It is best to sell your business when sales and profits are high. This is because your store’s performance can help generate attention from buyers, help sell the business faster and raise its value. So if you are determined to sell your business, putting it in better shape can help it get sold faster once it’s in the market.
Here are some tips you can use to get more buyer’s attention:
Showing year-round profitability
The profitability of your restaurant can help set the goals for the next owner. Giving a good and transparent financial report can show your business’s potential profitability.
Developing a unique product or service and maintaining high-quality products or services
What does your business offer that other businesses don’t? Does it have the quality that pass your customers’ standards? Highlighting these aspects can grab the attention of potential buyers. Plus, gaining customer retention with the quality of your products and services can also prove the profitability of your business.
Expanding your online presence
Social media has proven to be a useful tool for advertising and promoting products and services. Take Instagram as an example, restaurants and cafes have been using this platform to entice customers to give them a visit. Just remember, the more “likes”, “tweets”, and “shares,” the better.
Maintaining premises and making sure assets are in good condition
Well-maintained assets and facilities are one of the features that customers look for in buying a business. Is these are in excellent condition it would mean they won’t be spending extra on refurbishments. Plus, they are assured that the business is well taken care of.
Developing comprehensive business, marketing and succession plans to enable your staff to run the business when you sell it
Buyers also want to make sure that they won’t be managing the business without knowing what’s next for it. Providing a comprehensive and structured plan attracts buyers because it means that your business is ready for takeover any time.
Settling any outstanding legal or tax matters (e.g. warranty claims).
Buyers are extra careful when it comes to financial matters. They’re more attracted to business without any outstanding legal or tax matters (unless the buyers would consider settling it). Settling everything can help sell your business smoothly.
Each store may be unique, but these requirements and your capacity to fulfill them may be taken as an effective gauge of your readiness to proceed with the sale.
Getting Help from Experts
If you have gone through the process of a business sale before, you are aware of how much time and effort it can take. Fortunately, there are business brokers who can help you achieve a success. They can make everything easier than it usually is especially when it comes to finding qualified buyers.
According to an article by Zoran Sarabacca, “the goal of a business sale is to get the best price possible” and timing has a lot to do with it. There’s no formula that can help you determine when the right time is but there are several ways to know when the time is right.
Get help from the experts in selling your business. Contact Aussie Brokers at 1300 858 181.