Selling a business is dependent on a number of factors. One of the most crucial is understanding who to market your business to, and what they may be looking for in their potential purchase. However, traditional markers of interest may no longer be applicable, as an increasingly millennial workforce impacts how businesses are run on the whole.
As social media has become an increasingly popular method for individuals and businesses alike to promote themselves and pass comment on others, the online world has opened up an entirely different avenue of judgement for organisations.
How this affects you and your organisation is entirely dependent on your position in the market culturally, with globally popular issues like renewable energy and clean living providing a platform for businesses to reach new customers.
Millennials are more likely to report satisfaction where there is a creative, inclusive working culture.
A study by Deloitte pointed out that "additional organisational traits and behaviours promote a sense of positivity among Millennials." This means that the millennial generation are increasingly likely to report high levels of job satisfaction when there is a creative, inclusive working culture, with 76 per cent of respondents agreeing.
So what does this mean for those buying or for anyone with a business for sale?
Let's imagine your business is a person. They do their job wonderfully and produce bankable results, but what do they stand for beneath the surface? Is the aim to use wealth and success to promote better living for people around the world? Or are they the kind of person to hoard that wealth for their own purpose?
Millennials appear to feel a sense of attachment to ideals over tangible objects, making it more important than ever to ensure your organisation has a positive culture that is represented equally alongside traditional business processes.
Businesses like cafes appeal to younger workers.
Social media is a fantastic way to reach out and humanise your business to those of a younger generation. Facebook, Twitter, Instagram; all of these are platforms you can use to engage with your current customers and prospective business owners.
This form of marketing allows you to create an open discussion online, helping you understand the needs of the people who use your service and what can be done to improve. This is crucial for businesses that deal directly with their customers, such as cafes and restaurants. Take a look at some of the hospitality businesses on Bsale to see for yourself.