Everyone knows about the little tricks to increase your home’s value before selling, but what about your business? You want top dollar when selling a business you’ve poured your blood, sweat, and tears into, so follow these tips to maximize your company’s value before presenting it to potential buyers:
- Consult an expert
While you are still actively involved in the day-to-day affairs of your business, you hardly have any time to research and market your business for sale. Luckily, there are companies like Tampa Business Brokers that can help you not only value your business but also make recommendations for profit-boosting improvements that give you the best return on investment.
- Highlight your sales and profits
Potential buyers favor businesses with proven records of sales and recurring income streams. Review your financials and be sure to count every penny of profit you’ve brought in so far. Be sure to record (and pay taxes on) all cash receipts. It’s easy to pocket a cash payment and forget to record it, but doing this repeatedly can have a noticeable effect on your income.
- Cut expenses
You’ve likely picked up some convenience expenses while doing business, but most buyers would like to see expense estimates cut to the bare minimum. Before selling, you should cancel any services and subscriptions that are not essential for the functioning of the business.
- Create a strategic improvement plan
Hopefully, you already have a strategic improvement plan in place for your business. If you don’t, now is a great time to develop one. Many sellers make the mistake of “checking out” of the business once they decide to sell. However, making investments and improvements in the operations of your business shows that you still believe in it, and will get you the best possible sale price.
- Feature what makes you unique
Don’t be shy when boasting about what your business does best. Do you own the only pharmacy that delivers within 20 miles? Are you the only mobile dog groomer that’s open on Sundays? Be sure to detail what makes you stand out from your competition.
When you’re ready to put your business on the market, trust the experts at Tampa Business Brokers Inc to provide you with an honest and fair valuation, guidance on profitable improvements, and five-star service from listing to sale. Call (813) 548-5876 or visit www.tampabusinessbroker.com to find out how we can help you get the best price for your business today.