In the final part of this series, we’ll review your all-important self-reflection checklist to ensure you’re on track to be sale-ready and take those next steps to get your business on the market.
Reduce business “clutter”
Knowing your business is easier once you’ve reduced the “mess” within it. This includes cleaning premises, accounts, and operations.
Sell or discard assets or stock that’s unusable or unsellable, ensuring they’re excluded from the sale package. This could include an old vehicle or expired stock that needs clearing. Think of this time as a spring cleaning for your business inventory!
Ensure any personal assets, valuable goods or items kept at the premises are stored away off-site. Especially important for family businesses that would be looking to change hands.
Get your ‘elevator pitch’ down
A licensed business broker provides valuable marketing expertise and insights to attract buyers. Owners must confidently understand their business’s value and key facts to ensure it’s sale-ready.
Anticipate due diligence questions, including tricky or specific ones, and prepare answers in advance. Research early to avoid uncertainties about your business during the sale process. A self-assured and informed business owner will always mean a smoother sales process overall. A business broker will prepare you for any and all important questions a buyer wants to know.
Refresh your premises
Present your business well for photos or buyer visits for storefronts or showrooms. This might include very minor upgrades, cleaning, or reorganising stock and displays. Avoid overcapitalising on renovations; focus on making your business impressive and functional.
A commercial cleaning is a great way to reach those hard-to-reach places in your offices or warehouse, just like you might do before an open house.
Take stock of your talent
Evaluate your team, identify skill gaps, and discuss the sale’s impact with key members. Coach any underperforming employees or consider alternative placements if they are going to stay post-sale.
Equally, action planning for your staff helps to determine whether your top performers are likely to stay on under new management. Give them a chance to talk to you openly as their leader and listen to their concerns and feedback. A new business owner will appreciate assurance as to what staff members will stay and who they will need to hire afresh.
Key Takeaways
- Declutter and streamline your business by clearing outdated stock, unusable assets, and personal items to create a clean and professional environment.
- Perfect your elevator pitch by working with a broker, anticipating due diligence questions, and confidently presenting your business’s value.
- Refresh and present your premises with minor upgrades, deep cleaning, and organised spaces to make the best impression on buyers.
- Evaluate and prepare your team by addressing skill gaps, ensuring key staff are aligned with the sale, and clarifying their roles for potential buyers.
- Be sale-ready with self-reflection by using a checklist to ensure your business is financially, operationally, and visually prepared for the market.
