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Time to Think Like a Buyer: Strategically Evaluate Your Products and Services

As we start to emerge from the COVID-19 crisis and economic downturn, owners who want to sell are moving from survival mode toward rebuilding their businesses.
 
As we discussed in our recent webinar with Ted Leverette, the Original Business Buyer Advocate®, owners who want to exit in the near future are going to need to think strategically like buyers to determine the best way to restructure and reposition their businesses in this new world.
 
While buyers may not be closing many deals right now, they are always looking for good acquisition targets. And, you can be sure, that as soon as the market improves, they will be ready, and you need to make sure you are, too. 
Approach Your Business from a Buyer’s Perspective
 
While your business is likely a way of life for you, prospective buyers view your business as a group of processes that produce products and/or services that generate cash flow. They want to buy profitable businesses that run smoothly, have minimal risk, and strong future potential.
 
And we know that as they are out there searching for potential targets, they will be digging into every aspect of your business to make sure all of their criteria are met. If not, they'll simply move on to another target.
 
To quote Ted: “We don’t want the seller’s problem to become our problem… Businesses are like buses. There will always be another one by later.”
 
Gain Strategic Perspective
 
For most businesses, the COVID-19 pandemic has shown us where the cracks and weaknesses are. You’ll need to make the needed adjustments to improve the saleability of your business – whether you decide to transition internally or to an outside buyer. This is a chance to take a good, hard look at your business and develop a growth and exit plan.
 
Some key questions you’ll need to address include:
  • What’s working and what’s not?
  • What is your competition doing?
  • Which parts of the business do you need to re-engineer?
  • What should be eliminated?
Which new opportunities should you pursue?
 
Evaluating Your Product and Services Offerings
 
You need a process for measuring and evaluating which products and services are winners and which ones are losers. So, we’ve developed a Strategic Product and Services Evaluation Tool to help do just that.
 
Our tool can help you:
  • Evaluate financial performance  
  • Determine market attractiveness
  • Compare your offerings to your competition
  • Evaluate risk (i.e., stability in recession, seasonal fluctuations)
Going through this process will help you determine the most efficient and profitable use of your resources and increase the value of your business. Having a focus and knowing that you are making progress toward your eventual exit will help you maintain your personal energy and gain the momentum you need to achieve your goals. 
 
As a thank you for participating in our upcoming business owner workshop: Rebuild Your Business with Your Exit in Mind, you will receive our Strategic Product and Services Evaluation Tool free of charge along with 4 other exclusive BTA tools to assist you in your exit planning process!
 
Learn More
 
Moving You One Step Closer to Your Exit
 
Without a plan, you are at risk of missing important opportunities and jeopardizing your future.
 
Developing a plan and process framework can help guide your decision making, keep you focused on what’s working and enable you to change course when necessary.
 
High-quality, profitable businesses and prepared owners will be well positioned to attract buyers, exit, and achieve their goals when the market recovers.
 
Will you be ready?
 
Emerge stronger, more valuable, and more sustainable in this new world by attending our upcoming business owner workshop:
 
 
We hope to see you there!
 
Learn More
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