The first thing to really consider is putting yourself in the shoes of a potential new buyer as it is through those eyes that your business has to stack up. Businesses for sale are all about value. So, how do we show value to the buyer. One simple way is to show your Balance Sheet of your business. People looking to buy a business usually know what they are looking for. At least their accountant does. Level of sales is important for many businesses such as pharmacies and news agencies upon which valuations are based. Trends of sales over a period of time are crucial. So are equipment and stock levels and their trends.
As a business coach of small to medium sized businesses, I like to add value to the owner’s businesses by adding lifestyle value.
Think about it, would you rather buy a business from a business owner who works in the business 70 plus hours per week and hardly takes any holidays or from a chilled out owner who averages 35-45 hours per week with plenty of exciting holidays as well and oozes confidence that the business really does work without them? If a business owner can prove that lifestyle, it will be easier to sell that business and at a higher value. Some people just want to buy a job, smarter people buy a “commercial, profitable enterprise, that works without them”, which is our definition of a business.
If you are thinking of selling your business and need to reach that level of business comfort, I can certainly help you. You may even have second thoughts about selling afterwards. Let’s face it, why did you even think about it in the first place. Perhaps it was all too hard and too consuming? It doesn’t have to be that way.
Either way, whether you’re selling your business or looking to buy a business, I can help you with both.