Ask a Broker How to Attract High End Buyers and Improve Curb Appeal
Putting your business on the map is not as simple as posting a sign, sticking up some flyers, or throwing a grand opening party. Instead, it’s about making your business stand out from the rest by creating an appealing and memorable first (and lasting) impression for passersby and potential customers.
Good curb appeal is essential if you want to see more people in your store and have them returning again. After all, people tend to make their buying decisions in the first few seconds.
If your storefront looks dated or unkempt, people won’t want to go inside. Fortunately, that means giving your business a little boost regarding looks might be as easy as a splash of paint.
With just a little work and preparation, you can give any space an updated new look in no time at all – here are some tips that will help improve curb appeal!
Fix Walkways and Sidewalks
If your walkways and sidewalks are cracked and broken, you should strive to get them patched up as quickly as possible. While this creates an eyesore, the larger issue is that it can create a hazardous environment for customers.
Of course, you may think that this is something you can put off until later on, but the truth is that fixing walkways and sidewalks is one of the best investments you can make – particularly when it comes to your business’s curb appeal.
Walkways and sidewalks in disrepair don’t just look bad; they also send the message that your business isn’t well-maintained. If a potential customer walks over a broken path or a cracked sidewalk and sees that your business doesn’t seem to care enough to replace it, they may wonder what other issues they might run into while visiting.
To ensure your walkways and sidewalks are tip-top, you can hire a contractor or do the work yourself. After all, it’s an easy fix that will only take a few hours to complete.
Keep the Exterior Clean
If there’s one thing all business owners should know, it’s that a tidy business exterior is extremely important. After all, a dirty facade gives off a shabby and unkempt vibe – which is the last thing any business owner wants.
Instead, a clean facade shows that your business has pride in its appearance and is well-maintained and cared for. After all, if a business is clean and organized inside, then it’s likely that they’re paying the same attention to the product or service they offer.
Given that it doesn’t cost much to keep your exterior clean, this is something that every business should be doing, no matter the circumstances. Of course, keeping your exterior clean is easier said than done. You must constantly be vigilant, sweeping away dirt and debris as soon as they appear.
Not only do customers assess your quality by your presentation, business cleanliness is at the top of the list for high-end buyers.
Improve Your Landscaping
Landscaping is a great way to improve your curb appeal, especially if your business is located in an outdoor shopping district. After all, well-maintained, vibrant plants and shrubs can be an excellent addition to any street, helping to bring attention to your place of business.
However, when it comes to improving your landscaping, don’t try to make changes all at once. Always aim to be mindful of cost in relation to return. Instead, start small by adding a few well-placed plants, shrubs, or flowers.
You can also replace dead or dying flowers if they are on your property. Of course, you don’t have to have a large garden to improve your landscaping; a few small pots or plants can go a long way.
Interchange Season Decor
Changing how your business looks throughout the year can be a fantastic way to boost its curb appeal – mainly if you’re located in a shopping district with a high volume of foot traffic. You can start by swapping out your regular signage for seasonal signs.
This is a great way to bring attention to special deals or sales you’re hosting during specific seasons. You can also change up the decorations inside your store to bring a bit of the season to your business.
Changing up your storefront is a great way to draw attention to your business, especially if you’re trying to get noticed when there’s a lot of competition in the area. It can also help you to attract high-end buyers.
Add A Little Plant Magic
There’s no doubt that having plants in and around your store is a great way to boost its curb appeal and increase your return on investment. However, you don’t have to stop with a few potted plants on the sidewalk.
You can add more plants to your store by adding them inside. Of course, this might seem like a strange choice. Still, there are many benefits to bringing plants indoors:
It cleans your air, making your store healthier for customers, employees and plants are a natural distraction for nerves and anxiety, and they can make your store feel warmer and inviting.
With all of these benefits, it’s clear that adding plants indoors is a great way to improve your curb appeal. Plants can also be inexpensive, so there’s no excuse not to add them to your store.
How to Improve Curb Appeal & Why It’s Important for Your Business
Boosting your business’s curb appeal is about investing in your space and caring about how your business is presented to the world. If you ignore issues like dirty exteriors and unkempt landscaping, your business sends the message that you don’t care enough to improve it.
However, when you improve curb appeal, you’re showing customers that you have pride in what you do and that you care about their experience. If you follow these quick and easy tips, you can see an improvement in your business’s curb appeal.
All these things matter if you want to sell or buy a business. Speaking of business real estate contact Fusion Advantage for help.
