Winners Don’t Do Different Things, They Do Things Differently
If you are a business owner looking to sell your business but don’t know where to begin, you are not alone. Every year, thousands of business owners who are looking to sell their businesses, raise investment or form partnerships for growth, join our platform. We work closely with them as well as with thousands of buyers and investors, to ensure hassle-free deal discovery and seamless matchmaking for all, and have successfully closed multiple deals from various sectors like healthcare, IT, pharma, fintech, education, manufacturing and hospitality. This means that we are in a unique position to understand your confusion and challenges, and can also help address the same.
In this article, we share with you the top 5 expert tips to sell your business.
- Prepare Your Business for Sale: Often overlooked by many first-time business sellers, preparing your business for sale is a crucial first-step. When should you start? Ideally, the day you decide to sell your business. What should you do? The idea is to identify the areas that can be addressed within a specific timeline (anywhere between 1 – 6 months) which will help you secure better value for your business and / or smoothen the process of selling. Common activities at this stage include sorting all business documents and information, enhancing team productivity, repairing vendor relationships, consolidating clientele, fine-tuning quality fail-safes, etc. Read our post on How to prepare your business for sale and why you should start now.
- Reach Your Target Audience: A common mistake that many business sellers make is approaching the sale process through a mass-marketing medium. For example, while classified ads in newspapers have a broad reach, what is the probability that a buyer matching your requirements will actually go through that ad? Not to mention that it will burn a hole in your pocket. When it comes to selling your business, cost-effective, highly specific solutions like technology platforms dedicated to business buy/sale are your safest bet. Indiabizforsale.com is a pioneer in this domain in India and has 25,000+ users on its platform. Our recent post show you How to identify a potential buyer and go about the deal-making process.
- Maintain Confidentiality: In the interest of your business, employees and customers, it is best to protect the identity of your business as well as your own identity until a buyer is seriously interested in your business. Refrain from sharing your details unless absolutely required. Indiabizforsale.com, for example, enables completely confidential exchange of information between its users through its anonymous listings and messaging systems.
- Keep Up the Momentum: Many sellers start the sale process well, but do not focus on keeping up the momentum. Engage in a dialogue with buyers. Eliminate insincere prospects, and keep the conversation flowing with serious buyers. Monitor your progress regularly and identify areas where you are stuck. Focus on what you can do today instead of things that are holding you back. Proactiveness is the hallmark of a business seller. Prepare for due-diligence by compiling all your business documents, get your business valued by an independent valuation expert, and reach out to as many new prospects as possible.
- Seek Help from Professionals: When you are stuck, it might be time to seek help from outside. Deal consultants, chartered accountants and seasoned negotiators are some of the people who can make your life easier. Before you make these choices, do not forget to factor in the reputation and credibility of such professionals, and the costs that you would need to incur. Assess every resource against the value they will bring to the table and see if you actually need their expertise. Read more on Selling on your own vs. using a consultant – how to decide.
So, what are you waiting for? Begin the exciting journey of selling your business today! At Indiabizforsale.com, we are committed to making deal-discovery a seamless experience for all. Stay tuned to our blog for more useful articles like this, and explore our website to explore potential buyers/investors for your business.