How to Sell a Small Business? Don’t “Sell It”
Do you ever notice the reaction sales people get? If you see one at a store, you immediately assume the defensive. You want to look at merchandise and find something appealing, but you don’t want to be sold anything.
Watch the video and listen to Burbaksh Chahal apply this to the selling of a company.
Mr. Chahal talks about when businesses are growing, they tend to focus a great deal on their internal growth. They spend much of their time working on being profitable.
They base their success on how much profit their company can generate, among other factors. They focus on the perceived value of their customers and no one else.
They create something that people want to buy, not something that they’re going to have to work hard to sell. And in the end, that’s what makes them so attractive to an investor.
As Mr. Chahal notes, homes that are in foreclosure are sold. At a discount.
Don’t allow yourself to fall into the trap of worrying about selling your business. Even if your business is on the market, you should devote all your waking hours to creating and controlling a product and a service that’s of immense value. Even during negotiations, you need to focus on your business.
It’s why so many smart business owners hire a team of outside advisors to handle an M&A transaction.
Keep your eye on the prize, and build a business that can be bought. You’ll make Mr. Chahal proud and line your pockets in the process.
(Photo by photosteve101)
To read about mistakes to avoid when selling your printing business, download, Rock LaManna’s “12 Code Red Seller Mistakes.”
Rock LaManna provides executive coaching for printing owners looking to grow their printing business, merge with a synergistic partner, make a strategic acquisition, or create a succession plan.