In part one of this two-part blog series, we looked at some of the ways to keep things positive during business sales, plus why positivity is so important in many sale situations. Not only will this allow you to keep the focus on the most positive aspects of your business as you market it to buyers, but it will also maintain a good relationship between parties and avoid any issues.
At Utah Business Consultants, we're happy to assist numerous Utah clients with selling their business, from exit planning and business valuation to help dealing with prospective buyers and more. Today's part two of our series will look at some other ways to keep things positively-focused during a business sale.
Showing clients that you have a solid formula as a business is vital for attracting buyers. Showing that things are well-run and have a system in place for successful operations will be especially attractive to any potential buyer – whether it’s an individual or a larger company.
Make sure all your operational processes are up-to-date so that you can present them as part of the sale package. As you're doing so, be sure to highlight positive features like how easily these processes can be adapted to new technology or systems.
A business’s staff can play a crucial role in successful sales, as potential buyers will want to know if the team are experienced and reliable. Showing that you have loyal, well-trained employees who understand your company's goals is an essential way to demonstrate the strength of your business.
You can also discuss any additional incentives that you offer employees such as bonuses, training courses, or other benefits. This will show potential buyers that you are a great employer and have very capable staff who can help in their new ventures.
While focusing on the positives is very important when you're selling your business, it's important not to sound too much like a "sales pitch" the entire time - and one big way to avoid this is by being honest and transparent with prospective buyers.
Provide as much information as possible, from financial records to customer history, so that potential buyers can form an accurate picture of your business. This will be beneficial both for you and the buyer, as it will make the sales process smoother and more straightforward.
Finally, one great way of avoiding potential sales issues is setting a realistic price. This may sound like an obvious point, but it's one that can be easily overlooked. Make sure that you have accurate pricing information and research when deciding on your asking price, as this will help to avoid any unnecessary arguments or delays.
At Utah Business Consultants, we're here to assist with every stage of a Utah business sale, from valuation to exit planning and beyond. If you need help with any aspect of the process, reach out today – we'll be happy to assist you.