SCORE Small Business Blog

Sales: Tips on How to Sell Your Biz
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Effective Selling Strategies

There are a few ways to sell a business.

  1. Sell to a partner
  2. Sell to employees
  3. Sell to a third party

When selling a business it is essential to have products or services that customers want and will want for a long time. It must also be a business that can be transferred to another person.  If a business is relationship driven, in most cases it will be hard to sell; some examples include, a hair dresser, a massage therapist, an interior designer, a florist and many other service type businesses.  Personal relationships are built and can’t be easily transferred.

The business model has to be created so the expertise can be transferred to other people. 

Some ways this can be done.

  1. The expertise has to be able to be taught to others who can duplicate what has been done in the past.
  2. The skills have to be consistent and repeatable so that the quality remains the same no matter who performs the task.
  3. The Customers have to want the products or services and continue to buy them.

Other tips for long term success:

Have customers sign long term agreements or contracts so that there is income coming in on a regular basis.

Offer incentives to employees so they feel valued and can grow with the company.  Offer a bonus, profit sharing or stock options to lock in employee loyalty. The more business they bring in the more they make.

So when selling a business you need the loyal customers who keep coming back and the employees that keep exceeding customers’ expectations with great products and service so sales can continue to increase and a buyer who is willing to pay the price you feel the business is worth.

Julie BranderBusiness Mentor, SCORE New Haven
Julie has been a SCORE volunteer since 1997. She has 20 years of experience in business, starting a manufacturing, wholesale and retail jewelry company. After selling her business, she dedicated herself to helping other entrepreneurs start and expand their business.
www.scorenewhaven.com | @juliebrander | More from Julie

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Discussion (1) Comment

  1. Big amount of information on this blog: very helpful.

 

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