Selling a business, involves a lot of time and preoccupation. Most of the time deals are smooth and efficient. However, without the right plan in place some can be difficult and complex (causing stress and concern for the seller).
Fortunately, there are steps that business owners can take and things they can look out for, to avoid obstacles that impact the sale of a business.
Having the right team:
Mistakes are likely to occur when an owner with no previous selling experience attempts to sell the business themselves. Engaging a business broker can help ensure there is a successful closing for all parties involved. Simply working with an accountant or professional advisor, with no experience in dealing with buying or selling businesses, can impact the transaction. The process can be prolonged if there are no systems in place, or knowledge of the sales process.
It is also important to be wary of selecting a general business broker with low commission offerings who are only interested in listing a business, and not achieving a sale.
A successful marketing campaign:
Implementing the right marketing campaign to sell a business is essential. Little or no buyer enquiries can occur if the sales campaign isn’t utilising leading sales websites, or if it focuses solely on avenues such as print media (little to no buyers look in print media in today’s market).
To maximise buyer enquiries the campaign needs to be consistent. It should be active for many weeks; short campaigns are not going to have sufficient reach to potential buyers.
Setting the best price
Working out the value of a business is an important part of the sale process. Engaging a professional to do this, will ensure that any specific industry methods relevant to the business are applied.
If the price is set too high, there will be no enquiries. If the price is set too low, buyers will become suspicious. The right selling system will guide business owners effortlessly through the process of selling their business.
Providing future prospect buyers with information about the business, is a crucial element in the marketing of the business. Truthful information in proper perspective allows potential buyers to make an informed decision and have confidence in the sales process.
Basic and unprofessional documents will not create a positive impression. A lack of current information fails to maximise business value; the potential buyer has nothing available to pass to accountants or solicitors…the gatekeepers.
It is natural for business owners to have mixed feelings during the sales process. Especially if the business has been on the market for a long time and there has been no sale. It is important to stay motivated during these circumstances, to avoid a drop sales or high staff turnover.
Selling a business could be one of the biggest decisions an owner makes in his/her business career. Enlisting the services of The Brokerage Australia allows business owners to continue focusing on operations, reducing the likelihood of the erosion of the business during the sales process.
The team at The Brokerage Australia have the knowledge and tools, to properly bring the sale to a successful conclusion. They understand the time, energy, stress and love that goes into running a business; they are business and franchise owners themselves!