1. Is your business able to be sold?
2. How quickly can it be sold and turned into CASH?
3. Who would buy your business and why?
4. What will someone pay for it?
5. Who would pay the most for it?
Here is a simple exercise for you to try.
Imagine that you own a transport company with 50 vehicles, contracts with key clients, and offices in three states. Who would you think is the most suitable buyer for that business?
How would you prepare to approach them? What information would you be prepared to give to them?
Now apply the five questions (above) to your thinking about the sale of the business. Has the answers to the 5 questions altered your approach to how you would sell the business?
Now think about these answers in the context of a café, in a small country town. Will the answers be different? Will the approach be different for a café, to the approach adopted for a transport company?
All business owners should regularly ask themselves these five questions, and continually adjust their business management and plans to achieve the right answers to these five simple questions.
At Benchmark, we have specialised brokers in different divisions, that can help you sell your business. Click here to visit our specialist divisions on our website.