The basics you need to know to sell your business.

Make It “Turn-Key”

Nothing sells faster and for more money than a “Turn-Key Business”. All business buyers have specific motivations for buying businesses. Some buyers are looking for a new job. They want to buy a business they can work in themselves. Some buyers are looking for a more passive investment. They want a business that can run itself. Finding the right buyer with the right motivations is all part of the process.

But…There’s one thing no buyer wants: a headache.

The Investment Buyer

If you are planning to sell your business, you’ve got to have your operations in order. Buyers want to know they are getting involved in a business that has happy, returning customers, happy, hard-working employees, and happy, reliable vendors. If there are areas of your business that needs improvement, make a list and work to improve them. If you are looking to exit the business, take time to transfer your roles and responsibilities to team member. If you are looking for a passive, investment-focused buyer, consider promoting an existing team member into your role, and hiring their replacement. If the business can afford it, consider hiring someone to replace you. If the business can operate successfully without you, and turn a profit, you’ll have buyers lining up to make a deal.

The Career Buyer

If the buyer is looking for a new job, it’s a different story. Consider offering to stay on as a contractor for a little while and teaching the new owner how to run the business. You get a little extra cash for your efforts, and the buyer will feel more confident about their purchase. Business deals are based on trust and transparency. If the buyer can trust you to sell a true turn-key business, or at least let them know where they might encounter an issue, you are much more likely to sell.

If you would like more information about how to use Key People & Core Processes to sell your business, download “The Incomplete Guide to Selling Your Business” here.