What’s the one reason someone will buy your business?
If you are thinking of selling your business, there’s one very obvious question you need to ask yourself: What’s the single biggest reason someone would buy me?
What’s the single biggest reason someone would buy me?
You’d be surprised at the number of business owners who don’t know what makes their business special. There’s that old expression: too close to the elephant, all you can see is grey.
I’d put money on you knowing what makes your products and services stand out from the crowd: why your customers buy from you, and why they keep buying.
But what your customers love and what gets an acquirer interested are different things entirely.
How do you work out your company’s wow factor? The answer is typically dependent on the sector you operate in. In manufacturing it may be specialist production capabilities. For tech companies, the intellectual property you hold. For logistics companies, your fleet, or your location may be key. For media companies, your portfolio could be the ‘sweet spot’. And while every company and every sector is different, the customers and contracts you hold will always be important.
When you know what makes you special, make it headline news. I’m reminded of one client, with a settled business model, solid profits, expert staff, excellent premises. All great attributes. While preparing to approach acquirers, he mentioned that a key piece of legislation was coming into effect, effectively preventing similar businesses from operating nearby. That was the angle we pushed.
Everyone saw the elephant, all right: we negotiated 14 separate £multi-million offers for his business, one of 74 companies successfully sold by BCMS last year.
So what's the single biggest reason someone would buy your business?
Talk to BCMS Corporate and find out how we can help achieve the best deal for you, your business and your staff. http://www.bcmscorporate.com/business-selling-service-companies