Selling a business can be a lot like selling your home – essentially you need to ‘dress’ it to present it at its very best.
It may not be quite as easy as baking some bread and putting on a fresh pot of coffee, but in order to impress those potential purchasers there are a few things which go a long way towards painting the picture of excellence, things which may just attract multiple interests – and perhaps even command a higher selling price.
There are obviously some ‘must dos’ when preparing for a sale. Due diligence is an area where shortcuts of any kind would be discouraged. Getting everything in order and ensuring that all necessary documentation (client contracts, supplier agreements etc.) is present and correct is a minimum requirement and those in the know would probably also suggest that having all staff records fully up to date is also a good start to illustrate a fully-functioning, efficient business.
Prior to the gathering of paperwork and updating of files, we’d argue that there is something else which should be at the very top of your list at the very earliest stage of considering the future sale of your company – Awards!!!
In many a past blog we have covered the numerous benefits to your business of entering and winning award; something which we know is wholeheartedly accepted amongst those who have tasted awards success. Amazing networking opportunities, increased general interest, huge uplifts in website and social media traffic… it’s a long and impressive list which we’ve covered on a number of occasions already.
When focussed on a sale however – and, therefore, planning to add as much value as possible – think for a moment about the effect of having the words ‘award winning’ there amongst the company description.
- Growth planning
- Outperforming competitors
- Independent recognition
… All of which can be fantastically effective in sparking interest, inviting serious consideration and illustrating worth.
The scope of awards entered and won can also say a huge amount about the business and the added value it offers. Employee engagement accolades for instance will show that the employees are dedicated to the company, satisfied and secure. Staff recruitment and retention is one of the biggest challenges faced by businesses today (even more challenging than Brexit!) and any prospective new owner will want to avoid starting their tenure with personnel issues.
Similarly, customer service related awards will illustrate a sound client base who will most probably remain loyal through the change of ownership, innovation awards will suggest products, services and ideas which are ahead of the field and anything related to culture, ethos or corporate responsibility will tick many boxes around the subject of relatability, marketability and potential brand loyalty. All winning features, effectively and concisely presented in the shape of award wins.
As with anything award-related, early planning pays off so, if you have even just the tiniest of inclinations that selling your business is a future possibility, start thinking about the best awards to enter now.
Of course, if you’d like some more help with deciding the best way to show off your attributes and add that extra value, just get in touch and have a chat about having The Awards People create your bespoke awards plan.