Your business may be unique to you but because it belongs to an industry and has competitors, it falls under certain well-known categories. In order to stand out during a sale and get the best offer possible, there are 5 factors to consider. These factors will not only set your business apart, but they are also great guidelines to consider as you begin preparing to sell your business.
1. Strong financial history
A business with a strong financial history is highly sought after. When you have an organized financial book and the ability to share your progress and profits to potential buyers, they are more likely to trust you and make an offer. A buyer wants transparency and easy transition, which you can offer if organized. This organization, in addition to steady finances, makes your business a diamond in the rough.
2. Brand loyalty
Brand loyalty, in addition to a strong reputation, is an unbeatable intangible asset. These two assets are what can set your company apart from the competitors. When you can assure a buyer that you have loyal returning customers and an indisputably positive reputation, they are much more likely to want to take it off of your hands.
3. State of the industry
On top of being a great business on its own with a strong market standing, the state of your overall industry is also important. Consider making a sale when your industry is hottest, i.e., when it is trending most. A buyer wants to be sure they are making an investment somewhere likely to make a quick return.
As mentioned briefly, assets add to a company’s overall worth. Assets can be tangible, i.e., profits, market standing, and cash flow; and intangible, i.e., reputation and loyalty. When combined, a business is incredibly valuable and likely to sell quickly and for a very competitive price.
5. Business broker
The best and easiest way to sell quickly, competitively, and seamlessly is to have a business broker on your side. With a network of vetted buyers looking for a business just like yours, your chances of selling more quickly and at a better price point than your competition are high.
After you have prepared your business for a sale by getting your finances in order, establishing brand loyalty, being up to date with the state of your industry and determining your assets, you can feel much more confident that your Transworld advisor is able to help you find the perfect buyer. With years of extensive experience in your specific industry, our advisors are versed in what it means to stand out.
Contact your local Transworld Business Advisors for a free consultation today!