The Little Things Can Make a Big Difference

Do the little things really make a difference?  They definitely do when it comes to selling your collection business. 

I have been advising owners on mergers and acquisitions for nearly 17 years.  All told, I’ve advised on over 120 sales of businesses that were large and small; public and private; with consumer, commercial and government clients; based in the U.S. and just about every other region.  Some have told me that I must have seen it all.  Not true.  I just say that I’ve been fortunate that I’ve been invited into a lot of owners’ place of business and therefore I’ve seen a lot.  

Every time I step foot in a business, I look at it from the buyer’s point of view.  I was not necessarily invited in to sell the business.  I could be there for totally different reasons — we do other things — but I can’t help it.  I am an M&A junkie, and each time I walk into a new business I get another fix.  Bad analogy but you get my point…I love selling businesses.

What would the buyer think?  This is the question I find myself asking when I enter someone’s place of business.  Would a buyer like what they see?  Would a buyer want to own this business?  First impressions are everlasting when it comes to the sale of a business. Businesses do not have to look like the Taj Mahal to make a positive first impression.  In fact, fancy and top-of-the line offices are more of a turn-off than a turn-on.  The most well presented businesses are those where the owner has clearly taken the time and invested the money in the well-being of its staff and clients by providing a comfortable but efficient layout with quality lighting, a break area located within reasonable proximity to the employee’s desk, and an office that is safe and secure.

Buyers just want to feel comfortable when they walk into a seller’s business.  They want to feel that the business will be there tomorrow and that it is not in jeopardy of losing its clients or staff because the owner hasn’t taken proper care of his/her business. If the buyer thinks the seller has taken every last nickel and put it into his or her pocket, they will not pay a competitive price for that business.  Conversely, the buyer does not want to feel that the owner has overdone it, building a house-of-cards that will tumble down after a sale is consummated.  Finding the right balance is critical to making the best first impression.   

And please put unsightly wires out of site.  One time, I was walking through a business with a potential buyer and noticed wires throughout the office across walkways and over furniture.  This did not help to make a strong first impression.