03 Jan Selling Your Business: Capitalizing on Uniqueness
It may not be obvious, even to business owners, but every business is unique in one aspect or another. Whether it’s the legacy of the company or the particular niche on which entrepreneurs have staked their claim, something about a business sets it apart from the competition. For the most part, these special facets of businesses are taken for granted and not utilized or highlighted for promotion. However, it’s not just within the realm of advertising and sales growth that ignoring uniqueness is a grave strategical error on the part of owners. Bringing full specified attention to a company’s uniqueness will be a major point of leverage when it comes time to sell your business. As a business owner, it is imperative that you convey these unique aspects to your business broker in order to yield the highest profit from your sale.
In today’s blog, we will be examining the different factors that bring unique purchase value to a company and, in doing so, provide business owners with the ammunition they need in order to obtain the desired price for their brokerage transaction.
Your company’s name can potentially carry a lot of weight when you finally decide to sell. Having a notable brand name, especially if it is one that is widely recognized in a local market, is an extremely profitable asset. It also helps if your brand is associated with a specific product or industry in which the name immediately invokes an image in the mind of customers and owners alike. Any association with success is beneficial, and your brand’s name might be the ace in the hole that you and your broker need during negotiations for selling a business.
Another prime advantage that can make a business unique is a current and accurate database of clients. This aspect of your company will be a major selling point to potential buyers for a myriad of reasons. For one, a consistent, reliable database of customers already provides a new owner with a list of leads from which they can continue to manifest sales success. It is also an avenue to test new ideas/products for the company, while simultaneously creating a forum of customer feedback in which positive reviews yield further lead generation. Newsletters and subscriber listings that have existed for extended periods of time are also valuable assets that demonstrate a dedicated client base from which a new owner can profit immensely after selling a business.
Does your company have a proven track record of finding the right price to outsell competitors? Congratulations, you have just found a unique aspect that your broker can push to the limits when selling a business! The ability to charge less for products or services while still yielding profits and beating the competition is the Holy Grail of business factors that buyers are seeking. At the root of this aspect may be the advantage of having unique relationships with certain vendors that can give you wholesale prices that they do not give to other companies. The price of these partnerships borders immeasurability, as they are scarce and hence the gargantuan value that they have to potential business buyers.
In conclusion, determining what sets your company apart from the rest is what will drive buyers to consider it for purchase when you decide to sell. Selling a business can be a career-defining moment for any entrepreneur, and that is why it is best to hire a professional business broker when the time is right for the sale. Contact Broker Matcher today when you’re ready to sell!
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