitive information with prospects.
- Keep your staff and customers secure until the deal is closed and transition plans are in place.
Confidentiality isn’t optional—it’s a critical piece of protecting your business’s value.
Mistake #5: Not Qualifying Buyers
Not every buyer who shows interest is serious or capable of completing a purchase. Entertaining unqualified buyers wastes your time and risks exposing confidential details to people who don’t belong inside your business.
How to avoid it:
- Insist on proof of funds or financing ability before deep discussions.
- Work with a broker who pre-screens buyers for financial readiness and cultural fit.
Your time is valuable—focus only on buyers who can actually close.
Mistake #6: Going It Alone
Some owners try to save money by handling the sale themselves. But selling a business is complex, emotional, and often contentious. Negotiations can stall multiple times before closing—and without experience, most owners struggle to keep deals alive.
How to avoid it:
- Recognize that a skilled broker brings expertise, networks, and creativity to push deals forward.
- Focus on running your business so performance doesn’t decline during the sale process.
- Let professionals handle valuation, negotiation, and due diligence so you avoid costly missteps.
Trying to go it alone often ends up being more expensive than hiring help.
Avoid the Mistakes, Maximize Your Value
Selling a business isn’t just about finding a buyer—it’s about finding the right buyer, protecting confidentiality, and navigating negotiations and due diligence without costly errors. The mistakes above are common, but they’re also preventable with the right support.If you want to maximize your exit, surround yourself with the right team. Work with an experienced broker to avoid pitfalls, protect your legacy, and get the value you deserve.
Contact Ohio Business Brokers today to learn how we can help you sell your business the right way.