Selling your business is more a function of the right sales approach than a marketing strategy alone. Your decision to sell is taken on the basis of some information, including business valuation, timing, existing market conditions and pricing, etc.
Though there are different parameters to ensure you get the best possible deal out of selling your business, there are several common areas that business owners need to cover first. At times, you may need to radically change the way you look at the entire process of the sale. This is especially true if you are selling in conditions less than attractive. Less than attractive could be in any form:
- Poor market conditions; chances of getting a poor deal
- The business you want to sell belongs to a niche industry; there are not many takers for it
- You have not been able to get it evaluated well enough; as a result, the price you are getting for it is not very good
- You feel the business will not grow and will eventually lose the vision you had for it
Apart from the common reasons listed above, there is a lesser-explored area involving selling your business.
Not having enough confidence
To be able to make an effective sale, you may need to change your strategy completely, followed by a new sales talk plan. This may include facing investor queries or finance-related queries by the new buyer. Remember that with information freely available on the internet now, you cannot pull off false information. If needed, go over accounting details of your business with key people before you face potential buyers. When selling your business, remember to be well informed and armed with any details that buyers may want to know. And finally there are websites where you can get help from professionals that will guide you and help you to sell your business online.
Understand your buyer’s needs
To be successful, sales pitches need to be structured around the customer’s or potential buyer’s needs. When you choose to sell your business, don’t look at the market for prices alone; analyze information requests carefully and consider whether your business would match the needs of a potential buyer. That way, both parties are assured of a good deal. Also, make it clear to your buyer that you understand their point of view. This generates faith and goodwill as well.
Remember, even the potential buyer is out looking for a good business deal. Negotiation is a double-edged sword. Try too hard, and you risk scaring the buyer; don’t push too much and the buyer will wonder if there is something ‘hidden’ in the deal.
Practice your pitch
Gather all the data you plan to present to a potential buyer and then practice your pitch well. Sometimes simple techniques such as those used during story telling can help you make the perfect pitch. Practice is important because that way you will not be caught unawares in your sales pitch.
Once you finalize on the decision of selling your business well, if you are not confident about any aspect of the process, such as negotiating well or evaluating your business’ worth, consider calling in a professional to help you with it.