Selling your e-business, website, domain, app, or software will take longer than you think and expect in the majority of the cases. No matter how profitable and established your e-business or website is, no matter how many potential buyers interested in buying your e-business, app, domain, or software there are, selling an online business is something that is usually not happening overnight. In fact, when it comes to a small online business, statistics show an average time of it being listed on the market of between six to eight months when it comes to a bigger e-business it can take even longer. There is nothing wrong with your online business, product, or service, it is just usually the fact that buying an online business is a big step for most people and they don’t take this decision lightheaded. In addition, preparing to sell your business is a process that takes years and years to get your e-business into shape, decide on the right timing to list it on the market, deal with all additional administrative and technical processes and procedures, etc. Don’t get too emotional either. Neither being too impatient nor hanging on for too long will be good favour to your business or affect positively its selling price.
The process of selling an online business is often underestimated in the context of the time it takes by the majority of business owners. In addition, we all tend to forget that selling a business, website, app, or software and dong it successfully and at its best value and highest selling price does not involve around simply listing the business, website, software, or app online and waiting for buyers. It takes time, usually months, sometimes even years, in order to prepare for such a step and actually get your e-business ready and in top shape for a potential trade.
It may sound strange to you, especially if you are just in the beginning of establishing your business and you don’t have any plans on selling it, but from day one of all the affair your goal must be making your online business or product a lucrative opportunity, ultimately saleable, if you decide to do that potentially in the future and really sell your e-business. Don’t wait the last minute as you won’t be able to get your online business in shape for selling in a week, not even two. It is the harsh online market reality out there and if you have let your e-business go out of shape, even the tiniest bit, ruthless buyers won’t have mercy for sure.
Helping your online business get in shape to be sold is not only the best way to attract potential buyers and make a good deal. The process is also a very effective way to actually run your online business and enjoy its success, so whether or not you decide to sell your business, following these few rather simple rules and recommendations will be fruitful, for sure.
You Are Not Irreplaceable
Don’t get us wrong, you really are irreplaceable and your online business, service or product wouldn’t be the thing it is today without you. But you want to make potential buyers think otherwise. After all, who would like to buy an online business knowing the fact they cannot handle it, cannot make it grow and bloom, and you are the only one who is able to run and operate it most effectively? Make sure you are willing to give all your knowledge and experience with your e-business or online product/service to the new owner, always be ready to help the new buyer.
The new owner will want to take up their new business as quickly and as smoothly and easily as possible and it is your responsibility to help them do so. Therefore, it is vital to leave the impression that the business is successful and effective enough to run even before your input and that the new owner will effortlessly run it too from day one. In order to be able to leave this impression, you want to take your time and invest your energy in training an efficient and knowledgeable team, having clear and effective e-business procedures, clear and good communication, working marketing and advertising strategies, a solid e-business model, etc. The value of your e-business must not depart with you and buyers will easily foresee if this is about to really happen.
Paperwork Done Right
No one wants to buy your e-business and deal with paperwork mess, right? No one will buy your online business like that, therefore it is your responsibility to keep track of all paperwork and make sure there are no overdue contracts, all leases are agreed, all paperwork is signed, all employee disputes are solved, everything is ok. This is what will make your business attractive to the buyer and what will keep their interest instead of making them concerned or delay the deal in general.
Make sure everything is in place way before you even decide to list your online business on the e-market as this will help you run your business smoothly and without any issues too. Also, make sure to keep a good eye on all your finances, all outgoing expenses, keep your records up to date. If you are already planning to sell your e-business, it won’t hurt if you get an audit for the past few years. With a decent profit history, it will be easier for the buyer to decide on buying your business, despite the fact that such a broad audit make cost you a bit, but it is all worth it.
Make Your Online Business Stand Out
There is no better business than the one that stands out the crowd in a positive way as it easily attracts clients and customers and this is something the potential buyer of your e-business will be very interested in. You should be able to differentiate your business from the rest in the same field or niche and offer something special to the potential buyers, make them believe your business worth it. Advertise your e-business in a way that highlights its unique traits as this is the best way to get a top-selling price. This is why you are recommended to invest your business energy in that one particular thing that your online business is the best at and make it unique and if it is necessary, you can cut out some additional products or services that are not so much contributing to the success of your business.
The Best Deal Structures For You
You should be ready to understand all deal structures and what works best for you before you decide on selling your online business. By doing that you will be able to further explore some aspects of your e-business that may need additional attention and work. Despite the fact it is impossible to predict all aspects of a future deal with a potential buyer, it is highly recommended to explore all possibilities and opportunities. You want to be on good terms with tax implications of different deal structures and then you will be able to negotiate more effectively.
First of all, make sure to consider whether you want to sell the whole e-business or just assets. If you are selling your business as a whole, then the buyer will be getting all its assets and liabilities and, in this case, they will want to minimize the risk as much as possible, they will want to understand their own due diligence process. In addition, business sellers may be able to pay less tax on profits of selling the business as a whole rather than selling assets. Make sure to get professional advice on this aspect so you ensure your best interests are served.
Another thing that will have an impact on the future deal is the handover period, or whether you are planning to hand over your online business immediately or you will need more time and a transition period. Payment options you are agreeing on and providing is one more thing that can affect the sale of your business. If you are in a tight spot or too emotional, you may act too impatient, make some emotional decisions, and decide to sell your business at conditions that are not the most beneficial for you.
The last stage of you preparing your business for sale is when you get on track with all third party contracts and relationships, which can include a landlord, a supplier, any specialist, etc. Before you list your e-business on the online market, make sure you have all these third party areas covered, otherwise, you may need to cancel the deal, if you decide to do all that last minute and don’t have the time to deal with all details.