If you have a business that you’re considering selling now or in the future, it’s time to think about how you could add value to help influence the asking price you are looking for.
Any extension or diversification of your services, products or activities, will still need to be carefully planned and researched to make sure the outcomes really will be beneficial to the sale of your business, but there are some relatively easy wins for you to consider implementing.
1. Take a look around
Consider ways to further develop your core business that don’t necessarily require drastic change.
To help with this, it’s worth looking at businesses that are similar to yours or using experts or consultants who can assist with suggesting areas of development that may make the business more appealing to a wider audience.
This may be your vet, agronomist, farm consultant or even local accountants and local councils – there are people available to help with this.
2. Consider staff and workload
As an established rural business operator, your role may still involve a lot of ‘hands-on’ work.
But, if you want to sell your business, you may need to consider whether every potential buyer will necessarily want to take on the same workload.
A manageable workflow or a means of making this more efficient will broaden the appeal of your business and make any handover far smoother. It will also deflect criticism from potential buyers seeking to drive down your asking price, who would otherwise claim that most of the expertise and inherent value of your business will disappear the moment you leave.
3. Develop your website
Whether urban or rural, any modern business must have a strong online presence to help compete for customer attention. The internet is now the place where most customers will initially try to find you.
If you have never given this aspect much attention, now is most certainly the time to do so.
Even though your business may well rely on local word of mouth, expanding your reach online will bring your business up to present market standards. It will also give you a chance to tap into an ever-expanding source of new business opportunities.
From a buyer’s perspective, an existing digital presence will be appealing and provide ‘food for thought’ with how this could be built on. It doesn’t need to be ground-breaking but be able to provide an opportunity for development.
Taking the time to consider where your business is and the potential it has is time well spent if you are considering selling your business now or in the future. It’s the small changes that are relatively easy to deliver on that have the potential to add lasting value that could positively influence your eventual selling price.
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Farm diversification, diversification ideas, rural business, rural business ideas