Broker Tips for Getting the Best Price for your Business
Broker Tips for Getting the Best Price for your Business
Business brokers can assist you in understanding how much your business is worth and why, what is going on in the market, and what you can do to maximise your sale price. The following key points must be kept in mind and will aid you in selling your business successfully.
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The business must be appealing, demanded, and desirable.
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Is it possible for the owner to take a month off? Demonstrating that it can function without the owner and that the owner is not locked in the business.
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Work with your accountant to maintain benchmarks, ensure consistency with KPIs, and keep the data up to date and clean. Other business interests should not be mixed; they should be kept distinct.
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Attempt to handle any agreements or terms you have with suppliers or customers and ensure that they may be transferred, particularly if they give different benefits or exclusives, etc.
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If you have a CRM system or database, attempt to demonstrate how it manages areas of the business, generates reports, or permits communication with customers.
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Ensure that your employees are well-trained, appreciate the culture, share responsibilities, and can take care of things while the owner is away. Good employees may make or break a business.
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Make sure you have a strong brand and reputation. Online reviews can be detrimental these days. Make sure you have an internet promotion, testimonial, and branding strategy.
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Maintain a positive connection with your landlord by paying rent on time, keeping the lease long term, and keeping the premises in good condition.
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Establish, document, and keep systems and processes up to date.
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Perform a SWOT analysis on your company (Strengths – Weaknesses – Opportunities – Threats). Look for all internal and external strengths in your company, eliminate or manage weaknesses, generate and look for real prospects that buyers would be interested in, and reduce/eliminate or manage flaws.
You're off to a good start if you run a good business, you are constantly striving to enhance and develop your personnel, your brand, and most importantly ensuring the owner of the business can get away for a getaway.
Tags: selling acquisition small business entrepreneurs coaching
About the author
Demelza Berry
Onboarding specialist at Bonza Business and Franchise Sales
Experienced Administrator with a demonstrated history of working in Human Resources and Business Brokering. I am a highly people-focused individual ...
