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Whether you're thinking about selling or just exploring possibilities, here are 4 tips to help you started.
What if I said that a few easy steps could change your business exit for the better? Whether you're thinking about selling or just exploring possibilities, these steps could be game-changers.
In this article, I'll share four tips to help you start the process of selling your business. These tips are based on what's happening in the market and what's worked for our clients. To gain more insights into selling your business, check out my article on How To Sell Your Small Business.
Following these tips can turn an average sale into a really successful one.
Tip 1: Make Your Business More Valuable
- Work out how much your business is worth
- Figure out what needs to be better
- Make changes to increase the value
- Keep an eye on how things are going
It's important to make your business more valuable before you sell it. If you're thinking about selling in the next few years, start working on increasing the value now. Look at how much your business is worth and what you could improve. This might mean making your business more efficient, making more profit, or simplifying processes. For more detailed strategies on increasing your business value, refer to my article on How To Maximize Your Business Profit. Keep working on these changes and check on how things are going. The more you can increase the value of your business first, the better your deal will be.
Tip 2: Know When Not to Say Anything
- Keep your plans to yourself
- Only tell people you trust
- Don't talk about it with your team, customers, or suppliers
It's important to know when not to say anything before and during the sales process. Keep your plans to yourself and only talk about them with people you trust like mentors, brokers, or lawyers. Don't talk about the sale with your team, customers, or suppliers to avoid any problems or uncertainty. Choosing the right time to communicate is important to avoid complications and keep things stable until the deal is done.
Tip 3: Remember That Any Business Can Be Sold
- Visualize how easy it will be to sell your business
- Deal with any limiting beliefs you might have about exiting
- Be clear on what makes your business special and own that
Some business owners aren't sure if they can sell their business. They might think it's too small, too specialized, or too dependent on them. But the truth is, any business can be sold. What matters is how quickly you want to sell and for how much. Think about how easy it will be to sell your business and deal with the limiting beliefs that might come up for you. Show off what makes your business special, and own that, so you can reassure potential buyers that it's valuable, no matter its size or specialty.
Tip 4: Be Happy to Stay, But Ready to Go
- Stay positive about your business
- Don't seem desperate to sell
- Make sure buyers see how valuable and necessary your business is
It's powerful to be “happy to stay but ready to go”. This quote comes from Jodie Cook who sold her social media agency for 7-figures. It highlights to importance of staying positive about your business and not seeming desperate to sell. If you're confident and happy with how things are, buyers will see your business as more valuable and necessary. They'll be more likely to agree to your terms, especially if they need to make a good offer to convince you to sell.
Now It’s Your Turn
Think about the following:
- What can you do to increase the value of your business in the next six months?
- Who are the people you trust that you can talk to about your plans to sell?
- What makes your business special?
Remember, be happy to stay, but ready to go!
