Understanding Due Diligence An Integral Part of Selling Your Business

Understanding Due Diligence An Integral Part of Selling Your Business
Understanding Due Diligence

Hi Suraj here and you must be doing well, today I want to discuss over the Understanding Due Diligence- an Integral Part of Selling Your Business. You know when you’re looking at selling a business, one of the things that you’re going to have to do down the road is go through a due diligence process. We find that buyer out there and they sign a letter of intent, or maybe they even get to a purchase agreement, but there’s going to be contingencies in those documents saying that “The only way I’m going to close this transaction is if I successfully go through the due diligence process.”
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What Do your Customers Want

What Do your Customers Want
customer

I wanted to share with you a thought about who decides whether or not your business succeeds. Is it you? Is it your employees? Is it the product or service that you provide? It’s really not any of those. They all contribute, but ultimately, success in your business is determined by your customers, as to whether or not you’ve served them in a way that they want to keep coming back.

Your customer decides whether your value proposition or whatever it is that you’re providing is going to be worthwhile or not. It’s important for you to measure, to understand, to learn, to find out what’s most important to your customer. If you can’t answer that question, then there’s no way that you’re going to succeed long term. Your competitors will beat you at some point.

It’s vital to understand what that customer wants, and so I encourage you to take the opportunity to start thinking about it from the customer’s side of the table not yours. Too often we’re very proud of what we do, our service, our product, or whatever our offering is, our employees, our team, our building, whatever it is, but none of that matters. It only matters if the customer is getting served in a way that they want to come back and do business with you over and over. Find out what the customer thinks, not what you think, and then make sure that you position yourself to provide them, to meet their expectations.