If you’re thinking of selling your business, even if you’re not yet ready to seek a buyer, it’s a good idea to begin preparing a detailed business profile that will summarize important information about your business for prospective purchasers. In working with clients over the years, I’ve found that you can’t really start this process too early.
Think of your business profile as a resume or portfolio for your business. Approach your business profile as if you were the person thinking of buying it. What would you want to know? Certainly you would want to see financial information for the past several years, and you would want a complete picture of the assets of the business.
Yet to make an ordinary business profile exceptional, think of the characteristics of your business that are unusual or unique. Why would someone buy your business instead of your competitor’s? You can include a section on company personnel, highlighting the qualifications that set them apart from their peers. You want anyone who sees your business profile to have a good understanding of your company’s distinctive services, products, industry niche, and vision.
It’s also important to stay away from hype and to be as interesting as possible. There are a lot of generic company profiles out there. What you want to do is to set your business apart from the others. And now that social networking is becoming the norm, sharing personal details that express the human side of your business is valued. So include some details about the experiences that have helped make your business what it is today.
It never hurts to get advice from a professional adviser who can look at your business objectively and highlight the elements that will appeal to buyers. A well-crafted business profile can help you attract the most well-qualified offers for your business, saving you time and money. The more thorough and engaging you can be, the easier the process of selling your business.
