The Secret to Selling Your Business
For every business that sells fast and for top dollar there are 50 that linger on the market for months if not years and sell for far less than the owner desires, if they sell at all. So, what’s the secret? Why do some business owners maximize the value of their business and others don’t? What is it that they know that you need to know to get top dollar and sell your business more quickly?
Here is the secret: You need to see your business as your product; one that you will eventually sell. When you begin to see your business as a product that needs to stand out in a crowded market place of available businesses, you can begin to make the decisions that will give you a top dollar business. Your business needs to be designed to be a compelling product, one that is attractive to buyers.
The question is: do you know what buyers are looking for? The answer is: probably not, as most business owners don’t. Fewer than 75% of owners even know the current market value of their business, let alone understand what a buyer is looking for when they are shopping for a business.
The good news is, there is a simple way to find out how attractive your business will be to a buyer. There are 8 Drivers of Value and when you know how your business scores in each of these 8 drivers, you can move the levers necessary to prepare your business to be more attractive to buyers, and sell for maximum dollars.
Business owners get so busy selling the product and service they have, they never stop to consider their business as a product. The 8 Drivers of Value enable you to put on the “buyers glasses” and look at your business through the objective eyes of potential buyers. They give you the insight to think like a buyer.
Don’t wait too late. Most business owners wait until far too late to prepare their businesses for sale. The truth is that your business is always for sale - because you never know when you will need to sell it. The sooner you start focusing on your business as a product, the sooner you will own a sell-able business.
Owning a sell-able business is the ultimate flexibility for a business owner. When your business is attractive to buyers it’s a joy to own. Sell-able businesses provide owners with more free time and more profit. By focusing on the 8 Drivers of Value, you can make your business so sell-able that you may not want to sell – but are ready to do so if needed.
Now that you know the Secret to Selling Your Business, take the next step to know your market value! Learn as soon as possible, today if possible, the market value of your business. Once you know the number and understand what drives it, you can analyze what you need to do to influence it. Our BBG Advisors can confidentially score your business in the 8 Drivers of value and provide an opinion of market value. We feel it’s critical for every owner to understand what their business is worth – and what they can do to make it worth more. Start preparing your business for sale today!