Five Things To Think About When Putting Your Recruitment Agency Up For Sale
If one of your goals for your business is to eventually prepare for sale, here are five things that you need to think about as the operator of a recruitment agency, to make sure you get the best return for your hard work.
Streamlining processes
If your business is using a suite of services to perform different sections of the recruitment lifecycle, it might be time to consider a switch. With potential buyers looking to continue operations of the business as smoothly as possible, cutting down on the number of potential issues with integrations between software is key. This can be done by making sure your business goals are clearly outlined, and being aware of the options available to you when it comes to technology. More and more, technology is being embraced by both the old and new guard of the staffing industry in the UK, and it’s important to make sure your company is on board.
Find the right staff
It doesn’t always matter if a business is doing great currently. Buyers want to be able to trust that the business will succeed in the long term, which will inevitably make them more money. Having the right staff on board means being diligent when hiring, and cultivating the right work culture. This is something that David Rolleston from Dash Construction Solutions stresses, saying “The first thing we sought was to hire the best, experienced recruiters who are like-minded, work well together, are loyal and are incentivized to make good money. As a manager, we know we are not the be-all-and-end-all. We want to surround ourselves with the best people.” The more you trust your staff, and vice-versa, then the more likely someone is going to want to put money into growing the business, as they’ll know the right people are steering the ship.
Be digital ready
It’s crucial to make sure you have a visible, and regularly updated, digital presence. Buyers won’t expect you to be tech wizards, but they will expect that you have a level of knowledge when it comes to the digital world. Believing in social media, the power of digital marketing, SEO and more means that your business doesn’t need work to get online, it already is, making a new buyer’s life a lot easier. This also goes for having the right software, that will grow with your agency. Choosing software that scales with your business means you become a more attractive option to any buyer, as they know you won’t outgrow your size.
Collate important data
How big is your workforce? What’s your annual turnover? These are two questions that you should know off the top of your head, but if you don’t, then it’s time to collate that data. By preparing this data for a buyer, you can present a more cohesive argument as to why your business is worth investing in, as well as being able to increase the value. When it comes to negotiating, information is key, plus having the right systems in place.
Line up the right buyer
You don’t want your hard work to go to waste. Whatever time you’ve spent building up the staffing agency, and whatever is happening afterwards, you want to be able to trust the purchaser. Much like you would with any business deal, understanding the needs and wants of the purchaser of your business will mean that all parties are a lot more likely to end up happy.
If you’re looking to put your business up for sale, or just looking to improve your agency’s back office, then FastTrack can help. FastTrack allows you to collate timesheets, pay your workforce and bill clients, all from the one platform, as well as integrate seamlessly with your front office to create an end-to-end solution. If you’re looking to make the switch, click here to find out more.