Buyers Are Not Mind Readers, You Need To Tell Your Story

There are basically 8 types of buyers. Whether business Buyers are a strategic vs financial buyer, looking for synergies or seeking a lifestyle business they all want to hear a good story.

Telling your story is important. Telling it correctly is key to successfully selling a business. If you have a business for sale in canada you need to get your story straight. You should consider finding good providers of family business coaching and consulting, a trusted business advisor who will be integral in helping you give the best impression to Buyers.  

Work with professional services companies offering sell side advisory services like a business intermediary, M&A consulting firms, specialists who provide coaching for business owners, family business coaching, a financial advisor business coach, sale advisor or a professional in business value consulting to determine the most appropriate methods and thinking you can apply to telling your story.

As the Owner, you know all the wonderful things about your company. But that doesn't mean a Buyer automatically does. You will have to tell them. Making someone work for it isn't the smartest strategy. It's not just numbers Buyers need to consider purchasing your business. It’s also about market attractiveness.

​You know who your best technical staff are, the ones who are the most loyal and the small circle you can count on at any time. The folks I like to describe as 'in a crunch it's always the same bunch'. The staff with huge potential who are consistently growing and assuming more responsibility. The key people you've been grooming to take over management. The loyal, hard working day to day heartbeat of your organization. 

This is the knowledge gained over years of working together week after week. Experienced Buyers can acquire some of the information via staff interviews, but not near what you can provide. If you think you can hide the dirt, think again. Maybe you can for a while, but the truth always seems to surface. The business Buyer of today is typically seasoned and short on a capacity for BS.

You know how great your relationships are with specific large key and smaller long-term customers, but the Buyer doesn't until you show them. You know the ideas and opportunities that have been on the back burner and are ready for moving forward.

It's your job to tell business Buyers everything, you need to dig out all the great things about your business, the obvious and the not so obvious. The things you take for granted and the stuff you just do because, well you've been doing it forever. The new innovations and the upcoming industry trends you spotted years ago and have prepared for. The relationships with friendly competitors and the strategic alliances.

And don't forget the numbers. They will be requested in every configuration and scrutinized with a magnifying glass. Knowing how to present them is key. If you can't anticipate the requests and respond quickly the momentum can get lost pretty easily. Get sell side advisory services.

Yes, after the NDA is signed, A Non-Disclosure Agreement (NDA) is a legally binding contract between two parties, ensuring the confidentiality of shared information. It outlines the sensitive materials or knowledge being disclosed and prohibits the receiving party from revealing it to others. NDAs protect intellectual property, trade secrets, or business strategies, fostering trust and collaboration.

Think of It As Sharing With More Than One

​It's not about bragging or blowing your own horn. More like sharing the many accomplishments you and your staff have achieved over likely, give or take, 30 years of blood, sweat and tears. Sales, well run processes, reputation, innovations and industry standing are all important. The successes you've attained need to be recognized and you need to be compensated for them. Just ask any small business broker.

You can't expect a potential Buyer to just uncover the information or glean it all from your conversations and retain it on their own. The data has to be packaged, wrapped in a bow and presented like it was the greatest gift they will ever receive. 

You May Not Be Doing The Sharing

As with many large purchases the decision will be made by more than one person. The business Buyer may make the final decision, but they will consult with others. Like M&A advisory services.

Your company story needs to be told with as much impact and backup detail as your most important sale ever. But more so, it needs to be transportable to other offices and the many conversations that will go on while a Buyer is considering the purchase of your business. And frankly, you or your representatives will not be in all those meetings and conversations. Sometimes business Buyers utilize the professional services of local business brokers to help find a business for sale in Canada or wherever they are shopping.

There Are No Secrets

So remember, as you move down the path of transition, you can't keep the wonderful things about your business, both the obvious and the hidden value a secret. If you expect to sell for top dollar and on your terms you need to clearly tell the complete story in an interesting, informative and exciting way.

