Let’s face it. The traditional brick and mortar retail space is evolving into a digital marketplace – and if you own a brick and mortar retail store you might be feeling panicked about what the future means for your business and your chances of selling down the road.

Don’t freak out.

There are two very simple steps you can take to ensure that your business has a future in the digital age – and as a bonus these steps will also be a major selling point when buyers come looking.

#1 Create an online store

Any business website should incorporate some kind of digital shopping experience, no matter the industry. Even if you don’t want to go the order and ship route, you can at the very least have your goods and services (with prices) listed on your website so a customer can shop your store to see what’s available. In the age of Amazon and Etsy, no one wants to wander around town, visiting multiple stores in order to find something specific. They want to know if you have it and they want to know what it costs. A menu, images of products, a virtual tour of the sections of your store with the products they contain – any way for customers to peruse your offerings online will help bring them to your brick and mortar location. An online shopping platform will also be a major selling point to potential business buyers, as it shows your tenacity and drive to stay ahead of market trends – keeping your business growing and evolving as the market changes.

#2 Offer cashless options

When was the last time you saw cash? With the vast majority of the larger retail and service companies embracing digital payment options like ApplePay and tap & pay credit cards, those small businesses who hold the line and require very specific credit cards or only cash are going to have a serious problem down the road getting customers in their doors. A merchant services plan today will absolutely pay off down the road as it will capture those customers who might have passed your business by because you didn’t honor their cashless payment. You also want to make it clear on your store front, at your registers and online that you offer multiple cashless options. Merchant services are a major selling point to buyers for many of the same reasons as an online store – it shows you know that the market is changing and have changed your business practices accordingly.

Retail business may be changing, but it doesn’t mean that your retail business is dead or can’t sell. It just means that you need to embrace the future and update your business practices as the market moves.

Do you own a retail business and want to know more about how an online storefront and cashless options can draw potential buyers? Have you already implemented changes like these and have an experience to share with other business sellers? Please feel free to leave any questions or comments here.

Michael Monnot

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

www.InfinityBusinessBrokers.com

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We get it. We’re business owners too.

As a business owner you need to be decisive. You need to be able to react quickly. You need to be driven, strong-willed and persistent. You need to be very Type A. 

While this strong personality has served you well in your role as a business owner, it can be a major hindrance when you switch gears and become a business seller.

Why? Here’s what a business seller needs to be: Patient. Thick-skinned. Willing to overlook personal offenses. Again, patient.

See the issue? Here’s another one: most business buyers are Type A too. We bet you can guess how well it goes sometimes when you get two very strong-willed entrepreneurs in a room and try to discuss very large sums of money. It can get ugly.

There are definitely times where a clash of personalities can kill a deal – but if you are serious about selling your business you can keep your deal on track by mentally preparing yourself for what’s ahead. Here’s some pointers:

Pretend to wear the buyer’s shoes

It can be difficult to see things from the other side of the table, but it is extremely important to the future of your deal that you do so. A buyer is about to write you a very big check, and they are naturally going to be very apprehensive and very suspicious. You are going to get low-ball offers because if you were in their shoes you would want the best deal possible too. They are going to pick your business apart and ask a million questions because anyone making this big of a financial decision should. Keeping their perspective in mind will help you understand why they do what they do.

Have unbelievably thick skin

Your business is your baby – your blood, sweat and tears. You’ve not only made a financial investment, you’ve invested your life and yourself to make it what it is today. To a buyer your business is nothing but cash flow, and this vastly different perspective means that you are going to get your feelings hurt when a buyer reduces your baby to nothing but numbers. Remember that the purpose of selling is to get a financial return on your monetary and personal investment so you can move on to another chapter in life. If you can keep your eye on what your goals are after the closing table (and have thick skin when it comes to offers and buyer questions) – you will be fine.

Remember that it’s not going to be your business anymore

The person who buys your business is absolutely going to change things. Probably a lot of things. Type A people are control freaks by nature, so dealing with potential changes once you hand over the keys can be excruciating for some sellers. Don’t let your control freak issues derail your deal by refusing to work with buyers who want to make changes. Again, the key is to keep your eye on the prize – the next chapter in life. 

We know it can be tough to let other people into the business you’ve worked so hard to build, let them poke around and pick it apart and then tell you right to your face that they’re going to change everything. Selling your business is tough, but so was owning it and building it into the success it is today. Your next venture in life is waiting for your undivided attention, so keep a cool head and you’ll get there.

Are you thinking about selling your business and are apprehensive about dealing with buyers? Would you like to know what businesses like yours have recently sold for? 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

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Every business must have a website in the digital age, from a small food truck operation to a multinational corporation. Your website is how people find you, find out about what you do and decide if your business is the right business for their needs.

If you are a small business owner who doesn’t have a website – getting one is priority number one. Not having a web presence is like having a store without a sign out front or anything in the windows to tell those passing by what’s inside. If you do have a website, there are some very basic rules that separate a good website from a terrible one. Where does your current website fall? Here’s how to tell:

What makes for a great business website?

