A recent Divestopedia article highlights the importance of knowing your buyers when selling a business. Even more than that, the article suggests creating a special aspect of your company to meet those buyer needs.
The author uses a familiar analogy to make his point: think about your business in terms of a common consumer product, like a hamburger. Each competing product offers their own unique qualities: flavors, ingredients, presentation, experience, etc. What has your company done to attract customers, based on market research? What is your special sauce?
When it comes to selling a business, many owners find themselves at a disadvantage for one main reason – selling a business is usually a once-in-a-lifetime event. On the other hand, buyers are experts, acquiring companies as a part of their operation. While a business owner knows their product and their customers, knowing what buyers want may not be intuitive.
A successful sale begins with knowing what buyers want, and then creating that “special sauce,” to attract them. According to the article, a company that was developed with an exit in mind can complete a sale process in a matter of months, or in a matter of years if a repositioning is required.
To read the full article, please click here