Handling viewings efficiently will be key to a prompt sale of your business. If you do a good job of handling viewings you will earn their trust and encourage the buyer to make an offer.
Preparing for a Viewing
Preparation is key to viewing success.
A potential buyer will no doubt have a host of questions and they will request to view key documents. Having all these to hand is key. You want to earn the trust of your potential buyers. Not being able to answer multiple questions could appear like you’re attempting to deceive the buyer.
Just consider the more clued up you appear on the business, the more likely the buyer will pursue the opportunity and make an offer on your business.
Before your viewing ensure you have a good grasp of your businesses facts and figures. It’s not an interrogation, but you will be expected to know all the key details about your business.
As with selling your house, you want to present your business in its best light. You want to avoid booking a viewing for a busy time as this will likely disturb your normal business and employees might become suspicious if they overhear part of your conversation. Equally, if you’re a retail business you should avoid the time immediately after a busy period of the day where
Most of all when showing the potential buyer around be positive, honest, confident and friendly. If you don’t know the answer to something then be honest. We’ve all seen Dragon’s Den when an entrepreneur attempts to muddle together financials. They quickly get found out.
Set aside plenty of time to show viewers around your business.
Communication After Viewings
Keeping communication moving post-viewing is essential. As a seller, you will receive feedback from the potential buyer. Try to avoid messaging the buyer in your Seller Dashboard unless a buyer has specifically requested anything during your meeting. You want to avoid looking desperate for an offer – so just sit tight until the buyer messages you.
Handling viewings successfully will be essential to your sale. Remember the following points and you will be receiving offers for your business in no time:
- Be thorough – have the key financials and documents prepared before the meeting.
- Be positive – talk about your success. Sell your strengths. Recount examples of good business and happy customers. Talk about the competition’s strengths and weaknesses too. The information about them is better coming from you than from them or a third party.
- Be honest – don’t be afraid to tell them about the challenges and the competition. Honesty will be rewarded with trust.