Selling a business can be a tricky task and the first impression could be your last impression. Once you screw up your impression as a seller while dealing with a potential buyer, the buyer might be gone forever. So, it is better if you master a few skills to nail your first impression with your potential buyer before you decide to sell your business.
This article discusses five ways in which you can impress any potential buyer of your business with a good first impression.
- Be confident about the value of your business:
The first thing that your buyer is likely to confront you with is the price of your business. Be sure to be confident about it, no matter what. Before you list your business for sale, get your business evaluated properly by a professional to ensure that the price that you are expecting for your business is on par with similar businesses of the category. This will not only help you estimate the liquid cash value of your business but will also include various other aspects such as properties owned by the business i.e. pieces of equipment, plants, workforce etc.
- Approach the buyer with your UPSs:
You need to figure out the USPs or the unique selling properties of your business. These are the features that make your business stand out among the rest. During the meetings or conversations with your potential buyer, be sure to point out the USPs of your business to him.
The location of your existing business also adds to the valuation of it. For example, if you have a business for sale in Miami, do point out the various facilities available in the area and how that could turn out to be a huge plus in developing the business.
- Be ready to answer any question:
A potential buyer is sure to come with a bunch of questions and queries about your business. You, as the owner of the business, should be well equipped to acknowledge and answer all the queries that your buyer comes with. To be able to satisfy the queries of your potential business buyer, you need to be well versed about the structures and functions of your business. Do not forget to be confident enough while you confront the buyer about any possible information that he might like to address.
- Include your legal advisory team in your first meeting :
A business broker can be hired to deal the first set of interviews with the buyers who approach your business for sale. In case a buyer seems to have the potential to buy your business and approaches for a meeting, make sure that you include your legal and advisory teams in the same. The legal and the advisory teams can not only identify if the buyer is truly interested in the business, but can also ensure that all the clauses of the deal are clear from the very beginning in order to avoid any confusion and hassle later.
- Be generous to your potential buyer:
Nothing can ever beat the power of being generous. While you are in the process of selling your business, remember that these people who approach you are as human and you should be respected the same as everyone else. Rude or arrogant behavior is sure to lose you a lot of potential buyers and create a bad reputation for you and your company.