Small and independent retail businesses can be a challenge to sell even in a strong economy. This is because they are often not understood and not presented well for sale.
One way to make a business more appealing is to be more open about it being for sale.
Put a sign in the window. Yes, this will tell your employees, customers and suppliers that you want to sell up and move on. Own that decision, embrace it. Stop worrying what people will think. Explain your good reason for putting the business on the market and then run the business with more energy and focus than ever before. Your actions will demonstrate that people need not worry.
The sign in the window works on a couple of levels.
First, small businesses are more likely to appeal to people who live locally, people who may not be in the market to buy a business until they see your sign. I know of one small business that had not sold in over a year and then sold in a week following a sign being put in the window. It could be that an employee is interested in buying the business.
Second, the sign is your reminder that the business has to be sale ready every day. Shoppers walking through your door are coming to an open house to see the business for sale. That’s how you should approach it – working your heart out presenting the business perfectly and appealingly every day.
Businesses can take time to sell. Sometimes it takes the right people seeing the ad at the right time for you to find a buyer. The stars aligning aside, the most important barrier to selling any business is that it does not look or feel appealing, manageable and or capable of delivering the level of return a prospective purchaser would want. This is why you have to work hard and relentlessly to make your business look valuable, appealing and enjoyable.
Too often small business retailers think that the economy, retail channel issues or other external factors are slowing or halting the sale of the business. Even if this is the case, reject these thoughts, bring it back to you and your actions. If you want to sell your business then run it as if you want to sell it – every day.