What should you do when a deal falls through?
When you can see the end in sight, it can be frustrating for your business sale to suddenly fall through.
But you must think logically and act methodically. To navigate this situation, consider the following:
What has changed?
There might be an obvious reason why the deal has fallen through. For example, if events are causing economic uncertainty, buyers could be less willing to invest.
But it might not be that straightforward.
Your buyer could have personal reasons for pulling out of the deal, or they could have spotted a red flag in your business.
Make sure you ask the buyer if they are happy to share why they changed their mind and get to the root of any issues that are within your control.
Can you resolve the issue?
If the issue is with your business, what actions can you take?
Even if the current buyer has no plans to resume the deal, you need to make sure your business is in the best shape for the next deal.
If the due diligence process revealed holes in your employee contracts, or business policies, you need to resolve these before attempting to sell your business again.
Review your business’s operations and ensure these are fit for sale.
What are your next steps?
If you reached the final stage of a business deal, you’ve done most of the hard work already.
Even if you have to go back and review your business’s operations, you should be able to get your business back up for sale swiftly.
Don’t let the setback stop you from getting what you want from your sale. Make sure any future deals align with what you want to achieve.
You should also consider contacting any previous potential buyers. If they were interested in your business before, they will want to know that you are open to offers.
Need advice on exit strategies? Contact us.