Why does selling a business in Ukraine so often fail?
Selling a business is neither an event nor a one-off action. It is a complex process that combines strategy, finance, psychology, legal structuring, marketing, and negotiation skills. That is precisely why most attempts to sell a business in Ukraine end not with a closed deal, but with disappointment.
At first glance, the reasons seem obvious: war, political risks, a weak M&A market, limited demand. All of this is true. However, practice shows that the key reasons deals collapse far more often lie not in the market itself, but in the actions—or inaction—of the business owner.
The illusion of control: “I know everything myself”
The most common mistake owners make is believing that no one knows their business better than they do—and therefore they can sell it on their own, without a system or professional advisors.
The paradox is that this very confidence most often leads to failure:
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the owner does not see the business through the buyer’s eyes;
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ignores risks that are critical for an investor;
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overvalues the asset and cannot properly justify the price;
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underestimates the complexity of the process and the length of negotiations.
The result is a series of poor decisions, wasted time, loss of buyer interest, and a reputational “trail” in the market.
A flawed sales strategy and the wrong buyer audience
A business is not sold “to everyone.” There is always a specific buyer profile: a strategic investor, a financial investor, a competitor, a fund, or a private entrepreneur.
Typical mistakes at this stage include:
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choosing the wrong marketing channels;
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relying on mass advertising without targeting;
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limiting exposure to listings on OLX or random platforms;
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lack of personalized work with potential buyers.
As a result, the owner receives many inquiries—but not a single real buyer.
Negotiation fatigue and the absence of a mediator
Selling a business is a marathon, not a sprint. Negotiations often last for months, with pauses, doubts, and shifts in positions.
Without an experienced intermediary, the process often unfolds as follows:
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the parties “get tired” of each other;
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small conflicts accumulate;
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emotions begin to outweigh logic;
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dialogue breaks down, even when a deal was still possible.
At this point, a professional advisor or broker is often the only factor capable of saving the deal.
Unprofessional intermediaries mean lost time
Another common reason for failure is cooperation with:
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random brokers with no closed deals in their track record;
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“intermediaries without access to investors”;
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consultants lacking marketing tools and real M&A experience.
In such cases, the owner loses the most valuable resource—time—while the market gradually cools toward the asset.
Information leaks and internal business erosion
Uncontrolled disclosure of information about a potential sale is one of the most dangerous mistakes.
When news of a sale reaches:
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competitors—they begin attacking clients;
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employees—anxiety and staff turnover increase;
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partners—trust deteriorates.
As a result, a business that was attractive just yesterday starts losing value during the sale process itself.
Lack of preparation and inflated expectations
Without proper preparation, the owner:
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cannot defend a fair valuation;
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is not ready for due diligence;
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lacks a clear deal structure;
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cannot explain risks and how they are managed.
For an investor, this means one thing only: an additional discount—or a refusal to proceed with the deal.
Selling a business is an investment, not a free process
A business does not sell “by itself.” Just as products and services require marketing, selling a business also requires investment.
And here a paradox emerges.
If companies readily allocate 3–5% of their turnover to marketing their products or services, then when selling a business, owners are often unwilling to invest even 0.1% of the business value to successfully close a deal.
For example, when selling a business for $5 million, the upfront fee to an investment advisor for pre-sale preparation and marketing typically amounts to $5,000—just 0.1% of the asset value. Legal support for a standard-complexity transaction may cost another $5,000, or an additional 0.1% of the business value.
This is less than the cost of a single negotiation mistake—yet these are precisely the expenses owners most often try to cut.
InVenture’s practice: why some sell and others don’t
In InVenture’s practice, there have been many assets with solid financials and strong potential that were never sold—solely because of the owner’s position:
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unwillingness to prepare the business for sale;
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saving on marketing;
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inflated price expectations;
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attempts to “do everything alone”;
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cooperation with ineffective intermediaries.
At the same time, hundreds of clients who applied a systematic sales approach, used professional promotion tools, and had direct access to investors successfully closed deals—even in the most challenging periods.
Conclusion
Selling a business in Ukraine is possible—but it is not a fast process, not a free exercise, and not a one-person task.
It is a management project that requires strategy, discipline, investment, and professional support.
That is why we recommend entrusting buyer search and deal execution to professional investment firms and brokers who have:
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proven transaction experience;
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direct access to investors;
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advanced and effective marketing tools;
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a deep understanding of buyer psychology.
Selling a business is not the end. It is a new stage. And how well you prepare for it will determine whether it becomes a point of growth—or a source of frustration.
