If you have run your nursery with vigour and energy over the years, now is not the time to relax. If you want to find the right buyer and get the right price for your business, you will need to keep going until the keys are handed over.
Here are a few lessons to keep in mind as you prepare for the sale.
Get your books in order
Before you go about trying to find the right buyer you will need to make sure that you have prepared your business for sale. This entails getting all your financials detailed and up to date.
You need to make sure that you have recorded everything. If parents have paid you in cash, have you included this in your records? It can be very helpful to get the help of an accountant so that there aren’t any red flags that pop up during the sale.
The first impression that the buyer gets will play a big role in their decision of whether to put in an offer or not. Cosmetic repairs can be made fairly easily without spending too much money.
A childcare nursery should look fun, colourful and safe. Make sure that this is the impression that your premises give. You should make any necessary repairs and paint where it’s needed.
Put yourself in the buyer’s shoes
As it comes time for you to hand over your business, what is it that would be helpful for the new owner as they embark on this venture? Remember that, if you are able to reassure the new buyer that the change of ownership will go smoothly, your business will have a greater value to them as they can hit the ground running.
Routine is good for children and it’s also good for a new business owner. Document all processes, operations and routines so that they know how you did things. These form an important part of the business.
Your staff should also be a dream team that has all the training that they need. If you have a staff that can run the place without you, even better for the new owner- and the kids! This will mean the least disruption to the business and, therefore, the least disruption to the children at the nursery.
Make sure you’re following the rules
Any business that works with children will have to have the right licences and be compliant with Canadian childcare regulations. This might differ depending on the province that you are in.
Your permits need to be up to date before you sell!
You need to have everything in order and prepared if you are going to be able to attract the right buyer. Don’t take your eye off the ball during the process!
Once you’ve got it all set up, you will need to market your business to the right audience. Think about advertising locally if you want to find a buyer that is from the community. However, if you want to reach a wider audience, you should advertise online.
As long as you can remember all these lessons, though, selling your business should be easy as ABC!