As per the GEM Global Report, there are an approximate 100 million start-ups in a single year. The number is thus high, but many failed with a period of first five years. Their owners soon began to look for an exit strategy. The failures are mostly because of cash shortage, wrong business strategies, tough competitors, and lack of knowledge about the target market. Sometimes, unexpected market trends also hit a start-up badly and for entrepreneurs, it becomes difficult to manage. In the USA, John Binkley Generational Equity is a big name that helps entrepreneurs to plan an exit.
John Binkley has remained the first choice of such entrepreneurs and as the CEO of the reputed Generational Equity, LLC headquartered in Dallas, he is always committed to achieving excellence in his work. His emphasis on an after-sale revenue optimization has made him a preferred one over others in the industry. His right perspective and bright skills in consultative selling come handy to ensure the best exit planning for entrepreneurs looking for an exit strategy. However, not all entrepreneurs desire to hire professionals for selling a business and commit some serious mistakes that cost them dearly in finding a good return at the end of the day.
Common mistakes of entrepreneurs during exit
- Overconfidence and high price
Many entrepreneurs believe that their business is worthy of demanding the best market price. While there is no harm in believing the same, they neglect to take a third party evaluation of their business. This greatly hampers their exit, and a tendency to set prices too high discourages prospective buyers largely.
- Preference to all cash buyers only
It is not wise to think that buyers will pay all in cash in an era of credit cards. Entrepreneurs, however, make this huge mistake and discourage other potential buyers to approach them for an acquisition. This is more common in small and mid-scale business owners.
- Inadequate preparation
Entrepreneurs fail to understand the significance of addressing the main aspects of their business like settling lease issues, preparation of financial documentation and many more to make their business more lucrative for a prospective buyer. As these preparations demand time, the preparations should be started well before the business is listed for a sale in the market.
John Binkley Generational Equity makes sure his clients are making no such mistakes by his vast experience in exit planning and work hard to command a top-notch value from the buyers. He also guarantees a secure transaction between a buyer and seller. The best part is that he never rushes to complete a selling within a small timeframe and instead, put efforts to enhance the business value prior to sale so that sellers can never lose anything.
To contact John Binkley, please get in touch with his company Generational Equity by calling at 877-213-1792. He always has a large pool of buyers who are ready to buy businesses within their exact specifications. His good negotiation skills prove worthy in such cases.