I run a small manufacturing company and I've been thinking about selling in the next couple of years. I've read some threads on Reddit about business sales, but I'm not sure if it's actually useful or just a bunch of noise. Has anyone here actually gotten real value from discussing their sale on Reddit? Or is it mostly just people trying to sell you services?
Exit Strategy
Is it worth discussing your business sale on Reddit?
Honestly, I'd be careful. I posted some details about my business sale on a throwaway account and got a bunch of DMs from brokers and 'consultants' who were clearly just fishing for leads. Not saying it's all bad, but you have to weed through a lot.
I've never sold a business, but I lurk on those threads Because I'm curious about the process. From what I've seen, the best discussions are about the emotional side and the logistics, not the actual negotiation.
It depends on what you're looking for. I used Reddit to find a buyer for my e-commerce store, but that was a niche situation. For a manufacturing business, you're probably better off with a local broker or industry-specific forums. Reddit is too broad.
I think it's worth it if you're anonymous, and vague. I got some good advice on structuring an earn-out from a random commenter who had been through it. But I also got a lot of useless noise. Just don't share anything that could identify your company.
I appreciate the input. To be clear, I wouldn't post specifics like my company name or financials. I guess I'm more wondering if the general discussions are valuable or if it's just recycled advice you can find anywhere.
Honestly, most of the advice I've seen is pretty basic. 'Get a lawyer, get a valuation, don't tell your employees until the deal is done.' You can get that from a book. The The real value is in the occasional story from someone who made a mistake.
I sold my HVAC business last year. I didn't post about it on Reddit, but I read a few threads. The only thing that helped was a comment about how to handle a buyer who wants to renegotiate after due diligence. Other than that, it was mostly people complaining about brokers.
saltedpretzel, that's actually a good point. The renegotiation thing is common. I wish I had known about that before I sold.
I don't think Reddit is the place fof serious business sale advice. There's too much anonymity, and you can't verify anyone's credentials. You're better off talking to a lawyer or a CPA. That said, I did get a good recommendation for a business appraiser from a Reddit comment once.
Yeah, but lawyers and CPAs charge by the hour. Reddit is free. Just take everything with a grain of salt.
I think the biggest benefit is just knowing you're not alone in the process. Selling a business is stressful, and it helps to see other people going through the same things.
I agree with that. The emotional support aspect is underrated. But for actual tactical advice, I'd look elsewhere.
This has been helpful. I think I'll lurk a bit more and maybe ask a very general question when I get closer to selling. Thanks for the perspectives.
One more thing: be prepared for the trolls. There are people who will tell you your business is worthless just to mess with you. Don't take it personally.
Also, watch out for the 'I'll buy your business for a dollar' guys. They're everywhere.
I forgot about those. Yeah, they're a waste of time. But if you can filter out the noise, there's some real gold in the comments.