What Terms Should We Be Looking For?

There are so many variables, but the best case scenario is “Here is the cash”, then I am out of there. That is the least risk for you as the seller. But nine times out of ten that is not going to happen because a lot of the intellectual property in the business is...

How Do You Create Competitive Tension?

If you have been through the process of thinking about who might buy your business and, if you do market your business proactively and you invite offers, you might be surprised with the number of offers that you get. You create a mini auction, basically. You can do...

Between You And The Buyer, Who Should Name The Price?

In naming the price of your business, invite offers to start with. This will give you two things. Firstly, this gives you feedback, an understanding of what the perception might be out there as to what people think your business is worth. This gives you an opportunity...

How Do You Value Your Business?

Now, let’s talk about the valuation of the business. If you can benchmark your business against others in your industry, that will give you a bit of a guide of how to value your business. There are quite a few tools around. I have a couple of online tools that I like...

Should You Try To Sell The Business Yourself?

I would not recommend selling it by yourself at the negotiation stage. You may get your business ready and you may have some targeted potential purchases that you may wish to write to, to invite offers for your business. It’s a matter of really looking at things...

How Do You Find Strategic Buyers?

A really good way to find these strategic buyers is to go and ask some of the suppliers that you might have. Ask them when they go to non-competing businesses in different industries who their customers might be. You want to know who you could maybe check into. You’re...

How Do You Find Hungry Buyers For Your Business?

Well, this comes around to thinking, and thinking strategically – that word I keep mentioning. The most money that you’re going to get will be if you can make a sale on a strategic basis. An example would be a larger business taking your customer list and the...

When Should You Tell Your Staff About Selling?

You might be wondering at what point in the process do you talk to your staff and go, “Hey, guys, we’re putting the business in the market. We’re going to be selling.” Should you be open and honest and transparent with them and tell them what...

What Is the First Step in Talking to Buyers?

The first thing that I’d highly recommend anybody does is getting an exit audit done. An exit audit is something like a mock due diligence. You have somebody come in. It’s the sort of thing that I would do for people that come through your business and ask you a whole...

What Does a Business Need to Have in Place to Become Saleable?

The first thing is to make sure that you have your business systemised. I can’t stress that enough, whether it’s your sales system, your lead generation system, your financial management system, your people management system. Even if you’re only a small business with...