​Make Your Business Buyable — Bassey Daniel

My goal in this article is to help you make your business buyable.

Selling your business can either be an important affirmation that your hard work has successfully led to the creation of something with lasting value or worth or it can be a heartbreaking process because it means you have ended up losing the control of your business and that most of your stakes are at risk.

Everyone prefers the first option to the second, but few people are able to create or improve a business that will top the buyer’s list.

When you build your business responsibly, profitability becomes its second nature, and employing accountants and lawyers will be out of necessity and not out of the eagerness to relieve yourself of a failing business.

I have written a book about Responsible Entrepreneuring​

If you do not have it, I ask that you do so right now.

There are principles for business owners like you and it’s FREE! Before you continue reading this article, ​download​ your copy by clicking here.

I have worked and consulted with businesses and companies that are in a hurry to change ownership because they want to sell the companies so they can save whatever is left of the business.

I understand such plights and struggles and I have decided to help businesses survive harsh economic conditions and to adapt to any kind of economic condition before they need a panic sale.

Let me share some insights from my business buying experience with you. These insights will make your business more buyable;

Making your business creditable involves making sure your business is not on the wrong side of the credit system.

You must reduce the leverage of banks and other financial institutions over you as much as possible.

Do not let bankers run your show! Be the anchor and the director of your business because banks are meant to be silent partners with little or no influence in your decision-making process.

If you lobby for an audience with banks without a good credit system, you have already lost your leverage.

Until your business has leverage, it is not a buyable business.

Making your own business decisions is another way to make your business buyable.

This means that after you check the facts, you have the power to make the final decision. Don’t let lawyers or advisers dictate how you need to run your business.

You may think that lawyers or advisers will help you create a perfect outcome, and you may be lucky to work with a great team of advisers, but never forget their job descriptions.

They advise, and that is exactly what they are offering: advice.

When it comes to making a decision, lawyers or advisers have one opinion, the sellers have a very different opinion, and you have a decision to make that is between the two.

This is what guides your decisions and leads you to a profitable outcome.

If you allow your advisers to become decision-makers, the outcome may not be what you want, and you will be the one who lives with it.

Making Your Business Trustworthy before potential and existing clients is another way to make your business buyable.

It’s just about building trust with your clients.

If you are too comfortable with your existing clients and you are not building new relationships with potential clients or customers, you are treading a dangerous path of redundancy.

You need to develop a list of potential strategic clients early and regularly engage them to build real relationships.

There is nothing as important as positive reviews when it comes to building a genuine relationship with prospective clients.

Remember that a prospective client puts aside some alternatives to subscribe to your business offerings, so trust matters.

If you were to make your business stand out, you would have succeeded in making your business appear buyable even in a particular niche.

I am not talking about selecting a niche for your business because you have already done that, but I am talking about selecting a niche in your niche.

If you have carved a niche for your business, it is not enough to set you apart from other businesses with similar niches.

You need to establish a uniqueness that no one can duplicate.

A niche in your niche is moving deeper to figure out what is special about your niche.

This will help you build a brand image that will make your clients or customers automatically gravitate towards you.

Many businesses still spend too much on advertisement and promotion because they have not found a niche in their niche.

I know this concept of a niche in your niche may be new to you but I can help your business find the core of your niche. If you are interested,​ ​ talk to me​.

What I mean by making your business personnel has been explained in part in my previous blog about reinventing performance management.

You will find out what you need to do in order to better evaluate your employees and also help them achieve their optimum performance not just in their jobs as employees but in their careers.

When you make your business personnel, you also make your business more valuable and the more valuable your personnel are, the more valuable your business becomes.

You must not make the mistake of focusing on the business without the beneficial consideration of your employees.

The success of your business will not last unless you are involved in the career growth​ of your employees.

To make your business profitable or buyable, you need to make your employees profitable or buyable. This is what is called Responsible Entrepreneuring.

You need to purposely and strategically make your business allies if you really want to make your business buyable and become the target of acquisitions from big corporations.

To do this, you need to do a lot of research and keep up appearances with the allies you would like your business to make.

Most times, what you need to project the next level is partnerships with other businesses that are not part of your immediate circle.

This is what I call ​ enforced opportunity because you did it deliberately without giving it to chance.

Trade by barter is the best way to create the kind of business allies you need. Find a need you can give in return for a favour that you need.

More importantly, there are always people behind every business.

Do not make the mistake of relating to these potential allies in a very formal setting but add a little bit of informality to build a base of trust and common ground.

This is how many thriving businesses like yours stay relevant. That is how they have been able to build to adapt​ ​to various circumstances over the years.

If you make your business trend, you will make your business buyable.

Trending means that you are desired and to be desired means your worth has been properly communicated.

In this world of social media and trends, you need to make people want the need you are offering them; you need to make your solution is compelling enough for them to subscribe to it.

Even if your business is not specifically linked to entertainment or the usual elements that easily generates social buzz, you need to find a creative means to make it trend as much as possible.

I know your business has been around for a while but you need to make it visible to the public.

Interestingly, getting a trend will help your business stay visible long enough for your ​ ideal customers​ to find you.

Remember, this is not a long shot! You will get tired if you think about it that way. Instead, see it as a necessity that will help you stay on the radar all the time.

If you want to make your business buyable you need to make your business board a board of credible people in your industry and your location.

Hiring board members is a careful process that needs to be taken with such sensitivity.

If you recruit credible people, they will not only add integrity to the board of directors, they will also bring prestige they have earned to your business.

One of those things is a beneficial relationship with influential people in the industry that you have been finding so hard to get a foothold on.

When considering someone for the board, ask yourself:

  • Is the person knowledgeable about the business and the industry itself?
  • Do they have insights that can create more value for your business?
  • Do they have the inclination, passion, and time to use these assets to create value for your company?

If the answer is yes to all of these questions, then they are probably worth recruiting.

Make your business board formidable enough for other big corporations to start seeing you as a serious contender or valuable ally.

Your business is a marathon and not a sprint. You cannot make your business buyable if you have not put long term ideas in motion with short-term goals that you are already following.

If you make your business a marathon, it means during a pandemic and in any other emotional roller coaster, your business would go through.

You need to do better because your most recent findings are likely to decide the price someone will pay — or if they bid at all.

Employ extra talent to help if needed; under most cases, there will be a lot of work to go around.

Do not forget to take care of yourself. For anyone who wants to make their business buyable, I always teach them to embrace frugal innovation and I have explained what it is in my FREE eBook called You need to ​download​ and read.

If you still need more insight into how to make your business buyable and the envy of all other businesses, you can sign up for ​The Eagles’ Nest​to book a space for a 2–3 Day Strategy meeting with you and your employees.

​Make Your Business Buyable

Originally published at http://basseydaniel.com on October 8, 2020.

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Bassey Daniel

I’m passionate about helping you re-position your business to survive shocks, outlive you, and be a legacy you can bequeath to your successors!