Being responsive is of utmost importance when your business is for sale. Buyers are often reviewing multiple companies to acquire, and of course, are reviewing financials and other information in order to decide whether to pursue your business further or eliminate it from consideration. As a result, a failure to respond promptly to requests for information about your business, and particularly providing the most up to date financials on the business, can mean that the buyer will move on to other businesses that they view as more responsive and able to provide the information they need to make their decision.
Not providing information promptly can be viewed as a red flag by a buyer that you are not a serious seller, that your business does not function on reliable information (i.e. if they do not have access to current financials or other information), or that you have something to hide. Therefore, if you decide to market your business for sale, be prepared to respond to requests and make sure you have current information to provide to a serious buyer.
article by Anne Ertel-Sawasky
