How To Sell My Wholesale Business
Sell My Wholesale Business
Maximising The Value of Your Business
- Have a good web presence for retailers.
- Offer directly to the public online sales. Don’t forget to add a “recommended retail price” which is generally double the wholesale price.
- Attend trade shows.
- Trade “in demand products”
- Keep your eye out for the latest products, and keep one step ahead of the rest.
- Diversify. Aim for more than one income stream.
- Stay in close contact with your customers.
- Keep adding! New customers + more profits.
- Listen…. what are consumers talking about.
- Have good relationships with your suppliers.
- Check that you are using the cheapest freight options.
- Maximise labour costs by buying in larger quantities but be aware of the currency conversions at the time of purchase.
- Buy at the right price to ensure higher profit margins.
- Keep an eye on your stock levels. You don’t want unsold dated stock lying around, discount it and move it. It’s a fine balance to keep your stock levels just right so keep your eye on the ball. An automated stock control system can help you in this area.
Prepare Your for Sale
- Dead stock is a major drawback to the sale
- List all stock
- List all Suppliers and length of partnerships.
- Do you have contracts in place with suppliers. Do you have any exclusive rights?
- List all customers and their % of sales. How long have you been doing business with your major players?
- List all business assets, tangible and intangible.
- List all employees and their duties.
- What is the owner’s role in the business?
- Is the business fully systemised? Is it easy to operate?
- How do your clients find out about you?
- Do you have a designated person scouting for new business?
- Do you have contracts in place, with distributors and/ retailers?
- Is your procedures and operations manual up to date?
- Do you have a strong history of profitability?
- Ensure your books are well-kept and up to date.
- What plans have you been following for growth?
- Depending on the scope and size of your business, it can take 3-12 months to complete a sale. Start getting ready early!
- Offer a purchaser a free period of training to ensure a smooth transition of ownership.