Lauren Sells In The Shortest Timeframe Possible By Following These Bonza Steps
Every Business Is Saleable – Find Out Bonza’s Tips To Help Make Your Sale More Attractive
Is my business even saleable? This is a question we get asked every day, and the answer is YES!
Every business opportunity is different, and it may be a process that takes several months but there is quite often an interested party out there.
When looking to sell your business, here are a few tips to help saleability:
- Make sure your business is advertised as widely as possible. To gain maximum enquiry, you need to gain maximum exposure.
- Ensure you have a comprehensive business profile that buyers can look at. Providing quick access to an overview of your business and the opportunity is circuital to keeping buyer interest.
- Have all your information up to date. It is important to respond to buyer questions as quickly as possible and to ensure this goes smoothly, it pays to always be prepared. Have a chat with your Bonza broker about what they recommend you have prepared for every situation.
- Focus on your business and customers. Now is not the time to take your foot off the throttle. Even though your business is up for sale, it is still important that you maintain your focus on the business and keep it running, a buyer will want to see the business operating as normal.
- Be open and transparent, there is no use hiding anything as it will all come out during due diligence and once a buyer’s trust is broken, it is very hard for it to be regained and could jeopardise the sale.
By following the above tips, you are maximising your business saleability and increasing your buyer interest.
Lauren owned an online store selling children’s products. One day she was having coffee with a friend who had recently sold their business with Bonza, Lauren had been toying with the idea of selling her business but didn’t know if there would be a buyer out there for it. When Lauren approached Bonza, we were able to provide her with a current market update and explain that there is a buyer out there for almost every business opportunity imaginable.
From the very beginning of the sale process, we walked her through the steps and guided her on what Bonza needed to do and how we would achieve the quickest possible sale in doing so.
Lauren followed the above steps and was even able to grow her business further during her short time listed with Bonza. It was evident by the strong buyer enquiry that this business was saleable. Starting off strong, this business listing received 88 enquiries and 4 offers in the space of 5 months. Including diligence and settlement, this transaction only took 3 weeks after the buyer made their first enquiry.
It is important to remember that every business has qualities that potential buyers will find attractive, it’s all just about maximising those qualities and finding the right buyer.