If you are ready to sell your business and have started the process, you may be asking, “what next?”
You may have taken these common actions:
- Assemble legal and financial help
- Hire a successful business broker
- Set a realistic asking price
- Create a digital presence
However, the work doesn’t end there. The selling process should also include a marketing strategy that considers what prospective buyers are looking for and highlights the traits most appealing to them.
The five traits listed below and actions that support them, can create a marketable image that signals to buyers that your business is worthy of an investment.
Ready-to-sell businesses that appeal most to buyers are often:
1. Consistent: They Continue to Produce
Show buyers that your business is a well-run machine that will continue to produce success. Let them see your business at its best and avoid the tendency to lighten hours, production, and inventory. If anything, increase them so your business will look busy.
Actions: Keep normal operating hours, inventory, and activity
2. Aesthetically Appealing: They Have Curb Appeal
You don’t want your business to look as if it has been neglected. Also, first impressions can be quite powerful when buyers size up your business. Take the time to spruce up and create a visually appealing exterior.
Actions: Repair signs, replace outside lights, and tidy the premises
3. Discreet: They Avoid Drama and Chaos
Be sure to take precautions to market discretely and avoid issues with your customers, vendors, employees, and reputation.
Action: Consult a broker, such as Michigan Business Brokers, who is known for discretion during the selling process
4. Accommodating: They Consider the Buyer
Always think of the buyer. Putting yourself in their shoes and thinking of your business, the buyers’ perspective, will allow you to draw their appeal.
Action: Think of your business from the buyer’s point of view and ask yourself questions such as, what would make it more attractive or desirable?
5. Well-maintained: They Have All the Right Tools
To showcase the efficiency of your business, and that it will produce the desired cash flow, make sure the equipment is running well and there won’t be a cost incurred any time soon.
Action: Repair non-operating equipment or remove it if you are not using it
Worth Buying
Selling your business can be a cumbersome process. Don’t let all your hard work be dismissed by not giving the right impression.
A marketing strategy will be most successful if the business you are selling appeals to buyers at first glance.
This means developing a desirable image of your business and taking action to showcase its marketable traits.
A consistent, aesthetically pleasing, discreet, accommodating, and well-maintained business will signal buyers that it is ready to sell quickly and without fuss.
[Add Nadir’s author statement & photo] Nadir Jiddou is the Michigan Business Broker. Nadir and his team have helped scores of clients sell their businesses. Nadir has bought and sold many businesses himself and has built a company with a strong network of the right professionals to assist you with all the tips above. You can set up a free consultation with Nadir by clicking here.