Shutting Up ShopBy joanne | 15th July | Marketing Ideas, Marketing Strategy
I heard recently that only 7% of businesses offered for sale actually attract a buyer. And it can take years to sell-up, especially if you want to maximise the value you generate for your company.
So what can you do to give yourself the best chance of success?
- The main reason businesses don’t sell is that they have no intrinsic value – i.e. they revolve around the business owner and without you, the business doesn’t exist. If you can’t take a holiday without the money stopping flowing, you probably don’t have a saleable asset – yet.
- Most buyers look at the finances of a business first – so let your accountant know you’re planning to sell. They will be able to prepare your accounts in the best way to show the profitability of the business. You need to show at least 3-5 years of accounts, so this part needs planning.
- Consider your target audience…who might buy your business – and what would they be looking for? How could you make the business more attractive to them, and how can you target them effectively with your sales literature?
- Have you considered an internal sale? Many companies are bought by their staff in management buy-outs – is that an option you have explored?
- Get professional help – there are experts in selling businesses across the UK. Select one who has experience in your industry and ask for some assistance.
Good Luck…and Happy Retirement!