During the selling process, it is only natural to feel some remorse about selling your business. Discuss your plans with your advisors, get them on your team. Quiz them on how they felt during the process. Once you are comfortable with your decision to sell, you must avoid the second big mistake, not having a clear picture of why you are selling the business. You must have an understanding of the reasons why you want to sell your business, otherwise, you invite skepticism in the mind of the buyer.
Buyers seek honesty in sellers.
If you aren't honest with yourself as to the reasons you are selling, buyers will sense this and, very often, back away. The third biggest mistake sellers make is not knowing what their business is really worth. While it is true the ultimate determination of value is what a buyer is willing to pay you for your business, unless you have an idea of its worth, you'll be unable to judge the offer fairly. It is imperative for sellers to have a valuation of their business, prepared by an experienced professional, prior to attempting to sell the business. Most business owners do not realize why buyers will be interested in their businesses.