Category Archives: Business Broker

preparing your business for sale

Assessing your business through your client’s eyes

If you’re a small business owner, the likelihood of you getting some well-earned time off for a holiday is probably slim. But, for those who are lucky enough to step away and get some R&R now and then, do you ever return to your business and feel inspired to make a change?

For most, the answer is yes. Why? Because some time away from your business has allowed you time to reflect and to return and see it in a different light – through the eyes of your client/customer.

When we spend most of our time working “in” our business, innovating, fixing problems, creating new ways to be profitable, managing staff, dealing with clients – it’s hard to zoom out and see what our client’s see. But this is the most important perception when it comes to analysing and assessing your business and then be able to work “on” the business.

Take time to experience your customer’s journey from the beginning to the end. Walk through the reception area, take it in. Are the flowers fresh, are the cushions dated, are you greeted with a smile? Purchase a product and assess the experience, undergo a treatment or experience a service and imagine you have never been here before. These are just some of the ways you can identify areas of improvement, acknowledge areas of success and pinpoint areas that have been missed and need attention. If appropriate engage a mystery shopper to provide a critical assessment of the business through the eyes of a customer without your staff knowing.

For example, in a customer-facing business like a mechanic’s workshop – What is the current state of the customer bathrooms? You may not notice the stained grout or dirty taps, as you frequent this bathroom several times a day – but your customer will notice these things instantly.

For many businesses, first impressions are the difference between a repeat customer and one that never returns. Poor presentation, products, experience and overall service results in poor word of mouth advertising. In time, this means fewer customers/clients and therefore fewer profits. Looking further down the track, when it comes time to sell your business, it looks less attractive to potential buyers, which then affects the sale price. Importantly, setting high standards will mean that your staff responds to these expectation in all aspects of the business.

So… What do you do?

No, you don’t necessarily need to take out a new loan and renovate your business. However, do what you can to improve the look, feel and experience that your customers receive when they visit. It doesn’t cost the world to touch up the chipped paint and give the business a deep clean, but your customers will appreciate the effort, and you’ll no doubt feel the positive effects.

Need a second opinion when it comes to your business? Contact Core Business Brokers today, on (02) 9413 2977, or email Roy at [email protected]. Our honesty and transparency are just two of the reasons why we are leaders in our field. Let us help you with your business sale journey.

Thinking about Selling your Business?

You’ve worked hard in your business, spent long hours building it up and now you’re ready to move on. If you don’t have time or passion for it anymore, or you need a lifestyle change, when you are ready to exit we are here to help.

Just like running your business takes years of experience to learn, conducting a successful, profitable and stress-free sale requires an experienced Business Broker. Here are some things you need to consider when deciding if you should hire a Business Broker to sell your business:

  1. Focus – So you as the owner, continue to do what you do best, running the business. You already have enough to do. Because your Business Broker will handle the entire sale process, you maintain focus on the business.
  2. Current Market Information – We’ve seen hundreds of business sales. Just like you know your market, we know ours. We know what’s selling and what buyers are looking for so you can have an efficient and productive campaign.
  3. Discretion – You don’t want staff, suppliers or customers to find out you want to leave your business. You don’t want tyre-kickers and competitors to know your sensitive data. We qualify all potential buyers for you.
  4. Enthusiasm Needed – We will review your business to understand it’s true value then prepare the Information Memorandum to emphasise the potential. When you’re bored or have lost the passion, we can help tell your story.
  5. Confidentiality – You don’t want your financials being available to anyone. Because we request confidential undertakings your commercially sensitive information is always protected.
  6. Be Where the Buyers Are – You need to market your business to people who are ready to invest. Many of the businesses we sell are to buyers already on our database which means that we can reach out to the buyers ready to buy now.
  7. Marketing – There are 100s of ways to market your business. We’ll prepare a strategy which works for your business so it will appeal to the widest field of potential buyers.
  8. Objectivity – Selling a business is a very personal and emotional time for you. We’ll be here to offer objectivity keeping the deal on track. Sellers who act too keen create suspicion. When you need separation, we can help act as a buffer.
  9. Following Up – Buying a business is usually a big decision for the buyer. Your Business Broker will be the one the buyer calls to ask dozens of questions and discuss what they are looking for. We follow up the interested parties which means we find out for you who’s serious and ready to move forward.
  10. Negotiation – We know how to sell businesses. We work to get you the best price. We will present each offer so you have time to assess which is the best deal for you.
  11. The Process – Unless you’ve sold a business before, each step of the sale can be daunting. Not only can we guide you through the process, but in our team is an Accountant and a Real Estate Specialist. The perfect people on hand to ask about figures or when property transactions are involved.
  12. Liasing with your Other Advisors – There will always be unforeseen roadblocks. We maintain the steady progress so everyone involved is moving forward.
  13. No Sale = No Commission – We want your sale as much as you do. Because we work on a success fee scenario, if we can’t find you the right buyer, you pay no commission.

Whatever the reason you have for leaving your business, we are here to help guide you through your exit. It’s what we do. We’ve had the experience of selling hundreds of businesses – but we are able to treat you and your business as the individual sale it is.

The Business Broker you meet will be the one who handles your sale. It will be your broker who follows up with your potential buyers. We will be with you every step of the way. So whatever your reasons for selling your business, if you are serious and ready to make an exit then contact Core Business Brokers today.