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Selling Your Business?

So – You Have Decided to Sell Your Business?

Two questions that need to be addressed then:

  1. Is it ready for sale?

  2. How will potential buyers find you?

By “ready for sale”, I mean have you properly prepared for the due diligence that’s likely to be carried out by the buyer – a key part of any major business transaction.

What is “Due Diligence” in business?

It’s a structured approach to carefully examining every part of a business. When buying a business, numerous critical questions are bound to arise between the buyer and the seller.

The buyer will have a keen interest to know the financial health of the business, its legal position, sales data, owner’s income, market competition and much more. Therefore, due diligence is conducted to gather this information and answer impending questions.

For bidders this is a crucial process before buying a business. However, as a seller, this process can also be stressful. Reason being is that all aspects of the business are scrutinised by the potential buyer.

Notably, if the due diligence process is poorly managed, there is a heightened risk of the buyer not proceeding.

Due diligence may be conducted by the interested buyer as well as their related parties, such as lawyers or accountants. The process normally begins after the buyer and seller have agreed in principle to the business deal, but before any binding contract is signed.

For the process of due diligence to commence, all relevant financial, legal and operational information must be available to the buyer. As such, all this information needs to be prepared prior to the onset of any deals. Otherwise, the seller risks deal failure.

How Will Potential Buyers Find You?

There are always people looking around to find themselves a good business to invest in.

So, assuming that you have done everything right in preparing your business for sale, here’s what you need to do to get the business “out there”.

First, find yourself a reputable business broker. For instance, on that front I can recommend that you contact Emily Troon at Xcllusive Business Sales.

Next, consider embarking on a targeted marketing campaign. This could well be via a number of methods and may include two of the most effective means – Social Media Marketing and Email Marketing. Social media marketing will often get the best results on platforms such as LinkedIn and Facebook.

There are some “tricks” which can be employed in marketing your business efficiently and effectively.

Interested in getting some help?

Contact me direct (Phil Manhire) regarding our services at:

Be Better .. Look Better .. Be Profitable
..
“The Unicorn Way”

 

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