He Who Hesitates is Lost
This is an old Chinese proverb. Or He Who Hesitates, Regrets. An Albanian Proverb. Either way works in the business broker world. We see hesitation with buyers and sellers every day. Whether Buying a Business or Selling a Business, either party can ask the same questions – Is this the best or right price for the business? Will there be a better opportunity next week? Am I doing the right thing? I’ve gotten three opinions, should I get three more?
When you operate your business, or make decisions in your job, hesitation can often be costly. One of the benefits of owning your own business is that you can make all the final decisions and you can make them quickly, without going to committee.
Many people leave the corporate world for this reason alone. How many times have you said, “Boy, if I could run this business and make decisions without all these meetings, I could double revenue” or something on the same theme?
Here are some examples of recent regrets that our Kansas City Business Brokers have witnessed:
- Seller was presented with two good offers within the last year. Both were declined as insufficient. The business is now in bankruptcy because the seller’s health is failing and he is not able to tend to the business.
- Buyer A wanted to make an offer on a business but wanted to complete due diligence first. The seller balked at providing further detailed information without an offer. Buyer B quickly submitted an acceptable offer with a contingency for completing due diligence and is currently on his way to the closing table.
- A buyer wanted to make an offer on a business but decided to wait until kids were back in school after spring break. The business sold while he was in town – at home.
These are real regrets and real pains. It’s understandable that someone wants to make the right decision. However, we see the deal-killing results of analysis paralysis every day. In the end, those who have the ability to be decisive within a short time frame are usually the most successful at making it to the closing table with a satisfactory deal.
We at Apex Business Advisors are here to help with your business transition. Contact one of our Business Advisors for a free consultation.
Doug Hubler
President
