Your business may be unique to you, but because it it part of a larger 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.
- STRONG FINANCIAL HISTORY
A business with a strong financial history is highly sought after. When you have organized financial records 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 an easy transition, which you can offer if the books are organized and easy to follow. This organization, in addition to steady profitability, makes your business a diamond in the rough.
- BRAND LOYALTY
Brand loyalty, in addition to having a strong positive reputation, are unbeatable intangible assets. 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. Remember, your online presence and reviews are a key component of your reputation.
- 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 in something that will be more likely to make a quick return.
As mentioned briefly above, assets add to a company’s overall worth. Assets can be tangible,e.g., profits, market standing, and cash flow; and intangible, e.g., reputation, intellectual property, and loyalty. When combined, a business is incredibly valuable and likely to sell quickly and for a very competitive price.
- AN EXPERIENCED BUSINESS BROKER
The best and easiest way to sell quickly, competitively, and seamlessly is to have a business broker on your side. An experienced business broker will already have a network of vetted buyers looking for a business just like yours, and since they will work on getting to the finish line, you can conitnue to work ON your business. By listing your business confidentially and working with an expert, 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 the value of the business' assets, you can feel much more confident that your Transworld Business Advisor will be able to help you find the perfect buyer. Transworld has over 40 years of collective experience, and our advisors are the most well-trained in the market to ensure you get top dollar for your business when it is time to sell.
Contact us today to set up your no obligation consultation! We believe in "Good Deals for Good People"!