Life has a strange way of throwing surprises at us. Some of these surprises are pleasant ones, while the others, we would rather live without. No entrepreneur or businessman starting his business ever thinks that someday, they’d have to, or want to sell it. And if they find themselves at this particular bridge, they don’t really know what to do. If you are planning on or considering selling your small business, and don’t really know what to do, then the below tips and suggestions are especially for you.
• Assess if your business is really worth selling – let’s be realistic. Though you might have spent a considerable amount of time and money on your business, there’s a possibility that it may not be as valuable as you assume it to be. If you are opting to sell your business, it’s always best getting an unbiased opinion beforehand.
• Be realistic about your pricing – when opting to sell small business, one of the trickiest things to do, is to price it properly. In this case, the money that you invested in it doesn’t guarantee you a higher pricing for it. Take care not to underprice it, or overprice it; two things that can definitely scare your potential buyers away.
• Include clients, employees and ex-employees into your buyer list – in an ideal world, the buyer of our valued and beloved business will be someone who we’d like; immensely. Unfortunately, we don’t happen to live in an ideal world. Many business owners don’t even want to consider employees and ex-employees as potential buyers; which can cost them greatly in the long run.
• Screen buyers with care – the most common reason for owners to sell their businesses, is if they go out of business, or if they are running in a loss. In their haste to make sure they sell their business before they face further losses, they are hasty in their selection of buyers too. This can end up being disastrous to the business, as well as a loss for them; as they might not get their proper value. Take your time on making the decision to sell the business, selecting the potential buyers and settling on a buyer. Trust us, it makes a huge difference.
• Never underestimate the power of the “word of mouth” – if your business has a good reputation, or if it still has the potential to get good sales even now, then the chances of you selling your business successfully is very high indeed. Never underestimate the true power of the word of mouth, or what it can do to drop a word here or there…