Engaging with Benchmark International is Not a Commitment to Sell
Benchmark International explains why engaging with their firm is not a commitment to immediately sell. In this piece, Benchmark International explains the many options for sellers who are apprehensive about engaging their businesses for sale. This discusses one of Benchmark's latest articles. Readers should value this piece if they are considering exiting their business in the near future but aren't completely sure about the process.
Benchmark International knows owners have spent a lot of time and effort building their businesses, and engaging Benchmark does not have to be a concrete decision to sell. Senior analyst, Shannon Hess, explains “right now, it’s about letting us go to work for you to find out what might be possible for you, then you make the decision.”
An engagement with Benchmark International does not mean making a commitment to sell a business. What it does mean; however, is gaining an insider’s look at a buyer’s perspective. Knowledge is power; and using Benchmark, regardless of the decision to sell or not, will certainly gain industry professionals a wealth of knowledge about their businesses. Owners will have a glimpse into what outsiders think when they look at their companies.
Understanding what buyers are looking for and how an individual business measures against others in the market, will provide owners the insight needed to make an informed and well-planned decision in the end. The items which owners feel are most important to prepare their businesses for sale may not coincide with those of potential acquirers.
For example, an owner may feel the need to expand his or her sales force, whereas buyers may be more concerned about customer concentration. Given this information, owners have the opportunity to make changes within their organizations that are beneficial, not only in a sale, but also within the company itself, should they decide to keep them. Benchmark International has had clients who ultimately decided to implement strategies buyers had suggested when examining their businesses, and they recognized improved performance for themselves as a result.
Sometimes, buyers approach business owners when they might not be thinking of selling their businesses. In this case, it’s essential for owners to know what their businesses are worth before proceeding with any offers. In his webinar “Beware of Strangers Bearing Gifts,” one of Benchmark International’s managing directors, Andre Bresler, stated “it’s important that you control your own destiny. A sale may not be what you were considering, but when opportunity knocks, there’s no downside to exploring it.” Benchmark International is here to negotiate the best deal.
Benchmark’s services reveal buyers’ strategies that can be to sellers’ benefits. Owners will learn what it is about their companies that interests buyers and what buyers see as risks. Also, sellers will learn how long the acquisition process takes and if they want to invest that amount of time. Additionally, sellers will get to see what other acquisitions buyers are considering, and how they typically value a business within the same industry. “If your intention is to sell your business and not be bought, you need a team with the transaction experience of your acquirer,” Bresler said. Benchmark International is here to help owners explore all of their alternatives.
Once a business owner engages with Benchmark International, she or she is always a Benchmark client. Once a seller engages, there is no need to feel rushed to decide to sell. If an owner decides it is not the time to sell, it is Benchmark’s job to support the seller in that endeavor. Having an exit strategy is essential, whether it is used today or years down the road. Knowing how and when to end a business, and having a plan in place, is equally important to knowing how to start.
Gaining market knowledge sooner exposes sellers to current opportunities, and if a business owner finds one that works, that’s perfect. If not, he or she has a new set of tools to make the business grow under his or her command.