Selling Your Small Business
Do you plan on selling your small business in the future? There are ideas to keep in mind when looking to sale your business. These ideas can guide you to an efficient sale of a small business.
When To Be Discreet
Put away the flyers and the signs, selling your small business will have to be done in a more discreet manner. Customers, suppliers, even employees often can not know about your plan to sell the business. Offer the sale in a way that does not alarm anyone, unless you have a buyer in mind, then the previous stuff doesn’t apply to you.
If there is a company that is for sure interested in your business then you can ask questions to the company interested in buying. But if this is not the case for you, then discretion is a must and the use of brokers and blind ads may benefit you when selling your business.
Who The Buyers Are
Make sure to define who the buyer of your business will be. In this case, save time for yourself and figure out first, who will likely buy your business. As yourself:
- Are you selling to serial buyer or someone just looking to buy your business specifically?
- Does the buyer have to only be financially able to obtain your business or do they need extra qualifications?
- And, is your business likely to be sold to a single buyer, a business or to investors?
Strategize how to reach those who are interested in your business. For example:
- Buyers willing to reside in the same region where the business is located or looking for tons of business will likely be reached through local ads and brokers; and sites that sell online businesses.
- Buyers who are interested in businesses in different locations will likely use sites that sell online businesses.
- Buyers looking to obtain a business of your type in many areas will likely use industry ads and brokers; and business selling sites.
- Buyers with credentials and certification looking to buy a business of your type will use business-selling sites, industry brokers and ads; and confidential inquires.
- An investor looking to obtain a business like yours, in varies places, will use industry ads and brokers; and confidential inquires.
- Lastly, competitors looking to buy your business will use confidential inquires.
For those people who are looking to sell a franchise, talk with your franchiser prior to selling your franchise. The franchiser may have obligations to follow and could have a list of potential buyers. But normally sites will help you the most.
Maybe A Broker Can Help
When using a broker, it is their responsibility to market your business. If brokers are not used then you get to figure out how to advertise and who to advertise to.
Buyers may only be interested in specific areas in the market. These buyers tend to use local brokers. These buyers look at ads in the classifieds and online listings. They are likely to use bankers and business leaders for business leads. But buyers who deal with business in certain industries or professional arenas will use online listings and trade publications. Those buyers who are looking for a large range of businesses tend to check business-for-sale sites
When selling your small business there are a lot to think about. But keeping these in mind can help you sell in a more efficient way.