The mythical buyer who will pay more for your business than it’s worth, unfortunately, doesn’t exist—but someone just as magical might.
Picture this: You’re a car salesperson. Every day, you have to battle all sorts of questions, requests, qualms and rejection. It’s tough to sell a car, and most customers make your life difficult. But then, someone walks onto the lot and says, “I want that one.”
“Do you want to take it on a test, drive?” you ask.
They say, “Na.”
“Do you need financing?”
“Anything you want to ask about it?”
“No, thanks. I’d like to buy it.”
Now, imagine if the same thing happened to your business.
Spotting a Unicorn
For all of the stories we tell about unsolicited offers, broken dreams and owner oversights, there are buyers who will make selling a business easier than we ever thought possible. They’re rare, but they’re there.
The unicorn is usually unsophisticated. They’re not necessarily qualified to run your business (or any business, for that matter), but they have everything needed to buy it. They’ll make a full price, all-cash offer and be representing themselves. They seem too good to be true, but they’re very real and very ready.
What to Do
We don’t actively hunt unicorns because they’re so hard to find. So, if a unicorn comes your way, it’s best to close the deal—fast.
That’s assuming you’re personally ready to exit, of course. Even if you’re on the fence, do the deal. Don’t complicate it. Don’t question it. Don’t worry about them screwing up your business. Take the deal. And make sure it’s all cash in case they do indeed screw it up. Then, wish them luck and appreciate what just happened. You don’t want to let a unicorn run away. One may never return.
Is It Likely?
No, it’s not likely that you will find a unicorn to buy your business. That’s what makes them so special. But it’s possible, and you want to be prepared in case it happens. Since neither you nor a unicorn knows what they’re doing in this type of transaction, it’s really important to have guidance through the process. We also need to make sure you as the seller protect yourself legally.
Better yet, contact Exit Consulting Group, and we’ll help you develop your exit strategy so you can move forward with or without a unicorn.