6 Strategies to be the Best Salesperson for Your Business

How to Be the Best Salesperson for Your Business

Nobody knows your business better than you. You’ve built it, nurtured it, and now it’s time to sell. But selling a business isn’t like selling a car - you can’t just put up an ad and wait for buyers to roll in.

Your dealing B2B and business buyers are saavy, so you need to become an expert salesperson. That means understanding what buyers want, anticipating their questions, and presenting your business in the best possible light.

Here are 6 Strategies to be the Best Salesperson for Your Business

 

1. Know Your Business Inside and Out

 

Buyers will ask tough questions, and they’ll be looking for any weaknesses. They dont want to buy a business that is a money pit, and they will do anything to avoid that - so they will go over your business in fine detail. 

So you need to know your business well and be able to quickly and confidently answer questions that arise.

If you can’t explain why your business is a great investment, why would a buyer be interested?

To get you prepared here are 3 areas of your business you should focus on knowing the most about:

1. Financials

Buyers will be looking for gaps in your financials. Make sure you have them professional prepared by your accountant so there is little room for error.

You will want to have at least 3 years of financials and you should know your P&L statements off by hand - so your ready for any questions. Your taxes should be paid and up to date! Don't bother advertising your business for sale if you havent paid your BAS, company taxes or superannuation - buyers will most likely walk away. 

If your in a retail or hospitality space, your rental agreement is everything! So know what it entails, how to transfer it, what % of expenses go to rent, and if any increases are expected. Buyers will be quick to jump on this, if it is a key part of your businesses. 

Also, your client base is key. What % of your income comes from one particular client? If it is too high, there is too much risk. 

If your accountant provided you an appraisal or valuation of the business, make sure you understand how they arrived at that value. 

2. Operations

How does your business operate? More importantly, how much of its success depends on you?

Will the buyer need to step in and take over your role, or can the business run smoothly without you? This depends on the type of business and the level of expertise required.

The less dependent a business is on the owner, the easier it is to sell - and often at a higher price.

Take a look at your operations. Have you created clear systems and processes so that your team knows what to do in any situation? The more structured and self-sufficient your business is, the more attractive it will be to buyers. 
 

3.  Growth Potential

Where is your business headed, and can it get there with new leadership?

Most buyers aren’t just looking for a business that runs well, they want one with potential. They want to step in, put their mark on it, and see it grow. So, what’s that path?

As the seller, you need to identify and highlight that path. Show buyers how they can take the business to the next level and why you, as the current owner, haven’t done it yet. This isn’t a weakness - it’s a key selling point.

Maybe market trends are shifting, and there’s growing demand for environmentally friendly products. Perhaps there’s untapped potential in marketing, or a new housing estate nearby could bring in more customers.

Whatever the opportunity, you need to know it, explain it, and connect the dots for your buyer - because their ability to see future profits could also impact how much they’re willing to pay.

The best negotiators will be able to see the skills in their buyer and match it to the business. 

 

2. Present Your Business Like a Pro

 

Would you buy a business that looks like it’s struggling? Probably not. Presentation matters. Your business should look like a well-oiled machine, ready for a new owner to step in and take over.

You need to make sure your actual business is well presented. If the buyer will be visiting - everything should be tidy, well mainted and presentable. Your staff should be wearing correct clothing and saefety equipment. 

You need to think about how the business is presented in its marketing! We have many articles on this such as how to write a compelling business for sale ad and the importance of an information memorandum. 

 

3. Create an Information Vault

 

With this, you will look like a real pro!

When buyers are going through the process of due diligence they will want quick access to information - not have to wait whilst you take your time putting it all together. You need to have it sorted and organised in a virtual data room well before you get an offer. 

Using an online data room system such as Box, Ansarada, SmartVault or ShareVault, will allow you to give specific access and see who is accessing the files. You can also see if they download or print. You can give access to the buyer, their solicitor, their accountant. You can have a whole team access and be able to monitor what they are seeing. You can prevent downloads and restrict access. They have alot more security features than sharing a Dropbox or Google folder. 

In the Bsale Selling a Business Guide we go through the type of documents you may want to prepare and include in the vault. 

 

 

4. Handle Buyer Questions Like a Pro

 

Buyers will try to find loopholes and weaknesses to justify a lower offer. Be prepared to handle their questions with confidence.

Be honest but strategic in your answers. If you’re selling because you’re retiring, great, frame it as an opportunity for fresh energy to take the business to the next level. If there are risks, acknowledge them, but also explain how they can be managed.

 

5. Negotiate with Confidence

 

Buyers will likely negotiate the price and terms, so you need to go in with a clear understanding of what you’re willing to accept. The negotiations will typically happen after a deposit is made and they are in the process of due diligence. 

You need to make sure you have set a realistic asking price based on market conditions and financials and be willing to justify the price. 

Your solicitor can be very helpful during this negotiation phase to iron out any kinks you may come across. Though a good salesperson will see any issues ahead of time, which is why being prepared before selling your business is important. 

As always, stay professional - buyers will try to find weaknesses, but don’t let emotions get in the way of negotiations.

 

6. Know Your Potential Buyer

 

You know your business, so you should also know your buyer.... Well the right type of potential buyer. 

Create a list of potential buyers, these could be clients, distributors, staff, allied businesses, or even competitors. You want to identify people or companies who would benefit from acquiring your business and who have the financial ability to follow through on the purchase.

Knowing who your potential buyers allows you to tailor your pitch and make the sale process more efficient. 

Knowing your business, they type of person who is best to run it and how they can benefit are the best startegies to getting the deal done. 

 

Now to Become the Salesperson

 

So whether you are going to sell your business privately or engage a business broker to assist you, you are the business owner and you must know everything about your business.

The buyer knows a business broker is your agent, they don't own the business, you do. So you need to be ready to answer the hard hitting questions. They arent buying the business because of the agent, they are buying it because they see potential and trust you as the seller.

The buyer wants to see themselves running your business, and they want to see it being successful after the tranistion - so help them to see this. 

By preparing properly and identifying potential buyers, you can maximise your sale price and ensure a smooth transition to the new owner.

Tags: selling a business exit strategies

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