There are a few ways to sell a business.
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.
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.
You can do it. Gather resources. Get mentors. Find the tools that are right for you. Surround yourself with new info and ideas to help super-charge your results.
Here’s a short list of profit resources to assist you:
Join the conversation. What are you doing to be profitable in 2010?