You Control Your Story

The trick is to dig it all out and communicate all of your company greatness in an easy to digest format. Present it so anyone can get your story quickly and easily. You don't always know who is being told or asked about you and under what circumstances. What you do know is, they will be influencing the purchase decision. Or the potential business Buyer wouldn't be talking to them in the first place. 

Whether a subtle or heavy influencer, they can only comment on what they've been told. You can control the story more or less. Shouldn't you make it more than less?

Some Specifics On Outlining Your Story

Telling the story of your business to a prospective business buyer is an essential part of the process of selling a business. It helps them understand your company's background, value proposition, and future potential. Here's a step-by-step guide on how to effectively communicate your business story:

1.     Define Your Narrative: Start by identifying the key elements that make your business  unique and compelling. Consider your mission, vision, values, and the problem your business solves. Develop a clear and concise narrative that encapsulates your story. 

2.     Know Your Audience: Tailor your story to resonate with the prospective buyer's interests and needs. Research their industry, background, and objectives. This understanding will allow you to highlight aspects of your business that align with a business buyers goals.

3.     Begin With An Attention-grabbing Hook: Capture the business buyers interest from the beginning by starting with a compelling hook. It could be a surprising statistic, a relatable anecdote, or a thought-provoking question that relates to your business.

4.     Share Your Background: Provide a brief overview of your company's history, including when and why it was founded. Explain the inspiration behind your business and any significant milestones or achievements along the way.

5.     Describe The Problem and Solution: Clearly articulate the problem your business addresses and how your product or service solves it. Emphasize the unique value proposition that sets you apart from competitors. Use real-life examples or customer testimonials to illustrate the impact your solution has had.

6.     Highlight Your Achievements: Showcase your accomplishments, such as revenue growth, customer acquisition, partnerships, or awards. Highlight any relevant metrics that demonstrate your business's success and potential. A viable business Buyer wants to know.

7.     Discuss Your Market Position: Explain how your business fits into the market landscape. Identify your target audience and address the size of the market opportunity. Discuss any competitive advantages or barriers to entry that give your business an edge.

8.     Share Your Vision For The Future: Outline your long-term goals, strategies, and expansion plans. Illustrate how your business is poised for future growth and success. Paint a compelling picture of the future and how the business buyer can be part of it.

9.     Be Authentic And Passionate: Infuse your story with enthusiasm and authenticity. Share your passion for the business and the impact you aspire to make. Authenticity can build trust and connection with the prospective buyer. I’ve never met a successful Owner who is not passionate about their business.

10.     Allow For Questions And Engagement: Encourage the prospective buyer to ask questions and engage in a conversation. Be prepared to address any concerns or doubts they may have. Listen actively and tailor your responses to their specific interests.

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Conclusion

Congratulations on making it this far in this extensive guide. Effectively presenting your business to potential buyers is crucial for a successful sale. The eight types of buyers each have unique needs and desires, so it's essential to craft a compelling story that highlights your company's strengths, key staff, customer relationships, innovations, industry trends, and financial performance. Engaging professional services such as sell side advisory, business coaching, and M&A consulting can help you prepare and present your story in the most appealing manner. Remember, signing an NDA ensures confidentiality during negotiations, fostering trust and collaboration between parties. By showcasing your business's value and potential, you can attract the right buyer and secure a successful sale.

Remember, practice and refine your storytelling to make it engaging and persuasive. Adapt your approach based on the buyer's reactions and feedback. By effectively sharing your business story, you can increase the likelihood of attracting great prospective business Buyers and closing deals.

Are you asking yourself how long does it take to sell a business? Or should I sell my business? What are the steps to selling a business and how much do I sell my business for? Do I need a business value consulting professional to calculate value of a company?  If you’re looking for tips for selling a business from someone who specializes in family business coaching and consulting, you’ve come to the right blog.

As a trusted business advisor and sale advisor providing sell side advisory services I appreciate the opportunity to share my years of experience working with Owners just like you. In fact you may want to consider our online program Sell Your Business 4 More. Click on the Eric Gilboord Coach cap above.