Business Brokers NJ: Article About How To Avoid Losing A Buyer
Businesses rely on their customers and employees to keep things running smoothly. Without a good customer base you don't have a business and without loyal employees who care about the business you have a hard time attracting customers with a well run business.
When you go to sell, a buyer wants to know that the customers you've attracted and the employees you used to attract them will still patronize the business. In a business sales transaction, there is a bit of fear on all sides of the equation. Employees are afraid the new owner might fire them. The buyer is afraid the employees might jump ship under new ownership, and that the customers may leave when they find out about the sale.
Unfortunately, it falls on your shoulders to assure everyone that the business will remain familiar to them, that employees won't make a mass exodus, and that the new owner isn't looking to put everyone out of work. In this situation, your business brokers NJ can help you with transition issues.
The best way to assure the buyer is to demonstrate how the employees and customers loyalty lies with the business and not with you as the owner. Let the buyer know that employees are worried about their jobs and most aren't willing to give up a salary and possible benefits just because a new owner takes over. Play up any personal situations with employees and customers without giving away too much information. This will assure the buyer that employees and customers are likely to stay.
Assure employees and customers that the new owner isn't looking to replace them.
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Discuss with them how buyers usually like to walk in and keep the business running smoothly and continuing to make a profit. It's not entirely possible to do that with a brand new staff that needs training and must become familiar with the new clients. Make them understand that their loyalty needs to be with the business and that the new owner wants the business to succeed by providing a good environment.
Your business broker can help you deal with nervous employees and customers. Once you assure both the buyer and employees of the company's stability, you shouldn't lose a deal due to employee or customer loyalty.
If you run your business out of a leased space, then you will need to address the sale of your business with the landlord. In order to avoid a lost deal due to lease issues, don't wait until you have a buyer lined up to handle the lease agreement. As soon as you hire a business broker, have him go over your lease agreement and consult with you on the best way to handle your landlord to get him to reassign the lease. In some leases, the wording will state that the landlord must approve any potential buyers but will not unreasonably withhold the transfer of your lease to another person. Some leases are very strict and may require that you jump through a few hoops before the landlord is willing to reassign the lease or let you out of your current lease.