5 tips to maximize the sales value of your Business

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5 tips to maximize the sales value of your Business

Brad OConnor

July 16, 2021

You have officially made the decision to sell your business. Congratulations! One of the first steps to consider in the sales process is determining the value of your business, which is the dollar amount that your business is worth. As the owner, you want to look for ways to increase the value of your company. This article will give you a few tips that can help you maximize the sales value of your business and in turn increase your profit!

1. Ask for help!

You are an expert in your industry, and we are experts in ours. Let us help you with every step of the way! Certified business brokers have the market knowledge and expertise to guide you through the valuation of your company. We can help you find value within your business and suggest strategies to help increase your sales value. Working with an expert gives you peace of mind that every aspect of the sale is being managed properly, with your best interests at heart.

2.. Lower expenses and increase revenue

This is a common business growth strategy, but actively working to lower your expenses and increase your revenue before you start the process of selling your business is a smart idea. There might be areas within your business where you can reduce spending; figure out what they are and make the necessary adjustments. You can also work on increasing your revenue by exploring ways to encourage your customers to buy more frequently or to spend more with each transaction. If you are able to make positive changes in both of these areas, the result will be an increase in the sales value of your business.

3. Make a Plan!

Creating a detailed, cohesive business plan allows you to provide your company’s new owner with a roadmap to continued success. Providing a plan with goals and the framework to succeed shows potential buyers that you care about the future of your company. Having a business plan increases the credibility of your business, which in turn will increase the business valuation.

4. Develop Repeatable Processes

What does this mean? A repeatable process is a system within your business that can be replicated and executed by your employees. Simply put, you want to ensure that your business can operate without your input. It is so important to fully educate your staff. This will help them feel confident under new ownership, and decrease the rate of employee turnover. Educated and empowered employees are a huge asset to any business, especially if you are looking to sell.

5. Stand out from the Crowd

What makes your business special? Having a strong, distinguished brand will not only set you apart from your competitors when you are running your business, but it will also help to increase the value of your business. If you own a business, you most likely have a branding strategy, but it can always be strengthened. Explore avenues where you can improve customer loyalty, cohesiveness and consistent messaging – these three elements are the key to standing out when selling a business!

There are many different strategies you can implement to maximize the sales value of your business. Ready to get started? Contact us today!

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EVALUATION/CONSULTATION

If you are a business owner considering selling a business, and would like to learn more about OConnor Business Brokers and Consultants and the services we offer, please contact us to arrange a confidential business evaluation.

You will meet one of the Directors of OConnor Business Brokers, and your requirements will be discussed. During the meeting you will have the opportunity to find out more about selling a business, and how our business brokers and M&A Advisors can assist you with the business sale process.

Unlike many other approaches, OConnor Business Brokers start without any preconceived ideas about what is right for you and for your business. By understanding the business and your motivation we can help steer you in the right direction. This often challenges conventional thinking and comes as a refreshing change to the norm.

The Directors of OConnor Business Brokers have experience as business brokers, business consultants, M&A advisors, and business owners. We understand the challenges and pressures that face a business at any one point. We therefore use our time together not to try and sell you our services but to help you understand your options and how we can help.

An initial meeting lasts approximately one hour, and can take place virtually or in person at our office.

Evaluation and Consultation Request

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