If you own a business, you know how to sell.

You’ve been getting your products and services to clients for years. You know how to focus on the customer experience to better understand what your customer base wants. When the time comes to sell, however, many business owners think they can get to a closing table by merely supplying a recent P&L and some old tax returns. Would you buy a business with nothing more than that? Probably not.

If you are selling your business, you need to do what you’ve done all along – focus on the customer experience, only now your customer is a buyer. You need to think about what motivates a buyer to choose one business over another.

Here’s how:

Get with the times.

Buyers are typically younger and more tech-savvy than their business seller counterparts, so your business needs to speak to buyers who are looking for technology as an answer to operational needs. Make sure your business has a well-designed and properly attended website and social media presence. Upgrade your POS systems. Use digital marketing avenues to generate new clientele. Using technology to upgrade your business tells buyers you’re focused on the future. 

Be organized.

You have to have your books in order. Buyers want to see proof of the numbers you’re claiming and they want that proof now. Legible financials will always beat out a box of crumpled receipts, so streamline and keep up with your paperwork. Streamlined books speak volumes about how you handle the business as whole – an organized business owner is much more appealing than a disorganized mess. 

Fix what needs it.

You know that freezer with the broken handle you’ve been putting up with for years? Fix it. Leaving even minor, but obvious, aesthetic issues shows a lack of attention to detail – and you’d better believe that there are other businesses like yours that run a tighter ship. A buyer will obviously choose a business in better physical shape than one that isn’t – so get fixing.

Don’t procrastinate.

We know it can be overwhelming when your business is on the market, but you can’t let requests from buyers languish – otherwise those buyers will move on. You need to stay on top of buyer requests, even if you feel like they don’t need what they’ve asked for. Procrastination tells them you aren’t that serious about selling, so they’ll move on.

Buyers have a litany of choices in today’s market, so the competition for business sellers is tough. You need to put a plan in place that will help your business stand out from the crowd. By focusing on the buyer experience your business will be more appealing to buyers in the market, so start making these changes today.

Have you thought about selling your business but hadn’t considered the buyer experince? Do you have more questions about how buyers choose between businesses? Ask us! Please leave any questions or comments here and we would be happy to help.

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com
12995 South Cleveland Avenue, Suite 249
Fort Myers, FL 33907

www.InfinityBusinessBrokers.com