EFP 88: Improving The Salability Of Your Online Business In 2014
We’re four months into 2014 already and it’s been a fast-paced year of change. For example, we’ve sold more than $240K worth of businesses already this year and have a renewed focus on our marketplace. With our shift to the marketplace and doubling down on website buyers and sellers, we wanted to talk more about increasing your business’ salability.
Making Your Online Business More Appealing to Buyers
Today, Joe and I discuss how you can make your website sale more attractive to prospective buyers. We’ve actually sold a lot of our own websites through Flippa before we started up our own marketplace. Naturally, that gave us a lot of practice and we saw plenty of trends that either worked for us or against us.
Don’t wait until you’re ready to sell to listen to this episode. Start implementing these changes now so you can both reap the benefits of your increased monthly earnings and so you can sell for a higher multiple in the future.
Check Out This Week’s Episode Here:
Topics Discussed This Week Include:
- Documenting your business and making the transfer as easy as possible.
- When and when not to automate a task (pros and cons.)
- Being honest with the time required to run your business.
- Limiting your points of failure.
- Laying out your business’ history on what has worked and what hasn’t.
- List Your Website On Our Marketplace!
- How To Sell Your Site With Us
- Virtual Staff Finder
- Chris Ducker’s Virtual Freedom
- “Keep your expenses lean. This isn’t absolutely critical for a sale, but it will cost you as the seller.” -Justin – Tweet This!
What have you been doing to increase your business’ salability this year? Let us know on SpeakPipe or comment below!
Photo Credit: Steve Jurvetson via Flickr
Thanks for this episode!
How about an extra point “providing a growth/marketing plan”?
A good seller is able to see his shortcomings and highlight the areas of growth, and that’s very valuable information for buyers.
Non-so-good sellers just give unrealistic answers creating false potential…
Hey Daniele, we’ve found that most buyers aren’t interested in site potential or marketing plans. Most of them have their own ideas for the site or are looking for passive income so present, honest, and truthful stats backed up with hard data are the most important things you can provide.
That said it doesn’t hurt to provide a roadmap for growth. As you you said though it should highlight the shortcomings, risks and potential growth areas.
Hey guys great episode…. Got me thinking about off loading a few of my money makers…. If I want to do that I really need to streamline a few processes first…
Nice, Darren – we’d love to help you sell a few sites!
If you are doing the development and design in parallel, it’s best to
have someone in between the designer and developers who understands both
the business and the backend technology where the data is stored. This
person is usually a data analyst who understands the business
requirements (hopefully the are fully written down and defined) and can
work with the developers to create the tables, fields, and data
constraints for the marketplace. A good data analyst can mock something
up in Powerpoint or Word to represent the functionality of the site and
then start defining the data inputs which may come from the user and/or
from the backend database to be displayed for the user.
I think at this person is me at this point, Lynn. Oh boy, a lot of work ahead!