Buyers who've purchased multiple businesses use logic to spot red flags: missing process documentation and over-reliance on key people. Mark Osborne explains why these issues kill deals and how to fix them by upgrading your processes.
That's right. Well, and there's, you know, although it's commonly said that, you know, for a seller, oftentimes it's the only time they'll ever sell their business, but for a buyer, they have often bought multiple businesses. And so they're coming into it with a much more sort of logic-driven ability to sort of analyze and see, oh, there's a gap in process documentation here, or there's a dependency on a key person who might leave Because their process isn't documented. And so that, that's a real risk. All of those things scare a buyer away. They'll go back out to the market and find another business to buy. And then you'll be sort of left holding the business that you're trying to sell versus if you sort of uplevel all of those things to best in class, then you can sort of be ready for those opportunities when they come.
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