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Prepare for Your Ultimate Customer

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• 0. Selling your Business during the COVID-19 Crisis.  
 
• 1. Should I sell my business ?   Take this Quiz ....
 
• 2. Get Ready to Sell Your Business.  
 
• 3. 3 Key Considerations to Create an Effective Business-for-Sale Ad.  
 
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• 5. The Ad Title that Sells the Business.  
 
• 6. How to Choose Effective Categories for your Listing.  
 
• 7. Selling your business: ASSET sale or SHARE sale ?  
 
• 8. Some Hints for you When Selling your Business.  
 
• 9. How to Respond to Buyer Inquiries .  
 
• 10. Qualifying Buyers: Separating the sharks from the keepers.  
 
• 11. Ten things I should know when negotiating !  
 
• 12. Will I Get Top Dollar When I Sell My Business ?  
 
• 13. Prepare your Business for your Ultimate Customer.  
 
• 14. Is Your Business a Pain, or a Pleasure ?  
 
• 15. What Drives Owners to Sell & Buyers to Buy ?  
 
• 16. Frequently Asked Questions - by Jim Clark  
 
• 17. An Overview of the Business Selling Process.  
 
• 18. Recasting - a key to building value to the seller.  
 
• 19. What the Profit & Loss Statement Doesn't Tell You.  
 
• 20. How Do Buyers Determine Value when Considering a Business Purchase ?  
 
• 21. Why does Confidentiality Matter when Buying or Selling a Business ?  
 
• 22. Should You Buy an Existing Franchise?  5 Questions to Ask  
 
• 23. Succession Planning is central to selling success  
 

 
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 Prepare Your Business For Your Ultimate Customer

by Noel Peebles
Author of "Sell Your Business The Easy Way"

Most business entrepreneurs would rather be in the drivers seat than to be driven.  Yet, surprisingly enough, many business owners put little effort into planning to sell to their biggest and ultimate customer... the person (or company) that buys their business.
 
I've seen genuine hardworking people struggle and persevere to build up a successful business, only to watch them fail to reap their deserved rewards when they come to cash-out.  They don't know what to do, or where to go.  They lack the required skills to present their business effectively to potential buyers.   The end result; they get stressed-out and bitterly disappointed with the outcome.
 
Don't fall into the same trap.  The day will come when you want to (or have to) sell your business and cash-out.  That might not be in the near future, but now is the time to start planning for your ultimate sale.
 
Self-made millionaire entrepreneur Mal Emery, has bought, developed and sold 14 businesses.  Mal had this to say:
"Before I even consider buying a business, I must be able to visualize or articulate a clear and concise picture of what that business will look like when I sell out."
 
"You see, I design all my businesses to sell.  I call the buyer of my business, my ultimate customer... the one who puts me out of business."
Even if you are many years away from selling, it still pays to plan an exit strategy, because that time will eventually come.  What would happen if you died unexpectedly ?
 
If you haven't got a workable exit strategy in place, your heirs may have no choice but to place the business with an agent and say: "Get what you can for it".  The assets may be liquidated and sold off piecemeal, getting virtually nothing for the goodwill you've built up over the course of many years.
 
Plan for the big change well before the signs of burn-out, boredom or apathy start to show in your balance sheet.  A decline in the financial results will, more than likely, scare buyers (and their lenders) away.  You could get less for your business than what it’s really worth.
 
You'll have more chance of coming out on top, both financially and personally, if you make an effort to understand the steps to selling.  You need to spend time on careful planning, so that when you're ready, you can take the time to negotiate a price and terms that will satisfy your reasons for selling.

This Article is copyright © Noel Peebles
Author "Sell Your Business The Easy


 
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