Should you rebrand the Sarasota business you are about to purchase? When a store or agency changes hands, you want people to know. You want to let customers know to expect exemplary service. At the same time, previous clients should realize you run the show.
In 2017, I sold a successful Web development business in Virginia. This company’s brand was well established in the region for well over a decade. At one point, the new owners considered a rebrand to reflect the changes. Ultimately, the company’s name has stayed.
Rebranding A Sarasota Business
Rebranding a business requires serious thought. You must weigh the pros as well as the cons. Rebranding can involve changing a business name entirely, or shortening it for easier awareness.
Dunkin’ Donuts is a prime example. Founded in 1950, this chain originally focused on selling a large variety of doughnuts. In recent years, their business model shifted ,to promote their coffee menu in addition to breakfast sandwiches. In 2018, the company dropped Donuts from their name to de-emphasize that part of the business. You can still buy doughnuts, but Dunkin’ offers so much more.
Of course, rebranding need not require a full or partial name change. Sometimes, an updated logo lets customers know you are still relevant. Food brands like Pepsi and McDonald’s have refreshed branding over the years while maintaining signature colors. Search their branding and you’ll see how their emblemsn look sleeker and more contemporary.
As you acquire your Sarasota business, you have options. Keep the old name for recognition, or create a new one to start fresh? You should look at a number of factors as you consider:
- How recognizable is the current name/branding?
- How likely are established customers to continue patronage?
- Does a partial name change make more sense?
- How drastically do you plan to change goods/services?
Rebranding consultation is one of the services I provide as a Sarasota business broker. I welcome you to contact me today and we will talk about your business plans for the coming year. This is the time to begin your entrepreneurship. Let me help.