Do you know what buyers expect?
Buyers can be a fussy lot. They are often spoilt for choice with really high expectations. Their choices can be endless; distribution, manufacturing, wholesale, trade based, service, retail, hospitality, and tourism related businesses. Alternatively, they could be tempted to buy a home-based business, online business, franchise, managed or a five day a week business opportunity.
In today's marketplace, buyers are displaying a distinct shift in their preferences when it comes to purchasing businesses. Unlike the traditional mindset of seeking profits through long hours of work, contemporary buyers are more attracted to businesses that provide a more flexible lifestyle. To put it simply, buyers want businesses that are not reliant on them.
When investing in businesses, buyers are generally well researched; they do not want to make a mistake and will employ professional advisors to ensure they don’t. So, how do you meet their expectations and ensure that you receive the rewards that you rightly deserve?
The key to a fantastic result when selling is to understand what buyers are looking for!
Your business must stand out and be attractive enough for buyers to proceed. This takes time, clever marketing, and careful planning, however, by fine tuning your business the chances are you will achieve your goals.
It is unlikely the buyer will come from within your industry, so systemise and structure the business to be more attractive. A documented procedures manual covering all operations can prove invaluable. Appointing key staff can reduce the reliance of the buyer and increase the chances of a seamless transition after settlement. Ensure your financials are perfect, clear, superseded, reduce stock levels where possible and get your debtors under control.
Buyers are not attracted to businesses that require refurbishments, relocation, equipment upgrades and lease renegotiations. They don’t have the confidence or desire to do this, so it’s imperative to take care of these issues, prior to going to the market.
Most of us live on the Sunshine Coast for the amazing lifestyle on offer, so businesses that offer owners flexibility and time with family are always in demand.
Careful planning, a clever marketing strategy and a good understanding of buyer’s expectations, you will be well rewarded when it comes time to sell.