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A Look at the Market Pulse Report
The Market Pulse Report Survey is a resource that has a variety of information that business brokers and M&A advisors regularly utilize to better understand the business landscape. The most recent survey was conducted April 1st to April 15th 2022 and had 360 broker and advisor respondents. It also marked the 40th edition of the quarterly report. The Executive Summary of the report can be accessed here https://www.ibba.org/resource-center/industry-research/
The Main Street Market
One notable fact included in the latest report is that in the Main Street market, between 70% to 80% of buyers are likely to come from within a 20-mile radius. However, with larger companies, it is common for buyers to originate from a distance of over 100 miles away or greater.
The survey also indicated there are two key “headwinds” that businesses are currently facing. These include labor shortages and supply chain issues. Not surprisingly, labor issues are currently creating problems for organic growth. Likewise, supply chain issues can cause prospective buyers to shy away from a business.
The Profile of Current Buyers
The survey also indicated that Main Street buyers not only include the “typical” first-time business buyer. These individuals are often looking for a job in the form of owning a business. Serial entrepreneurs who have made money off previous deals are also now seeking to jump back in and buy another business. The survey indicates that about one-third of buyers who purchased businesses in the $500K to $1M range are serial entrepreneurs.
Additionally, there is a great deal of money flooding into the industry. The money is mostly coming from private equity, family offices, and corporations. Feeling burned by the lack of bank credit by the 2008-2009 economic downturn, these buyers don’t want to get caught in a similar situation again.
A Seller’s Market
The survey indicates that it is currently a seller’s market and that record setting multiples have been occurring. In Q1, an impressive 97% of businesses were receiving their asking price. However, nothing lasts forever. If you’re considering selling your business, it’s a good idea to start making progress now before this trend stops benefitting sellers.
Even with the strong sales track record last quarter, it’s important to note that a fast sale is still improbable. Even in the best economic conditions, it typically takes many months to sell a business.
There are many factors currently benefiting sellers, such as low interest rates, SBA involvement, and people not wanting to work for corporations. However, it’s important not to wait for the “right moment” as often that moment never comes.
It’s always a good idea to begin taking steps to prepare for the sale of your business as soon as possible. This can make a tremendous difference toward fostering a positive final outcome.
Copyright: Business Brokerage Press, Inc.
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3 Ways to Make Your Business Appealing to Buyers
If you are like most business owners, you have never sold a business before and might not have a clear idea of what the process is like. We recommend preparing your business in a way that makes the sale and transition process as easy for your buyer as possible. It should come as no surprise that buyers will like the idea of an easy transition.
It will be very beneficial if you take the time in advance to evaluate the steps and think about what you can do on your end to benefit your buyer. Since you’re the expert on your business, you have unique insights into what would make the transition the most seamless for the other party. When you prepare for the sale with your buyer’s experience in mind, you will likely not only speed up the sales process, but also increase the selling price.
1. Automate Processes
Just like you may have never sold a business before, your buyer may have never bought a business before. If you can figure out how to automate as many processes as you can, it will help with their workflow and reduce the level of intimidation your buyer may be feeling about taking over.
2. Establish a Second in Command
One thing you can do is have a second in command on your staff. If there is a competent employee that your buyer can depend upon for assistance and support, that fact alone will be tremendously attractive. If you do not yet have that person in place, you might have an eye on choosing a person and preparing them for this role. Speaking of staff, you will want to make sure your entire staff is well-trained and any HR issues are resolved in advance.
3. Keep Things Consistent
As you get closer to the time you will put your business up for sale, you will want to begin to work with vendors and key customers. You will want to ensure that the supply chain and significant customers are consistent. Otherwise, this could cause major disruptions for your buyer and impede his or her success. Of course, it goes without saying that you’ll want to keep the potential sale of your business completely confidential. If customers, vendors, and even employees learn about an upcoming sale, this fact alone can lead to a chain reaction of disruptions and problems.
A business broker or M&A advisor can help in a wide variety of ways when you are getting ready to sell. They are experts in maintaining confidentiality while taking you through the sales process from start to finish. Brokerage professionals will also assess your business and inform you of any areas that could be improved to make your business more attractive to buyers.
Copyright: Business Brokerage Press, Inc.
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Three Reasons Why You Might Want to Own a Business
Have you been thinking that business ownership is for you? Many people are committed to the idea of owning a business and work hard to pursue this goal. Of course, the path towards buying a business is indeed complicated and requires a significant investment of not only money but also time. As a result, you’ll want to ensure that you are fully committed to business ownership before beginning the process. Let’s take a look at some common reasons why individuals choose to buy a business.
Desire to Grow Your Income
Most people will say that they would like to make more money. However, keep in mind that while owning a business will likely mean you grow your income, it also requires a significant amount of work, especially in the early stages.
