For various reasons, the time will come in the future when it’s time to move on from your business. Or it might be that you’ve outgrown your current client list and are looking to expand. Do you know where the true value in your business lies? It may not be where you think.
Focus your attention on selling the business not your skills as a practitioner. Attract buyers by remembering that what you’re selling is your business, not you.
For a business to be a great product, you should understand what potential buyers are looking for.
Most buyers want to know, does the business work. A business needs to be foolproof and predictable. Buyers often want a business where anyone can step in and pick up where the seller left off.
McDonalds is a great example of this. They’ve made their business systems so strong that they’re able to be replicated across the world. They know that when it comes to selling a business, true value is in making sure it functions the best it can, for anyone.
Some aspects of business value are hard to define. Such as what your personal relationship to clients brings. Other areas of business are in some ways, more financially vital to success. That’s not to say your skill set and rapport with clients isn’t important. But it should not be at the heart your business’s operating model.
Ideally, your business should be able to function without you there. This shows that the business is strong in it’s own right, separate from you.
This is important to buyers because when they buy your business, you most likely won’t be there.
Think about how your business functions currently. You should be able to show that you have systems in place. Systems that will maintain the operations of the business, even with a change of hands.
When was the last time you were able to go on holiday?
Are all your processes and systems orderly and well documented?
If the answer was never, or your books are a shambles, it’s worth considering what systems you can put in place to rectify this. Even if you’re not thinking of selling right now, this will put you in a good position down the track.
Take the time to consider how you may need to re-engineer some aspects of your business. Do you need an online booking system that is easier or more efficient to use? Are your financial books in order? Do you have a routine marketing strategy?
Focus on the areas of your business that are separate to your skills as a practitioner. It may seem strange doing this, especially if the doing of your job is what you are most passionate about. Most people prospective buyers business interest lies in how well your business functions. Not your individual skill set. Look for areas where you can improve efficiency, and prove that this has been effective.
Doing this can make all the difference when it comes to the sale of your business. It builds confidence your buyer’s ability to head up the business in your place.
Competition can be tough. And the hard truth is that there are a lot of health and wellness businesses out there. Make the decision easy for your prospective buyers by making your business stand out. You can do that by demonstrating that the systems and operations you’ve put in place work, and will keep doing so. Even when you're gone.
What Our Users Are Saying