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Selling your business can be an emotional time. You’ve got a lot going on, from valuing your life’s work to finding the best buyer to take it on. So, during this process, you will need a system that helps you keep track of the business leads you have found. Indeed, these are the people you’re vetting to take over the company you have grown from scratch.
There are many common issues that business owners run into when selling a business; not being able to keep track of leads is one of them. In this article, we will look closely at common mistakes you should avoid when selling your business and the best practices for keeping track of your leads. Read on to learn more.
At Eden Exchange, we’ve helped thousands of people sell their business. Our platform is designed to reshape the way Australians buy and sell businesses, so while we have experience helping people to make a business sale, we’ve also seen a lot of mistakes!
Some common mistakes we have seen include the following:
Most business sellers have never actually sold a business before, so there are some things that you may not be aware of.
Like every other market, there are good and bad times to put your business on the market too. Initial preparations to sell your business should start well before you want to actually hand over the business to a buyer. This means you will have solid business data to include in the sale. But what month is the best time to sell a business in Australia?
One of the best times to sell your business is at the end of the financial year (EOFY), which in Australia is June. Many buyers will take advantage of the tax benefits from such a purchase during this time, so the market tends to heat up.
Additionally, if you have a seasonal business or specific months when your business does well (like an ice cream shop in summer!), selling just before this season might be a good idea, as your business will be about to enter its most lucrative period, making it attractive to buyers.
Lastly, you should consider when your business looks best to buyers. Don’t sell after a tough year because your business will not be valued well. Think about how your business will stand out in the market.
We’ve already discussed researching your buyer, and it is imperative. There is nothing more disheartening than selling your business to the wrong person. Do your due diligence, and ensure that the person you are selling to can grow the business further and won’t run it into the ground.
If you started your business from scratch, you’ve likely poured countless hours and even more money into its success. Don’t let it all go to waste because you didn’t research and vet the buyers properly.
When you started your business, you should have developed an exit strategy for when the time came to leave. If you didn’t, it’s not too late. Before selling, make sure you have a few goals in mind. What do you want to get out of the sale? Do you want it to be a clean break, or would you like to transition out of business ownership slowly?
This is more than just considering what your life will look like after you sell (though that is very important). You will find more information on the types of exit strategies to consider in this post from us.
When you’re in the process of selling your business, you’re hopefully going to get several leads or people interested in buying your business. But keeping track of them can take time and effort, and it can be pretty overwhelming!
There are many ways you can streamline this process. You could create a spreadsheet with all the leads' input that details who they are, their pros and cons, their offer, and more. You could also categorise leads into handy folders to keep them safe. However, there are two ways to keep track of leads that require minimal effort. We’ve explored these below.
A business broker takes on most of the work that goes into selling a business. The likelihood is that they will already have a few leads that they will take your business opportunity to, but if they decide to list your business, they, too, will have to keep track of various leads. This means you won’t have to!
If you’ve chosen to work with a business broker, you don’t have to do all of the work yourself, including coming up with a plan for keeping track of leads. Instead, a business broker may present the best options to you in an easy-to-read, easy-to-digest format so that you can decide once all the research and vetting have been done.
The other option to minimise lead-tracking chaos is an online customer relationship management (CRM) system. This software stores lead information, communication history, and key details about your potential leads. It consolidates all your information in one place so you can dip in and out of it when necessary.
Are you looking for an online platform to help you keep track of leads during the business selling process? Eden Exchange can help you.
DealXchange is the perfect platform for business sellers, as it takes the work out of finding a buyer. It uses precision-driven lead scoring and easy integrations for a seamless exit strategy, and it can even be used to pre-qualify leads for the highest quality interactions.
Your virtual lead room is fully customisable, so it is catered specifically to the way you work. You can schedule a demo to understand how the program works and ask any questions you might have.
The software was developed to allow business sellers to control the business selling process. You can seamlessly share documents, find qualified leads, and do everything in a user-friendly space.
If you want more control over the business selling process, we can’t recommend using an online platform like DealXchange, enough. It takes the work out of selling your business, making the whole process seamless.
In this article, we’ve covered a few of the big mistakes people make when selling their business. If you would like support throughout this process to ensure you avoid these issues, why not contact Eden Exchange today?
We’re a full-service business buying and selling platform committed to making business transactions easy for people worldwide. Our experts have the knowledge and experience to support you, and our platform makes the process straightforward.
Ready to get started? Contact us now!
Eden Exchange is an integrated multi-channel platform, simplifying business buying and selling. We match, refer and connect business buyers, sellers & brokers in an ecosystem that facilitates frictionless franchise, business and finance transactions. Visit www.EdenExchange.com and connect with our engaged and multidimensional transaction network today.
June 20, 2024