If you’ve got a burning desire to take your business to the next level but simply don’t know how to, it’s important to remember that you haven’t failed.
In fact, it demonstrates that you love your business and want it to succeed. Sometimes, business owners simply hit a wall, and that’s surprisingly common in companies that have been around for a long time with the same people at the helm.
What you might need is an injection of outside expertise, liquidity, additional resources and the all-important second eye on your plans.
This is why businesses actively look to be acquired. And, while there are undoubtedly a few who see acquisition as a ‘route out’ and payoff for their hard work, for many, it’s the start of a whole new chapter.
But, how do you know if you’ll be an attractive target in the eyes of an acquisition firm?
Here are the attributes you’ll need.
1. A loyal customer base
You recognise that your customers are the lifeblood of your company. Without them, obviously, you wouldn’t be able to pay staff or keep a roof above their heads, but your customers are so much more than that.
They help you drive development of your product and have stuck with you, through thick and thin. They’re just as vocal when they’re happy with your service as they are when things aren’t quite going right.
Sure, you’re experiencing higher churn than you’d like, but that can be fixed – with the right help.
2. Growth potential
You’re operating in a market which is buoyant, full of innovation and constantly building its audience. That means your business has significant room for growth. There aren’t enough competitors to satisfy demand, and that demand is clear for all to see.
The problem? Although things are currently stable, you don’t know how to grow from here.
That’s ok! Someone else will know exactly what you need to do.
3. A product that shows huge potential
Your product has been around for a long time. As such, it has been developed pretty comprehensively, but in a rather narrow way which only satisfies your existing customers.
This is a classic trap businesses fall into and it results in a hugely frustrating inability to evolve the product in line with the wider market’s expectations.
The good news is that you can realise the potential that resides within your product. Even though you’ve painted yourself into a corner with development, the right expertise and boost in resources will help you break free and show the entire industry what you’re made of.
4. A brilliant existing team
The beating heart of your business. They feel more like family than colleagues, if you’re honest, and you’d hate for anything bad to happen to their career aspirations.
If you end up working with the right acquisition firm, you’ll discover that your staff quickly become part of a much wider team; they won’t be cast aside or have their existing duties and responsibilities removed.
Without your team, you simply wouldn’t be able to keep hold of that massively loyal customer base. But how much latent potential is lying there untapped? Whether it’s a budget issue or the simple fact that your team has become more comfortable than innovative, an injection of outside influence could work wonders.
5. A desire to remain autonomous
You’re quite happy running the business and don’t want to give up control.
You just need help.
That’s what the best acquisitions thrive on. If the business is already self-sufficient, it can remain that way after being acquired, albeit with some clear goals that are beneficial for everyone involved.
Your autonomy should never be comprised, no matter who comes in to help the business achieve the potential that lies within.
If you’ve been smiling and nodding knowingly to yourself while reading the above, we’ve got some good news. You’re probably an ideal acquisition target.
This could be the start of something big. Trust us.
Now all you need is the right support to bring your company to the next level.
Buy. Enhance. Grow. Aspire Software’s mission is to acquire and grow vertical software businesses that provide mission-critical solutions in their respective niche or market. Our team of entrepreneurs and business builders have an unwavering commitment to developing our brands and expanding into new markets thanks to its decentralized management strategy and indefinite hold period.
For more information please contact us here.