If you’re thinking of selling your business, then you want to make it attractive to as many buyers as possible. This will allow it to fetch a higher price and create a bidding war that might just net you some more cash. We’re here to tell you what you can do to make this a more attractive prospect.
If you want to get buyers interested, then you need to show them that your business has a clear direction. A business plan, analysis of the market and reporting will show them that you have a plan in place. You don’t want to buy a business that’s just floating on through, you want to buy a business that has potential.
Preparing these accounts in advance and being able to talk through them at length is a key asset. It’s not enough simply to talk vaguely about the business, you want to have a clear track record that’s backed up with real figures. Investors won’t want to get involved with a business that has a vision, but no key data to show this.
You can work with an accountant to prepare this information to ensure that it is correct. This can be an additional cost to think about but it can help you to get more in the long term.
Having the right structure within your organisation can make it much more attractive to the potential buyer. While you might have a really good concept, a messy organisational structure will make things confused. They don’t want to pick up a business in which the structure means that they will have to do more work than needed.
You want to show that the organisation can work in a simple way without you at the helm. If roles are confused or duplicated then it’s very difficult for a new owner to come into the equation. Setting out your structure with clear job roles is essential for a new owner, as they can understand how your business runs day to day.
If you have some job roles that evolved over time, then you might not have a clear definition in place. You can work with an HR professional to define and annotate these roles prior to the sale.
Getting the word out there to potential buyers is also essential to garner interest. Using a service like Hilton Smythe – business sales can advertise your company to a whole network of interested parties. This does a lot of the hard work for you, as you already have people that are interested in your company ready to take the next step. Then, it’s just a matter of guiding them through the rest of the process and providing them with the information they need to make their decision.
Creating an attractive business prospect can be key to getting a lot more money for your business. Don’t hesitate when it comes to improving your company in order to net a higher profit.