Selling Your Business: Dressed for Success!

Selling Your Business: Dressed for Success!
  • Opening Intro -

    Before you put your business on the market, you’ll want to do something homeowners usually tackle before selling a house: improve its curb appeal.

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If your business has a fixed base location, you’ll want to ensure that the outside of the facility is visually appealing or otherwise risk losing a potential buyer.

Let’s take a look at some steps you can take to ready your business, dressing it for (selling) success:

Get a fresh set of eyes

You may not see your location the same way as someone else would. Ask a friend, a broker or a business associate to stand in front of your building and give his honest assessment of your property. You may not see the peeling paint, a worn out light or broken fixture, but he could. Weeds springing up between cracks in the sidewalk, broken glass in an alley way, a clogged storm drain or birds that have taken up residence in your neon sign are among the many problems that should be corrected first.

Invest in a touch up

Windows should be cleaned, eaves and trim painted, and your garden spruced up to help draw positive attention to your place of business. More extensive work may need to be handled, especially if you own the building. Gutters may need to be replaced, an awning cleaned or mended, a door fixed. Nothing on the outside of your building should be in a state of disrepair. Fix problems before the first of your potential buyers shows up. If you rent, work with your landlord to make improvements.

view our business center for key business selling tips

Remove clutter

Inside, you’ll want to go from room to room, removing equipment and furnishings that are not needed. You may be able to sell some items or donate the rest. Whatever you have on hand should be clean, organized and in good working order. Anything that is broken, such as plumbing or electrical switches, should be fixed.

Brighten it up

A tired interior may be signs that you’ve been too busy serving your customers to notice. But, it can also tell a buyer that they’ll have to do a lot of refreshening once she takes over. Add a fresh coat of warm, but neutral paint. Polish woodwork and floors, paint the ceiling and clean off the ceiling fans, light fixtures and vents. Spic ‘n span is the best approach when showcasing a facility that will be part of your sale.

Repurpose as necessary

If your business has a room that is used for one thing, such as mail, but could be better served by being used for something else, such as storage, then repurpose it now. A buyer may have no need for a large mailroom, but having enough onsite storage, especially for fast moving inventory, could be most important. Consider adding shelving to provide the storage capacity required.

Once your facility passes muster, then you’re ready to tackle the next step in the business selling process, marketing, something a business broker can handle.

This series is sponsored by the NovarsGroup Business Brokers, with executive team members Krayton M Davis, Ray Smith and Bill Hamrock at your service.

Money Management reference:

money management forms and worksheets

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Categories: Business Services

About Author

Matthew C. Keegan

Matt Keegan is a freelance writer and editor as well as publisher of "Matt's Musings", his personal blog. Matt covers campus, consumer, business and financial topics on various websites and blogs, and has been published in the "Houston Chronicle", "Sam's Club Magazine" and "Wisconsin Golfer".