One of my favorite TV shows is Pawn Stars, because it gives you a chance to see the art of deal-making over and over. It also teaches an important lesson for business owners: When you’re thinking of selling your business, know what it is worth.
It’s interesting to me that when people come in to the Las Vegas pawn shop to sell items, they almost always have unrealistic expectations about what their items are worth. Most have no point of reference for the value of the item, so it’s as if they are negotiating for a price they have pulled out of thin air.
Just as items being offered at the pawn shop are only worth what the buyer is willing to pay, so are businesses.