Selling a business is an important affair but could be overwhelming for owners. After all, finding buyers isn’t very easy. Again, you can’t make a big noise- while promoting, you can’t let your present customers, suppliers, and other networks know that you are selling your company.
Here are some tips that will help you sell your business; without losing customers and the brand identity during the process:
Hire a Business Advisor/ Agent
This has several benefits. For starters, business agents and advisors have a big network of buyers. Additionally, some agents also help buyers with financing, which will increase the chances of selling. Furthermore, they find the best buyer which will ensure that the business you worked so hard for building will go to the person who can continue the good work. Finally, as agents work on commissions and the commissions depend on the selling price, they will be as passionate as yourself.
Thus, the first thing you do if you want to list your business for sale is to find yourself the best agent.
Place Your Business in a Business Listing Website
A business listing website is like a blessing- one of the best things that have been made for investors.
At first glance, you can be kind of sceptical- because you see, even the best business listing websites like easy buy sell business don’t get a ‘lot’ of visits. But the truth is that you can’t compare the number with eCommerce sites like Amazon or Shoppee.
The thing is that business listing websites are only followed by business people and entrepreneurs. Customers don’t open them, because consumers have nothing to do with them.
What this basically means is that those websites have buyers- real interested buyers. Thus, even if your post gets around 100 views, it basically means you may have found out at least 10 interested people. Furthermore, those sites put the confidentiality in check; as soon as the business is sold, the listing is immediately removed so that no one will ever find out that the company’s ownership has changed hands.
Get a Proper Business Valuation
This is another reason you should work with a professional like a business advisor, agent, or an accountant to sell your company. You have to get the right price.
The selling price of a company depends on several factors. Some are the industry, the net profit of the firm (not the revenue), the business promise and potential, operations, the brand value, etc. However, there is another often overlooked, but critical aspect.
The price of your business can largely depend on the person or the party buying it. For instance, say there is an organization currently operating in another industry. They want to get in your sector but have limited knowledge about it. In such cases, scaling a new company will be difficult for them and they may want to purchase an existing firm. Thus, they buy your company and as they know that with the knowledge they already have in the operations, they can grow it a lot. Thus, you will be able to get yourself an amount which is very much higher than your original asking price.
A Good First Impression
Finding buyers will be your agent’s work, but making your company ready for sale is your responsibility. You have to see if you can make pre-sale improvements, and in some cases, those improvements can also help increase the price.
Make sure nothing seems out of place. Arrange your stuff so it looks very orderly, and make sure to call your employees on work on time. As your buyers will also look forward to interacting with your workers, make sure you ask them to present themselves in a friendly way. The time when you want to sell your company could also be when you would want to get rid of employees about whom you have negative reviews.
Buyers want businesses that present well. Avoid bloated inventories, outdated management, and bad operating systems, etc. Remember, in most cases, people buy companies, not because of the potential, but the immediate results. What this means is that they are looking for the least amount of work- if they see that they need to change everything in your business, they would rather register their own firm.
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