Research shows that the longer you own your business, the more profits you will generate. Those who have owned their business for more than a decade will typically earn more than 100K a year. Of course, owning a business always comes with a degree of financial risk, but if you do successfully run your company for a series of years, you will likely succeed financially. Just be prepared for the possibility that the first few years may not generate as much income as you had hoped.
On the positive side, owning your own business allows you to have control over your financial destiny. You have the ability to make decisions that will grow your business
Interest in Shaping Your Lifestyle
When you work for someone else’s business, the way your life is organized is dictated by the rules and regulations of the company. For example, you may want to work at home, but your job requires you to spend 40 hours a week in the office.
If you want to make key decisions that impact your day-to-day life, owning a business will be quite attractive to you. You will be able to decide not only where you work, but also how many hours you work and with whom you work. You have the power and ability to shape many aspects of not only your life, but the life of your employees as well.
You are Willing to Take on Some Risk
The personality of a typical business owner is a person who is comfortable with taking on some risks. After all, not all businesses succeed. At some level, you are always risking your time, money, and energy. Of course, this aspect will vary dramatically depending on the kind of business you acquire.
It is also important to consider that many business owners find that they are working around the clock. They simply cannot go home and forget about their job at the end of the day. In sharp contrast, they are always on call and actively thinking about their business and relevant decisions. You also may not get a paid vacation or sick days.
Guardian Life Small Business Research Institute studied the ideal personality traits for a business owner and found that successful owners are action oriented, curious, self-fulfilled, tech-savvy, and future focused. They surveyed over 1,000 small businesses to generate this data. If you resonate with these traits, it is likely you are indeed cut out to own a business.
Copyright: Business Brokerage Press, Inc.
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4 Takeaways from the Latest BizBuySell Quarterly Report
BizBuySell is an online resource that focuses on offering unique content that specifically addresses the needs of buyers and sellers. To make this happen, BizBuySell has teamed with a range of experienced business brokers who are covering topics relevant to business owners, buyers, and sellers. For example, they feature articles that focus on how to make a business more interesting to a potential buyer. These resources help to position BizBuySell as a go-to place for a range of relevant business information.
Of course, every quarter BizBuySell publishes Insight Reports complete with interactive market data. These reports offer a comprehensive overview of trends that are essential for brokerage professionals to know about. The latest report can be accessed here. It covers important trends noted in the first quarter of the year.
Some of the changes that were noted in this important report include the following:
1. Rebounding Transactions
For Q1 2022, the Quarterly Report indicates that transactions are continuing to rebound from the slump of Q2 2020. Year over year, transactions shot up a whopping 24% and are now beginning to return to 2019 levels.
Overall, the main sector that seems to be holding back an even stronger rebound is the restaurant sector, which is still not where it was in pre-pandemic years. However, with that stated, the restaurant sector has also dramatically improved and has shot up by 42% year over year. Yet, the restaurant sector is still down 22% from Q1 2019.
2. Changing Buyer Preferences
When BizBuySell surveyed buyers as to what kind of business they wanted to buy, the numbers were eye opening. 35% of surveyed buyers responded that they were interested in the service sector, and this was followed by 15% of respondents choosing retail. Director of Sales Doug Whitmire stated, “Buyer demand seems to be leaning toward business services, self-storage, car washes, as well as advanced distribution services for manufacturers. There have been few opportunities, so buyers are flocking to them and inventory is limited.” The result of the limited inventory is record sales prices.
3. Listing Growth
In Q1 2022 listing growth has increased substantially, with service listings up 14%. While the restaurant sector is obviously still lagging, it is important to note that the Quarterly Report indicated that restaurants were experiencing a 10% growth. If the pandemic continues to recede, we could see a robust rebound in the restaurant sector.
4. A Boom in Sellers
The Q1 report also indicates that sellers, who have previously been sitting on the sidelines, are deciding that now is the time to sell. Once again there is talk of a “silver tsunami” approaching as Baby Boomers begin to sell. It is also interesting to note that many of those who are selling are doing so due to burnout. Importantly, burnout is occurring for a variety of diverse reasons, ranging from supply chain and labor issues to pandemic burnout.
Advice for Sellers
The BizBuySell team strongly advises that sellers should fix major supply chain issues before entering the market. Whitmire noted, “We try to get our clients to work with us to fix those issues before we go to market. Many times, you only have one chance with a buyer and then you lose them.” It definitely makes sense for sellers to try their best to remedy any issues that might have resulted from Covid-related circumstances. This will ensure that the sales process goes as smoothly as possible.
Copyright: Business Brokerage Press, Inc.
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