When preparing your business for sale, financial records, operational systems, and growth potential are all critical. However, one often overlooked asset is your reputation, especially as expressed through online customer reviews and testimonials. Buyers are looking for businesses that not only perform well on paper, but are also trusted and loved by customers. It's all about leveraging trust and credibility to enhance business value.
This article explains how to improve, manage, and present customer reviews to maximise buyer interest and perceived value.
Customer reviews are a form of social proof. They demonstrate real-world satisfaction and build trust with potential buyers. A business with hundreds of five-star reviews across multiple platforms is seen as reliable, established, and reputable. For many buyers, particularly those without industry experience, strong online feedback gives confidence that the business is well-regarded and can continue to attract loyal customers under new ownership.
Gaining regular authentic and positive reviews, positions your business as premium before sale.
If your business only has a handful of reviews or a low average score, now is the time to turn that around. Ask recent happy customers to leave honest feedback. Make it easy by:
The more positive, authentic reviews you collect, the better your public image will appear to potential buyers.
Buyers will likely search for your business name online as part of their research. Ensure that you have reviews on platforms relevant to your industry, such as:
Having reviews in multiple places builds broader credibility. Make sure all platforms are claimed, updated, and monitored regularly.
Do not let your best reviews sit on third-party platforms alone. Select your strongest testimonials and feature them on your website's homepage, product pages, or dedicated testimonials page. This is an integral step in preparing your online presence for a business sale. Include the customer's name, location, or photo if possible (with permission) to enhance credibility. Buyers reviewing your website will see these as evidence of customer satisfaction and brand strength.
Social media is a powerful way to reinforce customer trust and share positive sentiment. Create regular posts that feature recent reviews or customer stories. Consider using:
By actively promoting positive feedback, you enhance your brand image in the lead-up to the sale.
Online reviews and word-of-mouth go hand in hand. Encourage your existing customers to refer others by implementing a referral program or simply thanking them for sharing your business. Positive sentiment in the community increases both current sales and perceived goodwill, both of which matter to potential buyers.
Responding to both positive and negative reviews shows professionalism and accountability. Buyers will notice how you handle criticism. Stay polite, thank customers for feedback, and offer solutions where appropriate. This reassures buyers that the business has good customer service practices in place.
In addition to reviews, personal testimonials can be a strong part of your business sale marketing. Reach out to long-term clients or major customers and ask if they would be willing to provide a testimonial for use in your Information Memorandum or sale pitch. These testimonials can highlight your customer service, quality, or long-standing relationships.
Before going to market, conduct a quick review audit. Document:
Include this information in your sales documents. Buyers will see it as part of the business's brand equity and customer loyalty.
Customer reviews are one of the most effective and affordable ways to build trust with potential buyers. By actively managing and showcasing your reviews, you can demonstrate that your business is well-regarded, customer-focused, and primed for ongoing success.
Thinking of selling your business? Begin collecting and promoting customer reviews now to strengthen your reputation and support a strong exit strategy.
