We’ve all heard that expression – “First Impressions Count” well it’s no different when selling your business. As a professional business broker I cannot stress enough to my clients the importance about – you can only sell your business once. To optimise the opportunity of selling your business and achieving the best possible outcome, there are certain things that need to happen and are the responsibility of the business owner, seller/vendor.
Besides all the other information supplied to a broker prior to going to the market, for example; financials, tax returns, BAS statements, lease agreements, plant & equipment and so on; there are other important issues to attend to that will help achieve that maximum outcome.
What else can I do? Below are a few Business Tips:
- Present a clean & tidy workplace.
- Have all equipment working properly and service history (if applicable).
- All staff uniforms in good order – and worn correctly.
- Freshly painted walls and doors.
- Making sure that private and confidential information is hidden from the buyers view.
- Allowing the Buyer to feel that you are not hiding anything from them. Let them look at everything. Especially the areas that cannot be seen from the customers or client’s point-of-view.
- Clean all windows in the premises (as if you were selling a house) – it’s no different.
- Mow all the lawns, remove weeds and clean gardens and garden beds (if applicable)
- Welcome the Buyer as you would welcome a friend.
- What will a buyer see as they walk in and through the business? See it from their point-of-view – see it through buyers eyes.
- Don’t apologies for something not being right. Fix it!, and then you don’t need to make any excuses.
- If you have a website, make sure that is up and running.
- Having a business plan that can be shown to a new owner and their accountant – remember, it’s not just the buyer that needs to be sold, it’s their advisors as well.
- Providing Standard Operating Policies and Procedures to the new owner.
- Providing an Operating Manual to the new owner.
- Present Business plans, cash flow’s and projections.
- There should be no ums! or ahs as answers! Just straight forward honest answers.
By adopting these helpful business tips, engaging a pro-active broker and presenting all the information correctly, then you will not only realise a premium for your business but you can sell knowing you have handed over a business to a new owner that you were proud of.
REIQ Business Broker of the Year 2016 & 2015