3. Make Sure Everything Is in Order
When your business is listed for sale, you have to be particularly careful, so that everything looks perfect. In fact, this is the time when making an extra effort to keep things in the best shape is totally worth it. Think about it: just like a house up for sale, you want your business to look good.
Before you offer a tour of your business, you’ll want to go the extra mile in order to present it in the best possible light. Remember that this is yet another first impression for your prospective buyer.
Here are a few tips on how to prepare your business for sale:
- Tidy up the place. Try to look closely at your business and take note of any areas that may need cleaning, painting, or repairing. Buyers appreciate a business that looks like a clean, well-oiled machine, which they can easily envision themselves transitioning into, so it pays to take the time to clean up clutter and obsolete equipment before your first showing.
- Clear out old stock. A business stocked with popular, fast-moving items appears fresh and active. Clearing out old inventory will not only improve sales figures, it will also mitigate disputes about old inventory when it’s time to sell. This is also a great opportunity to clear out old, slow moving items.
- Prepare your workforce. Potential buyers will look beyond your building and equipment, and focus on the people involved in your business. Demonstrating that you’ve built up a solid workforce, who may be willing to stick with the company through the transition and after adds an extra incentive to prospective buyers.
- Review all commercial leases. You’ll want to contact your landlord in advance to review your property lease and determine if it can be easily transferred to a new owner. A deal can fall through quickly if the landlord is not notified ahead of time and a new owner/tenant does not meet certain lease requirements.
- Prepare in advance to present yourself. Your online presence and the physical aspects of your business, in addition to having your financials in order, allow you to offer your business as a tidy and enticing package to prospective buyers. It may even increase your asking price, while allowing you to relax and rest assured that your business is well represented while you negotiate your sale.
- Update your business online presence. The very first thing that a prospective buyer is likely to do will be online research on you and your business. So, it pays off to make sure that your website is up to date and fully functional well ahead of listing the business for sale. Check to make sure that all links are active. A website that isn’t informative and user friendly doesn’t speak well for the business it represents. Be aware that a savvy buyer will go beyond looking at your website, and check out your social media presence, as well as Google you and your business. Go through all your sites, and take the time to Google both your name and your business brand, so that you can edit anything that may seem un-businesslike. You want your business’s online presence to create a strong first impression for you.
Following these steps on how to prepare your business for sale, you will be able to find a good buyer easier and maybe even get a higher selling price.