Common Business Owner Mistake #8. You’ve decided to sell your business, and you can’t wait to tell your friends and family. No problem, right? Wrong.
Sharing the news of your pending sale before the transaction is complete could have serious negative consequences on the value of your business. Competitors can and likely will use the information to attack your customer base.
If your employees hear about the possibility of your company selling, they will become distracted by job security concerns. Your most marketable and usually most valuable employees will take matters into their own hands and look for new employment, often with your key competitors. Vendors and suppliers may become concerned about their credit terms.
Therefore, it is wise to keep your plans close to the vest until the deal is signed—and then let the world know your good news!