Selling a business, like a newsagency, is like selling a house: you need to prepare it so that it looks appealing to prospective purchasers.
The process of preparing a business for sale can take time, depending on the state of the business.
Here is an overview of what you need to do:
What a buyer pays will depend on the profitability of the business. While you should be on this every day, if it is a new project for you, start six months prior to putting the business on the market.
Eliminate dead stock
Dead stock looks bad on the shelves and looks bad on the books. Purchasers should not pay full wholesale for inventory more than six months old as your poor buying or management is not their obligation.
Make the business look easy to run by ensuring it is easy to run for you. The simpler it looks to run, the more interesting to people who don’t understand the business.
Make the business look appealing
Ensure displays are stunning, the shelves full and every pitch the very best you can make. You want the buyer to want your business because they like it.
Owners who talk their business down will find it harder to sell the business. If you are complainer, keep it to yourself or in the family.
Keep your social media presence up to date
Today, many people check out a business online prior to looking at it in-store. Maintain an active presence on your social media accounts.
Get your paperwork in order
Early on, get business documents together and check your:
1. Premises lease.
2. Equipment lease documents.
3. Franchise document.
4. Supplier agreements.
5. Details of any forward orders.
6. Any other documents relating to the operation of the business including manuals for any equipment items. Choose your broker carefully.
Success at selling your business depends partly on the work you do to prepare it for sale. Extra focus now can help you get timely price satisfaction.