In order to get the maximum value for your business, you should really consider renovating it before putting it on the market. Even if your business is doing very well, there are always things you could improve.
The renovation list might include:
- Renovating your retail location;
- Renovating your corporate offices;
- Renovating your staff;
- Renovating your computer systems, website, etc.
When you sell a house, you throw a coat of paint on the living room walls, clean up the gardens and stick a pot plant in the corner to add some extra value from to the sale.
This is a similar premise, except that the potential buyer of your business will be doing a lot of research before making the purchase. Unlike buying a house, where last minute renovations are appreciated, last minute renovations on a business need to be done properly to give the desired effect.
Make Improvements To Your Retail Location
Any cosmetic improvements you make to your retail location will definitely enhance your selling price.
You can do things like:
- Put in a new floor;
- Paint the walls;
- Improve the customer areas;
- Clean and improve mobility in the warehouse/storage area.
As with any other improvements you make to your business to get the maximum selling price, always do these retail location renovations at least one month prior to putting the business on the market. That will give the renovations a little time to bring in new customers and improve revenue, which always impresses prospective buyers.
Renovate Your Office Space
When you renovate your retail space, you want to give it a certain flair that will attract buyers. But when you renovate your office space, you want to make it as functional as possible.
An office should look like and office and not an unorganised, unprofessional meeting place your your employees if you want your business to sell quickly.
Paint the walls a neutral color and make sure that all of the company pictures on the walls look professionally hung.
The reception area is where your company will make its first impression and it needs to be a good first impression! Renovate your reception area to fit your company’s business theme. If you are going for a contemporary feel to your business, then make your reception area look modern. If you want a family business feel to it, then make it functional but void of any flashy items.
Renovate Your Website
First of all, if your business does not have an online presence, you should really consider investing in one. Businesses in today’s marketplace who are not online are really behind the 8 ball! Having an online presence not only attracts new customers, but lets people know that your business is up to date with current trends.
If you do have a website, you might want to hire a professional web development company and make sure it is user friendly, easy to navigate and mobile friendly. With approx 50% of all online searches coming from a mobile device, it is crucial that your website actually works. This is called a responsive design.
There is nothing more damaging than a potential customer landing on your website, and then clicking away because it doesn’t work properly. So make sure your business website includes:
- Mobile friendly design (responsive);
- Easy navigation;
- User friendly;
- Current images of products, staff and location;
- Current contact information including address;
- Uses SSL (Secure Sockets Layer) on all pages for user security;
- Fresh design with fast loading pages.
Long before any potential buyer steps foot in your office or your retail location, they will look at your website. That is why your website needs to be as impressive and functional as possible.
Renovate Your Staff
Are there people on your staff that you have tolerated for one reason or another? Does their job performance not warrant them staying with the company?
Before you put your business up for sale, invest in a human resources consultant to let you know what you can do to improve your staff.
When a person buys your company, they will be looking to the existing employees to make the transition smooth for customers. Any personnel that are unable to do their jobs properly or have a habit of saying negative things about the company to customers will scare potential buyers away.
Renovate your staff and you will be able to instill confidence in the person who wants to buy your business.
Get Your Business Ready For The Transition
Selling a business is a long process that requires a great deal of work on your part. If you want to get the maximum buying price for your years of dedication and hard work, then you need to put in the time and resources to get your business ready for the big transition.
By renovating certain elements of your business, you can increase your asking price and get a better return, which is what all business owners who are selling want.