Want to sell more products or services? Think like a customer.
Want to sell your business? THINK LIKE A BUYER!
In his book Beyond The E-Myth, Michael E. Gerber says “…your most important customer is the one who’s going to buy your company, as opposed to the one who’s going to buy your product. So, in that sense, your company IS your most important product.”
To successfully sell products or services, you need to think like a customer. What motivates them? Why do they buy? How can you position your offering to meet their need?
The same applies when selling your business. YOU NEED TO THINK LIKE A BUYER. Why is your business different from many others for sale? What makes you attractive beyond the financials?
You get many opportunities to interact with potential customers when selling your products or services, but only get a handful of opportunities to interact with the IDEAL BUYER for your business. Think like them and improve your chances of a successful exit at the value you desire.
Buyers think like investors and seek out businesses with strong attributes:
Being ready for a change in ownership
Buyers desire businesses that are ready for a change in ownership and can continue operating effectively without impacting current revenues and profits. Having strong systems, processes and people give prospective buyers greater confidence.
Having a great story
Steven Wilkinson from Good & Prosper says “Numbers are the language of business” and “The numerical language tells its own story”. Your story is told through your balance sheet as ‘chapters’ represented in your quarterly and annual reporting. Consistently strong balance sheets tell a great story to prospective buyers.
Built with the intention to sell
Mike Finger from Exit Oasis says “The key to selling your small business is finding the intention to create a business you can sell”. Knowing that your ‘most important customer’ is your future buyer, means you have intentionally made decisions and taken specific actions toward building value for that buyer, and in turn, for yourself.
These attributes maximize your valuation, reduce the risk of long earn-outs and ensure you get the best possible exit for the next stage in your life journey.