A good hosting plan.

Sure, you can find a litany of free or absurdly cheap web hosting services that will let you toss together a stock-layout website in 5 minutes – but is that what you really want the face of your business to be? Cheap and stock? Probably not. Services that offer more customization and a way to remove ads are essential if you want to look professional, and a good hosting service will also offer more speed for your users. The responsiveness and speed of your website will not only keep users happy, it can help boost your rankings with Google.

A good blog.

Blogs aren’t just for fashionistas or for your teenage kids – blogs are an essential part of any business website. Why? Having a blog ensures you are getting good information about your goods and services out to the people who visit your website. It also is a major factor in your rankings with Google. A well-kept blog means your website is constantly publishing new content – therefore constantly marching it’s way up the search rankings.

White space.

Do you know why newspaper stories have all of the pertinent information in the first paragraph? Very few people ever read the whole article. Online attention spans are even shorter – so if you are writing endless paragraphs that force people to scroll and scroll to find the information they need, you won’t keep their attention long enough to be useful to your business. Keep informative blurbs short and concise. Don’t clutter up your pages with too much information in one place. Your website needs to be aesthetically pleasing (lots of white space) if your want people to stay.

Your contact information.

This one might seem obvious, but you would be shocked at how many small business websites don’t include any contact information. One of the major purposes of your website is to tell people where you are and how to contact you. You should absolutely include your address, phone numbers, email addresses/a contact form and some kind of map.  

A great business website can be the difference between success and failure, so invest the time, money and effort to make the online face of your business as great as your physical one. A well-maintained and beautiful website will also make a great selling point when the time comes to put your business on the market.

Do you own a business but don’t have a website? Would you like to know more about how a great website can help you when the time comes to sell? 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

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Running a small business can be very challenging. You get pulled in 16 different directions every day and have the fate of your business and your employees on your shoulders. While it might seem like you should be able to be all things at all times for your business, there is one very important part of your business you shouldn’t try to handle all on your own.

Your accounting.

Keeping track of the finances of your business needs a great deal of time and energy – time and energy you as a business owner should really be spending growing your business and your customer base. It may seem like an unnecessary expense, but by handing over the incredibly important task of managing the financial record keeping of your company to someone who specializes in that work – the time that delegating your accounting gives you will pay for itself with the growth you can create.

Your numbers are also critically important when the time comes to sell your business, as your financial records are the only way you can justify your asking price to a potential buyer. You don’t want a box of crumpled receipts to be the face you put on your business when the first buyer wants to see documentation. A properly curated account of your business will not only make your numbers clear, it will show potential buyers that you had the foresight to keep this very important responsibility in the proper hands.

If your business is so small that you can’t afford an accountant yet – there are options like QuickBooks, Xero and Wave, just as examples, that will give you a guided approach to keeping your financial records on track.

The point here? When it comes to the accounting part of your business, don’t try to go it alone. Get the help that will pay off with the growth and the future sale of your business.

Do you own a business and do all of your own accounting? Would you like to know more about how professional accounting help will make your business more desirable to buyers? Ask us! Leave any questions or comments 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

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You’re in the final stages of selling your business and are more than ready to start the next phase of your life. You and a buyer have agreed on a sale price and are in the final days of due diligence. As the final sale contract begins to come together one very important part of the agreement needs to be discussed – training.

No one in their right mind is going to take over a new business without having someone show them the ropes, and if you care at all about the future of your business, the jobs of your employees and your financial return from selling – you need to take the training part of your transaction very seriously. This is even more crucial if you have seller financing as part of your deal, because if the business falters after you leave – you won’t get paid.

So, what does a typical training period look like?

For the typical small business sale, the training period is two weeks.

If you and the buyer don’t think two weeks is enough time, there are a litany of options. You can agree to stay on to train in a full-time capacity for one period of time and then a part-time capacity for a period after that. You can also agree to the two full weeks and then agree to be available on a consulting basis for several weeks or months.

You don’t want to stay on any longer than necessary, but you do need to show a new owner EVERYTHING you do – from how you unlock doors to payroll. You need to introduce the new owner to your clients, your vendors and your staff. All of these things take time. 

They don’t, however, take forever. A buyer’s cold feet and nervousness about taking the reins shouldn’t dictate the amount of time you spend training. If you can teach them what they need to know in two weeks, then that’s it.

Here’s a very important caveat that you may not have considered. Once you hand over the keys, even if you are staying on in a training capacity, you are no longer the owner and no longer the boss. The new owner is in charge, and everyone needs to answer to them, not you. This dramatic shift in the power structure at a business you very recently owned can be emotionally difficult for some sellers, especially if the new owner makes changes you don’t agree with – another reason you should keep the training period as brief as possible. 

Talk to your business broker about what they would suggest for a training period in your case. Then remember to keep your cool when dealing with the new owner.

Are you thinking about selling your business and hadn’t considered a training period after the sale? Would you like to know what we would suggest as an acceptable training period for your business? Please feel free to 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

No Comments »