10 steps to maximise the value and saleability of your business – Step 8
In the final three instalments of our 10 blog series, we will discuss running your business as though selling is not a necessity, tackling problems that may lead to legal disputes and the importance of first impressions of your company.
Step 8 – Run your business as though selling is an option, not a necessity
The position every seller desires to be in, of course, involves many potential buyers bidding for your business. If you are not fortunate enough to be in this position, you need to be prepared and ready to answers any testing questions bidders could potentially ask.
Therefore, it’s preferable if you can show that, for you, selling is an option rather than a necessity.
Your enthusiasm, or lack of it, will certainly show so it is vital that you demonstrate your ongoing commitment to the business. This is particularly important as it may be necessary for you to work with the new owners or in the business for a handover period, post-sale.
A potential purchaser will look at whether you have continued to invest in your business, replacing capital items when due. Have you continued with new product development, training, process innovation, updated website and promotional material? If not, it is important to start implementing such procedures.
Continued investments in your company makes a more attractive proposition to a buyer as it shows you still believe in the business, so they can too.
In the ninth instalment, we will look at tackling problems that could otherwise result to legal disputes.