Is Your Business Seller Ready?

So, you’re looking to sell your business, but you’re not entirely sure if your business is even seller ready. There are a few things that go into getting a business seller ready and there are ways you can be the best seller a buyer has met too.

In this article, we’re going to be taking a deep dive into what you need to do to get your business ready for selling as well as ways you can make the buying process easier for prospective buyers of your business. Take a look below now to find out more.

What Makes Your Business Seller Ready?

Getting your business seller ready will involve a few different steps, so we’ve made a handy list below to help you out. 

• Get your accounts and any other paperwork in order - Procedural delays are one of the biggest reasons for delays in the sale of your business, so if you want to get it done quickly, we would recommend getting everything in order as best as you can before you list your business for sale.
• Settle any disputes - Whether the dispute is with an employee, a client, or a customer, it is best to settle any issues before you sell your business. It’s unfair to hand a business to someone else and leave them to deal with disputes that occurred under your management.
• Check all of your contracts, leases, and more - Ensuring that all supplier contracts have been renewed or resolved along with lease agreements and more helps the new buyer to hit the ground running. This due diligence can ensure you’re handing off a polished business and not a mess for someone else to deal with.
• Have a clean-up - If you have a brick-and-mortar location then it is best to give it a clean-up. First impressions are really important when it comes to successful business sales, and you want potential buyers to see your space looking its best.
• Have the right mindset - Lastly, it is incredibly important that you have the selling mindset in place before you list your business. If there is any hesitancy, buyers will sense it so make sure you’re fully ready to sell and that it is what you want.

How to be a Great Business Seller

Attracting potential buyers can be difficult at the best of times, so ensuring you’re a business seller that buyers want to work with can improve your chances of successfully selling your business.

Below, we’ve gathered our top tips for being a great business seller that potential buyers will want to work with. Check them out and take them on board!

Make Sure You’re a Responsive Seller

Potential buyers are always going to have queries about the business that you’re selling, and as such, being responsive is helpful to them so that they can better understand if this business is even for them. Even if it turns out the business isn’t right, they may have friends or colleagues to recommend your business to.

You never know who you’re buyer has spoken to or is going to speak to. If they have a bad experience, you can guarantee that people in the industry will hear about it, so make sure you’re responding with as much information as possible and as promptly as you can.

Be More Human

What this means is being genuine and compassionate when communicating with potential buyers. Many buyers may be dipping their first toes into the world of business buying and so could be slightly apprehensive. If you’re abrupt or lack understanding, they may be scared off before they even start.

Additionally, though things like non-disclosure agreements are very common when selling your business, it’s important to add personal messages even if you’re just sending over contracts! It will make buyers feel like they’re not just another in a long line that you’re negotiating with.

Preparation is Key

Hopefully, by the point of listing your business, you’ve got everything in order so that you can easily communicate and answer questions from potential buyers. Make sure you have the information needed to hand, and be as informative as you can to help buyers make the best decision.

Unfortunately, if there are gaps in your knowledge, a buyer may be put off and could even think you’re hiding things from them. Obviously, this is not the impression that you want to give so get as prepared as possible before you start selling.

Always Be Honest

Even if you’ve got some figures, like past profits, that you want to hide, inflating the numbers won’t help you at all. Serious buyers will have accountants and solicitors look over everything anyway, and they’ll be able to spot a discrepancy from a mile away.

If there are aspects of your history in the business that don’t look great, be upfront about them and let the buyer know. The likelihood is that they will respect your honesty and be more likely to stick around.

Show Your Enthusiasm

What do you love about your business? Why have you spent part of your life building and nurturing it? And what do you want buyers to see in your business? All of these questions will help you to create enthusiastic marketing that will draw in potential buyers. After all, if you’re not enthusiastic about your business, why should they be?

Business buyers may be looking at more than one business to buy, which means you need to stand out. People will be more attracted to a business if the current owner is actually passionate about it. It is what separates you from huge corporations and will ensure potential buyers remember you and your pitch.

How Do I Know That I Am Ready To Sell?

There are many reasons that people choose to sell a business, but they usually fall into one of the following categories.

• You’re ready to retire - Many people reach a point in their lives when they want to stop working so much and just enjoy their free time. If you’ve reached a point where you’re thinking about retiring, then you will already know it’s time to sell.
• Health reasons - You or a close relative may have recently become ill which can have an impact on your ability to work. Many people choose to sell their businesses at this point.
• You need a change - Sometimes, you simply need to change what you’re doing. If you’ve been feeling less than passionate about your work or you’re getting bored by your job, it may be time to move on to something new.
• You’ve gone as far as you can go - Whether it is the changes to your industry or you simply don’t have it in you anymore, if you feel you’ve taken the business as far as you can, you may be looking for a younger owner to take over, innovate and push the business to become all it can be.

Final Thoughts

People choose to sell their businesses for many reasons. Whatever the reason for your sale, it is imperative that you’re ready to sell it. This means getting everything in order and being ready to pitch your unique business to buyers.

If you’re looking for a convenient way to sell your business then check out Eden Exchange. Our one-stop platform for business sellers is the perfect place to list your business. Our site is home to a community of active buyers and we offer all of the resources you will need to successfully pitch and sell your business to interested parties. Get in touch with our friendly team today to find out more about how we could help.

Who we are

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.