When you decide to sell your business, there can be a lot of market countries that can close the deal. However, doing business in foreign countries, particularly Asian ones like Singapore, will not be very easy if you have no idea about the business etiquettes, norms and procedures of that country. Always be reminded that business procedures are often deeply rooted in each country’s cultural background.
Singapore, being one of the tiger economies in Asia, is a pool for business entrepreneurs. Considering this country as your target in selling your business is a no-brainer. Nevertheless, although you will find a lot of potential buyers here, doing business in Singapore would not free you from learning their business culture. So here are five practices that you should avoid in order to have smooth time selling your business in Singapore.
Do not refer to Singapore as just a part of another country
A lot of foreign businessmen fall into this trap. Although Singapore is a conglomeration of Chinese, Indian and Malay, people consider themselves as Singaporean first and Chinese (or Malay/Indian) second. They have set cohesive cultural norms that make them distinct from other Asian Countries. In a Singaporean Corporate Culture, you have to understand that respect is the most valuable attitude. In trying to sell a business, you have to be punctual in meetings and in submitting required specifications. Do not beat around the bush when discussing business. Singaporeans prefers formal but fast-paced dealings compared to other Asian counties.
Do not try to sell any business you want
Businessmen in Singapore prefer to buy businesses that can gain profit given the Singaporean context. Before trying to sell your business, try to research first if the business you are selling can survive in Singapore. Research on the economic landscape and evaluate whether there is a demand for such products or services.
Do not hire just any Business Broker
Business Brokers can be very helpful in trying to sell your business. However, you should not hire business brokers who don’t understand the business status of Singapore. Although Singaporean uses Singaporean English as their primary language, some citizens prefer to use Mandarin or any other dialects. It would be a plus if you hire a business broker who really knows how to speak different Singaporean dialects.
Do not schedule a meeting during Chinese New Year
Chinese New Year is a time when businesses take multiple days on leave. It is imperative that you take note of such important holidays in Singapore. Although in some countries holidays are opportunities to do business meetings, it is not the case in Singapore. Citizens are very respectful of their celebrations and anyone trying to sell business to them should also understand that outlook.
Do not be fickle-minded
One of the lesser known mistakes that a seller does is to sudden change of plans. Singaporeans would no appreciate it if you abruptly cancel the offer without prior notices, especially when a long procedure already took place. Although, it is the seller’s discretion to cancel a business sale, it is important to give the buyer a heads up.
Always remember that in doing business, customers are always given the highest priority. So, take note of these simple Don’ts to have a great time doing business in Singapore.