Selling Your Business in Today’s Economy
The pandemic continues to rear its ugly head and supply chain issues reign on, leaving us in a perpetual state of uncertainty. For baby boomer business owners retiring, the uncertainty stretches even further.
Boomers, who make up the majority of business owners in the United States, are preparing to cash in their companies and enjoy a well-deserved retirement. Unfortunately, many are finding sales projections to be far less than they’d hoped, and not nearly enough to afford the comfort and care required to age peacefully.
As if that wasn’t enough pressure, inflation rates make now the time to sell – and that applies to anyone looking to exit their business, not just baby boomers.
So how can baby boomer business owners retiring and looking to sell quickly prepare their business for a larger profit?
Here are 3 steps to making your business an attractive sale for better buyers with bigger budgets.
1. Map Out Your Exit Strategy
Staging your business to sell, whether you plan to do it sooner, later, or never, helps you look at things from the lens of a buyer and find the gaps that may be limiting your success or lowering your offers.
Evaluate Your Business:
An easy way to get started is to pretend you’re hiring your replacement, and you only get one day to train them. Can you easily point them to well-documented processes, finances, and resources? Find the gaps.
Define Your To-Do List:
Turn your gaps into actional items so you can strategically fill in the blanks and ensure everything is in order before you sell.
Create a Timeline:
Decide when you’d like to officially exit your business and work backward from there. Consider the time it will take to accomplish each task on your to-do list and map out your prioritization for each item.
Hire Some Help:
You may want a professional exit strategist and marketing agency to ensure you’ve covered all of your bases and maximized your opportunity for a high sale.
2. Boost the Business From the Inside
Potential buyers will be looking to purchase a business that is running efficiently, so they can step in with ease and barely miss a beat. Everything should be clear enough that they understand exactly how to operate your business and where to find information on finances, projects/services, and processes.
Refine Processes and Procedures:
Streamline operations, document processes, and implement tools that make everything easy and accessible. This may involve adding a CRM, introducing project management tools, or utilizing a cloud drive to store and share important information with your staff.
Define Roles and Responsibilities:
Make sure you strategically outline each position within your business and the specified duties associated with each role, so it is easy for new employees to step in and understand their responsibilities.
Ensure your finances are in order and accessible for the next person to manage them. You won’t be available to help them find missing pieces, so take the time to get everything mapped out properly. You may want to work with a professional for tax planning.
3. Amp Up Appeal With a Holistic Digital Marketing Strategy
In order for the economy to be strong, businesses must adapt to survive, and even thrive. We’re seeing companies changing strategy regardless of industry, revenue, or location, and all of them are embracing digital. With technological advancements and pandemic restrictions, consumers are turning to online shopping and digital experiences.
For baby boomer business owners retiring, potential buyers will want to see that you’re steadily increasing interest among your target audience.
Enhance Your Branding:
Your brand is the first thing consumers will notice as well as potential buyers. Does it speak to who your business is and the quality of service or products you offer? Whether you need a full rebrand with a new logo and guidelines or simply a refresh with some added elements, a strong brand is a must-have.
Use Digital Marketing to Maximize Growth:
Marketing in today’s economy requires a holistic digital marketing strategy to deliver the ultimate customer experience with maximum return. Strategically weave cohesion through everything your brand touches:
- Website: UX/UI, SEO, copy that converts, ecommerce
- Social Media
- Measurement & Analytics
- Data-driven improvements
- Digital Advertising (PPC, social)
- Email marketing
- Marketing Automation
- Cohesion across all efforts!
The Next Step for Baby Boomer Business Owners Retiring
We may not be able to speed up supply chain resolutions or put a stop to the pandemic, but we can certainly help baby boomer business owners retiring prepare themselves, and their businesses, for a seamless transition and a comfortable future.
For more guidance on marketing in today’s economy as you prepare for exiting, our team created a guide for baby boomer business owners retiring and selling their businesses in the next 5 to 10 years.
Time to start building your holistic digital marketing strategy so you can sell in any economy and to buyers with bigger budgets.