12 Nov Around the Web: A Week in Summary
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A recent blog post from Sunbelt Network entitled “How Long Does It Take to Sell a Business?” discusses the length of time it typically takes to sell a business and major factors that can impact this timeline.
On average it usually takes six to nine months to sell a business. To help speed up this timeline, consider the following:
- State of the Market – Given the economic impact of the COVID-19 pandemic, be realistic with your valuation and keep working on remaining profitable.
- Preparedness of the Business – Get all of your important documents in order, maintain curb appeal, and have a plan for transitioning and exiting.
- Marketing – Deploy a proper marketing strategy to reach potential buyers while maintaining confidentiality.
- Asking Price – Set a fair price and don’t get emotional.
A recent blog post from Transworld Business Advisors entitled “Strategies for Adding Value to Small Companies Over Time” identifies ways for business owners to make their businesses worth more. Given the current economic environment, it is important and quite possible to make changes that add value.
Consider the following options for adding value:
- Make customers happier with quick delivery or same-day curbside pickup
- Improve the quality of the products you offer to foster customer loyalty
- Set yourself apart from your competitors by making your products more special and exciting
- Train your staff in superior customer service
- Implement seasonal discounts to drive more sales and make customers happy so they come back again
A recent blog post from Exit Strategies Group entitled “M&A Advisor Tip: Finish Strong” discusses the importance of keeping your foot on the gas pedal until the business is sold.
Many business owners sell due to burnout. This burnout may involve a reduction in effort which in turn can lead to a decline in sales. This is a major problem when it comes time to sell. The sale price is heavily dependent on the recent financial performance of the business.
By pushing full steam ahead and keeping the business in a strong financial position, buyers will be more excited about the growth history and potential of the business and will be willing to pay more for it.