A company is not just numbers in an Excel spreadsheet, it is a business brand. And for those looking to sell their company it is often one of the most misunderstood components of the business sales process.
Lets imagine that you have finally decided to sell the family home. It’s been a big decision but the time feels right. You have an agent. You have a price. You are ready to sell.
But what about all that peeling paint around the downstairs window sills? And what about that water damaged carpet in the living room? Like many serious sellers you decide to fix these defects first so you can present the house in its best possible light.
The above scenario imparts an important lesson that is fundamental to the business sales process. Perception is reality. A business is not just revenue, margins or profit. It is more. Just like global icons Coca-Cola or McDonald’s, your business is a brand. And your brand should always present just as well as your balance sheet. But how?
Most business owners are not born marketers. So trying to roll up your sleeves to bolster or repair a brand is commendable but not always advisable. It is a distinct skill set. But the point is to adopt a marketing mindset, look at what successful companies and your competitors are doing and maybe engage some professionals to bring your brand into line. Just like your house, don’t be afraid to spend a few dollars.
A brand is not a logo. It is not a catch phrase, a charismatic CEO, or a television ad during the Grand Final. Yet at the same time it is all of these things and more.
A brand is a specific perception of a business or product in the mind of its customers. The very best brands conjure up a feeling or a point of view for their target audience. Think Rolex, Apple, or Guinness, they all mean something completely different to their customer base. Brands often take years to develop, but they can be torn down in the blink of eye.
So how can you quickly gauge how your brand is being perceived? A great starting point is to simply Google your business’ name and ask yourself some basic questions:
The above is obviously not a comprehensive checklist. A lot more goes into creating a healthy brand (both on and offline), but you can bet that the first thing any potential acquirer will do is Google your business.
If you would like to have a strictly confidential discussion about how CFSG can assist you in preparing for and successfully completing the sale of your business please contact us on +61 3 8676 0581 or email us at info@cfsg.com.au