6 Growth Strategies that helped me sell my business
Growth strategies are an important component of selling any business. This post shares specific growth strategies that can help expand your business, get more buyers interested in making offers and ultimately receive a higher valuation for your business.
One of the best ways to get any buyer excited about purchasing your company is to share your ideas for growth opportunities within your business. Of course, the question often arises, if the ideas are so great, then why didn’t you implement them on your own?
There are hundreds of reasons why business owners don’t execute on growth plans. They are comfortable with the business as it now exists, the capital involved would be heavy, or perhaps the time and energy involved with implementing the growth plan was just too much for the business owner as they approach retirement.
Whatever the reason, we find that most of our clients know ways that would enhance the growth prospects of the business. We also know that buyers like to hear about these in their due diligence process.
To that end, we have included some of the areas that you might consider for growing your business. Of course this is not an exhaustive list, and there may be other ways to expand your business that you could share with a buyer. The point here is that you need to include a section that provides a narrative of the top strategies that a new owner could grow the business from where it stands today.
Before we begin, keep in mind that the best time to add any growth initiative to your business is when your business is already on solid ground and operating at a high-level. Launching new growth strategies when the company is fighting to strengthen it’s core offering is the worst possible time, and could actually do more harm than good. Hopefully, some of the methods below will help you think about the growth plans that you would recommend to the new owner of your business.