Selling a business on the side? Experienced transaction advisor Miroslav Talian explains why it’s a recipe for failure

Many business owners approach the sale of their life’s work with surprising levity. They think all it takes is a few phone calls during their lunch break or evening emails to potential buyers. However, Miroslav Talian, Deal Advisory Director at KPMG, warns that such an approach can undo years of hard work and significantly reduce the value of the company being sold or result in less than ideal sale terms.

The biggest mistake of the owners? “I can do it alone and on the job”

“One of the most common misconceptions is that selling a business can be managed as a sideline activity,” says Talian. “Owners often think that because they built the company themselves, they can best sell it themselves. But the reality is quite different.” In his experience, many attempts to sell a company fail precisely because owners underestimate the difficulty of the whole process.

“I have seen many cases where the owners approached potential investors, but the process went nowhere because it was not conducted in the right way,” explains Talian. “Selling a company is not something you can tackle between two meetings or in the evenings. It’s a complex process that requires full focus and a professional approach.”

Inner decision is the key – without it you don’t even end

The surprising discovery is that the first and most important step is not finding a buyer, but something completely different. “The really key moment is the owner’s internal decision to sell the company,” stresses Talian. “You have to be fully aligned with that decision. Only then can you start preparing the company for sale, which means putting it in a state that makes it as attractive as possible for the new owner.”

This preparatory phase is often underestimated, but it can significantly influence the final sale price or the terms of the sale itself. “It’s like selling a house – first you clean it up, maybe paint it, fix what’s broken. With a business it’s similar, just on a much larger scale,” he explains.

Three phases of sales that may surprise you with their difficulty

According to the Italian, the sale of a company has three basic phases, and each of them has its own pitfalls. “We start with the preparatory phase, which includes marketing and market outreach. This is followed by due diligence, known as due diligence, and we end with negotiating the transaction documentation and closing the deal,” he explains.

“The common denominator of the pain points is the failure to realise the complexity of the whole process,” continues the Italian. “It’s not just the time involved, but also the depth of content. The number of documents that need to be prepared, the details that need to be explained and the questions that need to be answered often catch owners by surprise.”

If you are wondering how to avoid these pitfalls when selling your business and how to prepare for the whole process properly, you have a unique opportunity.

Miroslav Talian will be one of the keynote speakers at the largest Slovak conference on selling and investing in companies, which will take place 13 March 2025 in Bratislava . At the conference, you will not only learn how to avoid the most common mistakes, but you will also get practical advice and techniques on how to maximize the value of your business when selling. For business owners who are considering selling or bringing in an investor, this conference is the key event of the year that can make all the difference in the success of the transaction.