You’ve decided to sell your business and you couldn’t be more excited about it. You worked long and hard to build something successful and its finally time for you to start enjoying the fruits of your labour. The only person who doesn’t seem to be as eager as you are, ironically, is also the most important: the buyer.
Whether you’re talking about conducting a business inspection, signing a contract or even making that initial offer, your buyer is taking an unfortunate amount of time to take the next step and you want to know why. In truth, the answer is simple – they have legitimate fears and it falls to you to settle them. Thankfully, there are a number of steps that you can take today to help transition them over from “buyer” to “owner” – chief among them a well-managed sales process.
Addressing Your Buyer’s Fears, One Step at a Time
Even if you’ve got a potential buyer lined up, you can still go a long way towards easing their concerns by acting like you don’t. Make an effort to keep your store clean, guarantee that all equipment is functional and ready-to-go. Be on time to all appointments and be ready to prove at a moment’s notice that your business is both licensed and secure. Maintaining this strict level of professionalism always will go a long way towards getting someone down off the fence and ready to make the next step.
Along the same lines, communication is and will always be essential during the process of selling your business. This is a process that depends on trust, so to build as much of it as possible. You need to be ready and willing to communicate key details from your perspective like:
- Why you’re selling the business in the first place.
- Your ideal timeline of the sale and organisational change.
- The steps you’ll be taking to guarantee that the new boss is familiar with the workforce, processes and business in general.
- Whether you’ll be staying involved temporarily after the sale has been made. Remember that your familiar presence could very well be the thing that puts your entire staff at ease during the middle of what could be, for them, a very stressful period.
Finally, the importance of working with a qualified broker in a situation like this one cannot be overstated enough. Not only can a broker help determine your business’ true value (something that should allow even the most finicky of buyers to rest easy), but they can also help guarantee confidentiality, manage all paperwork, close the deal faster and ensure a smooth transition on behalf of all involved.
In the End
Selling the business you’ve worked so hard to build is a big step – rest assured that buying a business is, too. It can be natural for your buyer to be hesitant, even when a deal looks like a proverbial “home run.” When these types of situations occur, it’s ultimately up to you to do what you do best – sell in the right way for the right buyer at the right time.
Along the same lines, working with the right team of people is also of paramount importance as it helps make sure that not only the seller’s interests and the buyer’s concerns are managed well, but that the situation is a mutually beneficial one for all involved and that everyone has the best shot at living happily ever after when everything is said and done.
If you’d like to find out more information about overcoming your buyer’s fears and concerns when selling your business, or if you’d like to speak to someone directly about your situation in a little more detail, please don’t delay – contact Aussie Supermarket Brokers today.