5 Tips to Maximise Your Business Value

Selling a business can be a confusing affair if you are not familiar with the process.

To help you off to a good start, here are 5 tips to maximise the value of your business:

  1. Be prepared to sell

Make appropriate preparations so that relevant information is available when a suitable buyer is found.

  • update financial records and documents
  • ensure all tax and/or government returns are completed
  1. Recruit a professional

Recruit a business broker to sell your business faster and increase your return.

A broker will:

  • Correctly present your business
  • Create tailored marketing
  • Access a network of genuine buyers
  • Set a realistic price
  • Plan ahead
  • Seal the deal
  • Provide post-settlement support
  • Increase efficiency and reduce stress
  1. Maintain consistent practices

The sale process can take time, so while your business is on the market, continue to operate as per usual.

  • Aim to continue improving the business
  • Ensuring that business remains steady and growing preserves its value
  • Maintain a healthy relationship with both customers and employees
  1. Set the right price

It is essential to set the right price with room for negotiation, as setting an overly ambitious price will detract potential buyers. Recruiting a business broker can greatly help in this process as they are more familiar with the market state.

  • Price paid to purchase or set-up your business is not relevant to buyers
  • A broker will recommend the highest achievable price with justification
  • Buyers must feel that they are being offered good value to maintain interest
  1. Market your business

Marketing is an essential investment when selling your business.

  • The longer your business is on the market, the more its price will drop
  • Listings in newspapers yield very few enquiries and are virtually obsolete
  • Online marketing using websites is an effective strategy, many top-performing sites only allow listings made through a broker
  • Networking a database facilitated by a business broker is also a relevant method

If you are interested in finding out more, do not hesitate to contact us at First Choice Business Brokers. Simply call or email to obtain a strictly confidential, obligation-free business appraisal.