When you’ve built the business up and ready to sell, exciting times lie ahead. Everyone’s giving you advice on your next move, but are they qualified to tell you what to do? You’ve come this far by yourself, after all, and nobody knows the business better than you.
You may know people who want to buy your business, but what’s the best approach?
Firstly, ‘get your house in order’ so your company in is in the best place to attract buyers and maximise the price – there are some great tips coming on our Business Barometer page.
Secondly, to have someone be your buffer so you are not in the direct line of fire of questioning. A business broker can protect and guide you throughout the whole process of the sale.
Let the market dictate the value, we don’t have to quote pricing, if a full marketing campaign is done – and all things being equal – you will get the full value for the business. Ask for rationale on pricing as many brokers will say what you want to hear; get the engagement to sell your business, put it on a web site and move on to the next company to over value
Carry on as if its not happening, in the majority of cases it is the company’s profit on which your business will be purchased, make sure you keep the business on track or preferably on the up and it will maximise your price.
Do a full complete marketing campaign to same SIC sector, related ones and have a ‘hot list’ closely targeted to ensure your campaign has had full coverage and again with full exposure you will maximise you price.
It needs to be stress free.. well as much as is possible!
If you’ve been a success in business, you’ll appreciate the art of delegation, letting the right people get on with tasks that match their skill set. By effectively outsourcing the sale, you’ll be free to focus on maintaining the day-to-day operations, ensuring everything runs smoothly and the business remains in good shape for whomever takes over.
We’d suggest you use a business broker, to do the leg work, present the business in best possible light, compile and deliver a full marketing campaign, negotiate on your behalf, closely communicate to and monitor prospects as the deals starts to gain momentum, to advise on the best suitor who are likely to complete and are not just ‘all talk’. Then to become good friends, after such close and regular communication for generally what is at least a 12 month journey.
Correcting these mistakes before putting your business on the market will ensure a higher valuation and a much smoother, more timely transaction.
If you are interested in finding out more about our Finance Solutions, email us at: info@thebusinessboard.co.uk or call our office on 0118 338 1818.
We look forward to speaking with you.
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