Life can become incredibly demanding between a growing family, health concerns, or the need to relocate. Regardless of the reasons behind the consideration to sell a small business, it’s a good idea to test the waters before jumping in. If there is a significant window of time before the business should be sold, multiple potential buyers and investors could have a chance at viewing the business. This can increase the likelihood of getting a decent offer for the business.
Deep Cleaning & Easy Repairs
Right before appraisers, photographers, and potential buyers are scheduled, the business should have a full deep cleaning and minor repairs should be completed. Holes in walls, loose boards, chipped paint, broken ceiling tiles, dead light bulbs, squeaky hinges, loose doors, and drafty windows should all be replaced or repaired. The building should be cleaned inside and out, from roof to basement. Ceilings and walls should be cleaned, the building should be pressure washed, and the parking lot should be resealed and parking spots repainted. Even the smallest of unpleasant sights or obvious necessary repairs could turn a potential buyer away.
Appraisals
When businesses are listed for sale, most buyers will attempt to offer less than what the owner is looking for. A small business appraisal will ensure that the owner knows the true value of the business that they own, allowing them to counter low ball offers. While a low offer might be taken when a quick sale is necessary, it is not advised when there is plenty of time to wait for the right offer.
Professional Photographs
After appraisals have been completed, it is time to book a photographer. Find photographers who specialize in commercial real estate photography. Their job is to capture the best aspects of the business, inside and out, in order to attract potential buyers. Professional shots that are composed beautifully are far more likely to attract buyers through listings than simple camera phone shots are.
For Sale By Owner Listings
While many business owners choose to look for a realtor in order to sell their businesses, it is easy to put a few private listings on busy classified sites to see the interest that is generated. It may take a bit of time for the right buyer to find the listing unless it is on many realty classified sites as well.
Selling a business that an owner has put so much work into can be hard. Should the need to sell arise, the owners should take care to go about the process patiently and attentively to ensure they land the offer and buyer that they are hoping for.
