You Can Help!

You, as the seller, are an integral part of the total marketing program. We would like to offer a few friendly recommendations that will help in the marketing efforts.

It might also be helpful if you took a good look at your business from the perspective of a buyer. Try to put yourself in the place of a prospective purchaser of the business. What would you do to make it more attractive or more saleable? Obviously, the financial records of your business are critical to the sale of your business, but how it looks is also important. First impressions really count! If a potential buyer doesn’t like the appearance of your business, the rest of it may never get a chance.

Here are some suggestions. Check the following to see if any of them are applicable:

Keep normal operating hours. There may be a tendency to “let down” when you put your business up for sale. However, it’s important that prospective buyers see your business at its best.
Repair signs, replace outside lights, etc. You don’t want your business to look as if it has been neglected.
Maintain inventory at a constant level. If you let your inventory slide, your business will look neglected. If anything, increase it so your business will look busy.
Remove items that are not included in the sale or unnecessary items, especially if inoperative.
Repair non-operating equipment or remove it if you are not using it.
Tidy up outside premises.
Spruce up the inside of the business.

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What Do Buyers Want to Know?

What is the required capital investment?

What is the annual net increase in sales?

What is in inventory?

What is the debt?

What is the prospect of the owner staying on?

What makes this company different/special/unique?

What further defines the product or service? Bid work? Repeat business?

What can be done to grow the business?

What can the buyer do to add value?

What is the profit picture in bad times as well as good?

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Why Do People Go Into Business?

41% joined the family business

36% wanted more control over their future

27% tired of working for someone else

5% were downsized or laid off

*Source: Dun & Bradstreet 19th Annual Small Business Survey May 2000. Totals add up to more than 100% because respondents could choose more than one reason for going into business for themselves. This was published in the May 2001 issue of INC magazine.

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