Business For Sale?

October 16, 2024 | 2 Min. Read
By Maria

Top 3 Mistakes Business Owners Make When Preparing to Selling Their Business

Business For Sale Three Mistakes Owners Make

Many businesses selling in Australian mistakenly find themselves unprepared strategically for the emotional, marketing and preparation required as part of the business selling process. Selling a business while your business is on top of the market is ideal, and with many Australian baby boomers now trying to sell their businesses there is are more to choose from.

Preparing your business for sale is much more than just the business on some facebook page For Sale. It involves careful planning and strategic positioning to make it obvious to the buyer where your business strengths are and attract a strong level of enquiry.

Here are the top three mistakes business owners make when preparing to sell and how to avoid them.

Mistake 1: Messy Business Digital Indentity/Kerb Appeal

nconsistency, incorrect and missing business marketing online information can hurt your enquiries to buy your business.

Your business’s kerb appeal is what a business finds out about you before they get serious about enquiring to buy your business. In today’s market, business buyers judge a business by more than it’s bottom line. They also look at its digital marketing presence before they enquire, and if you leave them to question your business’s online authority, they may not enquire at all.

Suppose your business’s online information is inconsistent or missing altogether it can deter serious buyers or make them feel they have more room for negotiation due to you neglecting your online marketing. 

Like a house you want to sell that needs renovation, your business could be overlooked or sold at a lower price if you fall prey to a savvy buyer who sees ‘opportunity value’.

Issue:

Business Buyers will more than likely check out the business they are looking to buy online before they contact a business owner or broker to discuss buying that business. Business owners underestimate how critical their digital online presence is in convincing business buyers about their product or service and how they prominately they present online.

They’ll look at your website, social media profiles, online reviews, and any mention of your business across websites and digital platforms. If your business information is outdated, has broken links, or lacks essential information, it will signal neglect or has bad reviews unanswered this could pose an issue with the buyer.

Worse, if your business doesn’t appear in relevant searches, buyers may assume the company has no real authority and not everyone has the smarts to see that as an opportunity.

Leaving it the buyer to fix it is like a house that needs renovation, you can’t add the value of an ‘invisible’ bedroom to the sale price unless you build it.

Solution:

Ensure your business has a solid Digital identity and kerb appeal. Conduct a comprehensive audit of your online presence or have someone do it for you. Is your business website up to date, and does it reflect your business’s current circumstances, including services, contact information, and consistent branding? Your social media profiles should be active and aligned with your business’s tone and message. Do you have satisfied customers leaving positive reviews, and is there outdated information that might be floating around on third-party sites?

Treat your business’s online indentity like the a storefront—organised, consistent, professional, original, leader.

= Safe to Business to Buy. 

 

Mistake 2: No Differentiation Or Unique Marketing Messages

Generic Marketing And Unclear Messages

 

In a crowded market, buyers are looking for businesses that stand out. One of business owners’ most significant mistakes is failing to differentiate their business from competitors. Many businesses fall into the trap of using generic, uninspired marketing that doesn’t communicate what makes them unique.

Issue:

When a business’s marketing looks like everyone else’s, it becomes forgettable. Buyers are not just looking for profit and loss —they want to understand what makes your business unique. Why should they buy your business over competitors? Suppose your marketing doesn’t clearly explain what you do, how you deliver your services, or what makes your customer experience unique. In that case, buyers may see your business as another option in a sea of sameness. Worse, generic marketing can make buyers think you haven’t invested time or thought into developing a solid brand.

Solution:

Differentiate your business by crafting clear and compelling messages that reflect your values and how you serve, allowing you to differentiate from your competitors. Focus on what makes your business unique. If you offer specialised services or use innovative technology, that can help set you apart. 

Highlight your critical differentiators by updating your 

Is your content impactful or vague? Is there supportive information on how your business solves customer problems more efficiently than competitors while staying classy and playing nice?

Your business values and customer relationships are your number one product…Marketing how you nurture those relationships will help you attract someone with the same vision as you. 

 

 

Mistake 3: Waiting Too Long to Get Their Business in Order

xhaustion or Health Issues Forcing the Sale

Many business owners wait too long to get their business’s marketing in order before selling, often because they are overwhelmed or burnt out. Unfortunately, this can lead to selling under less-than-ideal circumstances, from exhaustion or declining health, forcing owners to make rushed decisions.

Issue:  

It often takes months and maybe even years to properly transition a business sale, depending on the type of business. And if you wait until you’re physically or mentally exhausted to prepare your business for sale, you risk affecting your bottom line if you lose control of the process. Selling in a rush also means you’re more likely to overlook important details, face declining profits or experience operational inefficiencies leading to failure to attract as many business buying enquiries, which may force you to accept a lower offer just to be done with the process or closure from being unable to continue.

Solution:

Consider how to make your business attractive to buyers. Create compelling reasons to use your business and incorporate the messages into your marketing. Having the mindset and emotional endurance to sell your business is key. The best time to start preparing your business for sale is when things are going well. It may also be essential to have key staff who can keep the business running smoothly in your absence. Join our support group of facebook click here https://bit.ly/41pBYVx 

You’re likely to sacrifice value if you wait until you’re forced to sell due to health issues or burnout.  A well-prepared business will be more attractive to buyers.

Common Mistakes To Avoid That Could Effect The Value of Your Business

Addressing these three common mistakes—Prepare by building a strong digital presence, differentiating your business from competitors, and preparing for a sale well in advance.

 

Businesses that we worked to strengthen their marketing and have later sold, told us they felt confident in their business. The business buyers also confirmed that it was the strong marketing, that gave them the understanding that they were leaders in the industry and more estatablished leaving them less marketing to do and so they were more secure that business than other business they were looking at.

You will reduce the stress on yourself and your loved ones by being in a better position holistically, which will assist you to attract the right buyer.

Preparation ahead of time is key; the more prominent and consistent your marketing is, the more confident you will feel emotionally about the business sales process, making the sale of your business more enjoyable.

Need To Prepare Your Business For Sale?

Call Us For Guidance Today +61 0429119 775 

Topics

Business for Sale