Managing Your Business While it’s for Sale
There are three types of sellers.
Seller one puts his business up for sale and ensures his company maintains the status quo in every way—from day-to-day operations to management to sales.
Seller two focuses on continuing to grow the business and increasing profits.
Seller three is so consumed with the sale of his business, he loses sight of running it. He’s losing business and employees, as a result.
Always be seller one.
Strive to be seller two.
Never be seller three.
Not losing sight of the end goal—a closed deal—should be the seller’s number one priority. As it can be an emotional process, we advise business owners to run and manage their business as if nothing has changed, including when an offer is on the table.
Let’s walk through a few key ways you can guide the process, in order to control the results you’re after:
We can’t stress enough the importance of keeping the news of your sale under wraps until it’s officially sold. Sharing this information too soon—whether it’s employees, customers or vendor partners—will only spark fear, disruption and other negative reactions—that could harm your business.
Keep running the business.
You’re making a promise to the next potential buyer that your business is what you say it is. You’ll play a role in maintaining your business’ integrity by keeping operations running as smoothly as possibly. Don’t use this time to make drastic changes or decisions before a new owner takes over.
Keep growing the business.
Selling your business can be a waiting game. Instead of focusing on the process, why not invest your time and energy in increasing your profits until the right deal comes along? Showing additional growth after you’ve listed your business only further showcases your company’s potential.
It’s a better return for you in the long-run, after all.
Looking for more tips on the best ways to sell your business? Call our experienced team at Lakes Business Group.