How to deal with Enquiries and Viewings of your business
Once you decide to sell your business and put it on the market, you’re likely to get a few people who are interested in taking a closer look at your company to see what it has to offer. As the current owner, you’re going to be dealing with the enquiries and viewings – which isn’t always the easiest thing to do while also trying to keep your establishment running smoothly.
A business transfer agent could offer a great deal of help during this process, since most will take care of enquiries on their client’s behalf, passing on the best suited buyers. This could certainly make everything easier for you, and while they’ll take care of a lot of work, there will still be a number of things that you will need to handle.
What to expect when advertising your organisation
The majority of people in your position will need to carefully consider if selling is the right choice for them, as it’s certainly not a small decision to make. There are anumberof things that can compel an individual to put their business on the market, but most will still be unsure of whether or not they should. Nearly everyone will have worries, this is natural, but there doesn’t need to be any concern.
While the process of selling isn’t always the easiest, it doesn’t have to be too complicated at all. It can be broken down into a few steps; put the firm on the market, host viewings, talk to buyers, negotiate prices, and finally, make the trade. Each part is important, but the area where a lotof individuals in this position struggle is managing enquiries and presenting their agency in the best light.
Things to keep in mind when hosting a viewing
For most, the choice to sell is difficult and it can become even more stressful if they aren’t properly prepared for what comes next. The good news is that it doesn’t have to be complicated at all. With a little understanding of what to do in this stage of the process, many sellers can have a better chance of finding an interested buyer and even making more money from the sale. Here are a just a few tips:
Pick the best time for everyone – It’s generally good to be open to any time that a potential buyer suggests, but it may be worthwhile to try and arrange a viewing at a time where you’ll be able to sit down and properly show them around and discuss the potential of your corporation.
Be clear about your decision to sell – Entrepreneurs looking to buy a corporation are likely to want to know the reason behind the sale, which is reasonable as they’re considering buying it from you. This is why it’s often wise to have a concise explanation ready.
Be honest about your profits and losses – Good or bad, honesty is always the best policy, and this is especially true in these instances. Ensure you have copies of your income and outgoings ready to show a curious viewer; it could make a difference just to have these on hand.
Follow up on the potential buyer – If you have a transfer agent on your side, it might be worth asking them to chase up the individuals who view your company to ask them for feedback and their thoughts. Even if you don’t have an agent, it’s often worth it to chase them up yourself.
How to properly present your business
- The majority of those that will view your agency won’t just be looking at yours – often, your organization will be one of many options that they’re considering. This is why your presentation can often be so important
- There are multiple ways that you can impress potential buyers, although in most cases, keeping everything clean and tidy can do an excellent job of showing off the potential of the establishment
- Even though you’re planning on selling, your organization shouldn’t be in a bad condition in terms of performance. This can be a big turn-off, so do what you can to keep everything running at its finest
- A good way to increase the value of your company is to work on small improvements and investments – and this is the perfect time to do so. From a new paint job, to upgrading machinery; there are so many things that could result in a profit for you and make your business more attractive to buyers
Please note that the information provided on this page:
- Does not provide a complete or authoritative statement of the law;
- Does not constitute legal advice by Net Lawman;
- Does not create a contractual relationship;
- Does not form part of any other advice, whether paid or free.
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