We’re not suggesting that you follow Marie Kondo on Netflix as she tidies the clutter of America, but keeping things clean never hurts in the process of attempting to sell a business.
Keep it Clean: Building
We’ve yet to see a messy facility become a total deal-breaker, but it certainly doesn’t hurt to stage your business as you might your home. We’re not suggesting pumpkin spice potpourri bubbling on a hot plate to add ambiance, but neat, clean, and tidy certainly can’t hurt. If you own a business that welcomes clients in the door for services, then you need to consider how it looks to a potential buyer when they come in to tour.
Keep it Clean: Books
We mentioned the state of the books in our last blog, but it bears repeating because it’s so important. Not only should you have up-to-date books, but it also helps to have simple ones. Truly interested business buyers know how to read a Profit & Loss statement, but we’ve seen some convoluted, unnecessarily dense versions that have even had us scratching our heads trying to get to the meat of it. It may be helpful to an owner to see these things at a glance, but a simpler form is easier for interested parties to understand and digest. You don’t need a line item to describe everything. Blanks can be filled in during the Due Diligence process.
Keep it Clean: Brain
The longer someone has owned their business, the more invested they become and the more difficult it can be to open previously closed doors to perfect strangers, potential buyers, who are likely to inspect and question what’s been done. It’s your baby, your passion, and now your books, contracts, mistakes, shortcomings, the stuff that never got done, all of that is out in the light where someone can see them. It can be hard! Our advice is to try to suck the emotion out of it and remember the goal. The goal is to sell, and being too attached to your own history can make it harder. This is easier to say than it is to do, but in the business of selling businesses, it helps. And if you’re thinking of selling, you can read