| There is no doubt that trying to sell a business | | | | customers who buy in bulk. Whether you offer a |
| during a recession is a difficult task, but not an | | | | product or service, offering the customer an |
| entirely impossible one. Yes, credit has dried up | | | | improved rate for a bulk purchase lends itself |
| and folks are starting to feel the pinch of an | | | | nicely to the mindset during a recession. Purse |
| economic slowdown that is going to be part of life | | | | strings start to tighten and people are looking for |
| for the next couple of years, but it's not all doom | | | | a good deal. |
| and gloom. | | | | 3.) Freshen up - As the saying goes "first |
| Many investors and potential business owners see | | | | impressions last forever". I couldn't agree more. |
| this slowdown as a golden opportunity. | | | | Now is the time to apply that coat of paint |
| Experienced business buyers look to buy | | | | you've been meaning to add for the past year, or |
| businesses in times of economic uncertainty, in | | | | fix that squeaky hinge that's been annoying you. |
| the hope of realising a good profit by the time | | | | The last thing you want is a buyer thinking the |
| they decide to sell. It's a chance to manoeuvre | | | | place is falling apart and would require some |
| into a strong position ahead of an eventual | | | | outlay to fix it up. The same goes for maintaining |
| economic recovery. The bad news is that you will | | | | a decent level of cleanliness. |
| need to be realistic about your price. | | | | 4.) Get rid of clutter - Your business exists to |
| With supply outstripping demand, buyers are in a | | | | make money, not to store unnecessary clutter. |
| good position to negotiate and selling your | | | | Your clutter may lead buyers to think that you |
| business may mean accepting less than you | | | | manage your business in an unorganized way and |
| hoped for a year earlier. This is the reality of the | | | | could leave them worried that you may be hiding |
| situation but there are a few things you can do to | | | | a few skeletons in the closet. |
| help you sell for close to your asking price: | | | | 5.) What makes you special - Take the time to |
| 1.) Tighten up the slack - Look at ways to reduce | | | | think about what makes your business unique. |
| your expenses and review the way you do | | | | Why should a buyer choose your business over |
| things. Get rid of any dead weight by searching | | | | other businesses for sale? Once you've identified |
| around for better priced stock, supplies and | | | | your unique selling point, make sure you let |
| utilities such as telephone, gas and electricity. | | | | buyers know about it. |
| Reducing your outgoings should improve your | | | | These tips focus on improving your businesses |
| balance sheet and make your business a much | | | | balance sheet and outward appearance. The great |
| more attractive proposition. Don't settle for a | | | | thing is that even if you don't sell your business, |
| price because it's what you've always paid. You | | | | it's going to leave you in better shape to face an |
| may have established a relationship with the seller | | | | economic slowdown and should put you in a good |
| which could be keeping you from finding the same | | | | position to raise finance if you need it. There are |
| product or service for less. Approaching current | | | | of course other factors that influence the value |
| suppliers and negotiating reduced prices, could be | | | | of your business but focusing on the |
| a way for you to still remain loyal while at the | | | | fundamentals in tough conditions will always be a |
| same time receive the item for less. | | | | sound strategy for delivering tangible results when |
| 2.) Pile them high - Consider ways to reward | | | | deciding to list your business for sale. |