Several years ago we had a client with budgeted monthly sales of $850,000 dollars. Through the first four months of their fiscal year they were at 110% of budget. They had scheduled a three week vacation out of the country a year in advanced and were looking forward to the trip as it was well deserved. On their return from vacation they went to a national convention for a week, putting them out of the office for about a month. In addition, they had not created a turnkey business as the current president was the driving force behind the company. During this time, a buyer was identified and a Letter of Intent was negotiated. No sooner had the Letter of Intent been signed when sales dropped 20% and then an additional 10% the next month. In this case the seller was very lucky to have a buyer that saw the cause and effect, and was willing to continue with the purchase - but at a reduced purchase price. The lesson? While your company is on the market -right until the day it closes - show up and run your business as if you were going to keep it another ten years!
Posted on: Sat, 28 Sep 2013 04:53:21 +0000
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