Some people who have successfully built a business were able to walk away with loads of cash. Others were able to start a new business and succeeded. They built the company from scratch and other people found the potential. Hence, they decided to buy it and take over. You might also want to reach this stage if you are a business owner. The amount that the buyer would pay for the business is more than enough to cover the amount you have spent, with a room for profits.
It does not mean though that all businesses will sell well. Some companies wont have the same value because they are sold when they are about to go down. As such, no one would want to invest on the company since they will have to spend more to rebuild it.
If you want to have a sellable business, these are the things you need to prepare.
Sell when the business is doing well
It is difficult to let go of the business when it is as its peak. However, if you have any chance of selling it to have a good profit, you need to sell it at this point. When your business is on the verge of losing, no one would buy it. Improve your performance first and keep the evidence showing that your business is heading in the right direction. When speaking with potential buyers, you can show to them that they will maximize the profits if they buy your business.
Come up with a solid marketing plan
Entrepreneurs also want to invest in a business that already has a name. They buy it because of the name recognition. They dont want to start marketing the company from scratch. Make sure you have a functional website. You also need to have social media accounts across various platforms. It is easy for them to continue operating the business when there are already a lot of people they can speak with directly. If your marketing plan looks weak or you have nothing in place for them to continue, they will have a hard time deciding to buy the company at a good rate.
You dont sell because of money
The problem with some people who want to sell their business is that they are too obsessed with the value when they finally sell it. Although you want to have a good profit in the end, the key is to focus on building a good company. If you build it well, the value will just naturally increase. You focus on innovation and providing people with something they need.
Eventually, you will find the right buyer. Speak with them first and make sure they will have a good plan on how to move forward with the business you built from nothing. However, you cant really do anything if they want to take it in a different direction. As long as you are getting a handsome profit from it, you can walk away.
Featured and 1st image from https://images.unsplash.com/photo-1496902526517-c0f2cb8fdb6a?ixlib=rb-1.2.1&ixid=eyJhcHBfaWQiOjEyMDd9&auto=format&fit=crop&w=750&q=80
2nd image from https://insightassociates.co.uk/blogs/is-your-business-sellable