When business owners are preparing to sell their businesses, there are many ways they can make themselves attractive to buyers. As we represent many current and new business owners in Colorado, we have compiled the top five ways sellers can make themselves attractive to buyers. In Part 2 of our series, we will focus on Culture.
When a buyer is looking to buy a business he/she wants his/her culture and beliefs to align with the culture and beliefs of the owner. Buyers look to see themselves in the owner.
Why is this important to a buyer? For one, a buyer that can identify with the owner can visualize him/herself taking over the business. This also makes for an easier transition. The current employees and vendors of the business will likely be happier in the transition if the buyer has a similar management style to their current owner. Ultimately, a business is going to be more attractiv to a buyer if the buyer can visualize an easy transition into ownership.
In our next issue, we will explore the next important way a seller can become more attractive to a buyer: industry.
Selling a business is a complicated manner. If you have additional questions, please contact one of our Colorado business brokers at 720.259.5099 or email us.