As the baby boomer generation reaches retirement age, a significant wave of business transitions is underway. Thousands of boomers are retiring each day. For those who own businesses, retiring isn’t quite as simple as sailing off into the sunset. It’s an emotional decision with financial implications.
If you’re in the same boat as many other boomer entrepreneurs, you’re looking at either selling your business to an outside buyer or passing the business down to the next generation in your family. Either way, your brand is a big part of the equation. When selling a business, a strong brand with established advertising and marketing infrastructure can help increase the sale price. When passing down a family business, branding preserves the business’s legacy while advertising and marketing set the stage for that legacy to grow and evolve. Here are some key aspects to consider:
Visual Identity
Your visual identity encompasses everything from your logo and color scheme to the subtle design elements that make your brand easily recognizable. Investing in a refined visual identity can significantly increase the perceived value of your business and make it more attractive to potential buyers as a foundation for successful advertising and marketing. Your company’s visual identity also helps ensure that your brand remains recognizable even after the ownership transition, preserving the image you’ve built.
Website
Your website is usually the first point of contact for potential customers (and potential business buyers). A well-designed, user-friendly website is essential in the digital age. It serves as the virtual storefront of your business, showcasing your products, services, and brand story. A website that effectively communicates your brand’s value proposition and is optimized for both desktop and mobile use will once again illustrate to buyers that your business is ready to be acquired without losing a step or missing a beat. The functionality of your website is imperative to support the next item on our list…
Lead Generation
Lead generation is the process of attracting and converting prospects into customers through various marketing strategies. Having a lead generation campaign in place—through any combination of email marketing, search engine optimization (SEO), pay-per-click (PPC) advertising, social media, and other decided tactics—demonstrates to potential buyers that you have a consistent pipeline of new business. By showing a savvy lead generation strategy, you’re not just selling a business—you’re selling a proven system for sustained growth.
Brand Guide
A brand guide outlines your brand’s visual and messaging standards for everyone to follow in company communications and marketing promotions. It serves as a blueprint for how your brand should be represented across all platforms and mediums. For buyers, a comprehensive brand guide ensures that your brand’s identity and messaging remain consistent, even after the business changes hands. Having a brand guide in place also provides some peace of mind to you in knowing the brand will continue to be portrayed accurately and consistently going forward.
Credentials
Do you know how to access the backend of your company’s website? How about the company’s social channels, or your email list? Preparing a company for acquisition requires an organized list of all accounts used to promote the business. During a business transition, ensuring that all digital credentials are organized and easily transferable is crucial for the new owner to be able to continue on without interruption. It’s somewhat of an afterthought, but one that moves to the forefront. Contact Netwave for our complimentary guide of profiles and credentials to organize for your business.
You’ve Earned It
Selling your business or passing it on to the next generation is a significant milestone that requires careful planning and preparation. When it comes to branding, advertising, and marketing, Netwave will help you add value to your business ahead of your exit, so you can maximize the sale, simplify the transition, and enjoy retirement. Contact us today for a consultation.
