You started the sales process in motion, but now you need to package your business for sale. As part of preparing your business “package” you need to strategize the how, what and when of telling your unique business story to prospective buyers. A well thought out, multi-pronged marketing approach is necessary to effectively present your business.
GRAB THEIR ATTENTION
Buyers are likely looking at multiple businesses; this makes the window of opportunity to harness the buyers’ attention more critical than ever. Your introduction is the key to enticing buyers to want to learn more about your business.
With valuable tips and insights, chapter 7 of Selling Your Business for Dummies is a must read. As the world’s largest business brokerage firm, Sunbelt was the co-author on this specific book all about how to sell a business. This chapter walks thru the process of information gathering and organizing in order to effectively tell your business “story”.
Chapter 7 references the first step is to prepare a brief, but compelling introduction – both verbal and written – which contains the following information about your distinct business:
o An interesting business description
o Products and services
o Customers and markets served
o Competitive advantages
o Reason for selling
o Positive financial business trends
o Asking price
Today’s buyers want direct, concise information readily available. The days of teaser advertising are gone. The initial information you provide to buyers should be enough for them to quickly determine their interest/match and be able to “pre-qualify” themselves in terms of financial resources and operational skill.
BEYOND THE INTRO
Once you have your introduction or “short-story” perfected, it is time to prepare your extended version. This longer story will include creating or updating (possibly shrinking) your detailed business plan and updating and summarizing your marketing plan.
Spending the required time and energy to compile and organize this information is extremely critical to the successful marketing and ultimate sale of your business to a qualified buyer.
Chapter 8 of Selling Your Business for Dummies will drill into preparing a Selling Memorandum/Confidential Profile on your business which will be shared with serious buyers only.
THE SECRET SAUCE
Buyers pay more for growth opportunities. Period. If your story does not illustrate how a buyer can grow the business you are missing the secret sauce and leaving money on the table.
Your Growth Opportunities need to be spelled out.
Which products and customers?
Who is executing on this growth opportunity?
Will new personnel, equipment or technology need to be added?
Any leading indicators that show efforts in this area are working?
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