Marketing your business to potential buyers can prove more challenging than marketing to customers. That’s because discretely selling your business depends on keeping your plans off of customers’ radar.
Sometimes keeping a transfer of ownership from suppliers or your own employees is also important, at least until the sale is completed. Keeping competitors in the dark about your attempts to sell your business could also prove invaluable strategically.
Fortunately, there are plenty of ways that you can market your business without tipping off the wrong sources.
Placing blind ads or using a broker that understands your need for pre-sale privacy can allow you to discretely market your business and attract the highest price possible from buyers. Below are a few more factors to consider:
Determine your Ideal Buyer
Defining the characteristics of your most likely buyers is crucial for later determining the best time, place and strategy for reaching those buyers.
Ask yourself whether a potential buyer is looking at your specific industry for the most lucrative buyout or whether buyers are simply looking for firms in any industry with high upsides.
Also find out whether you would ideally want to sell your business to an investment outfit or another business owner. Even if an individual buyer is your most likely buyer, then you can develop a more nuanced strategy for marketing your business.
Embrace Targeted Marketing
After determining your most likely buyer, it’s time to consider the best marketing avenue for your upcoming sale.
Buyers coming at your business from the perspective of buying out the most promising offering in the area usually go through local brokers who understand that particular market segment. Such buyers might also press local attorneys and business owners for their impressions and to gather leads.
Networking and creating strong relationships between yourself and local attorneys, business owners and accountants can add your name to the conversation while keeping the potential sale clandestine from your employees, suppliers and competitors.
Potential buyers interested in purchasing the most promising businesses within a particular industry usually rely on listing websites online.
The reason these buyers use online listing sites is that these sites allow for customizability in the search wherein buyers can hone in on businesses based on the following characteristics: size, growth, financials, location and industry.
That said, it can make sense to market your business through online listing websites and even trade publications because this is where you’ll connect with niche buyers.
All Other Buyers
Many buyers will consider purchasing a business regardless of its geographic area or niche industry as long as that business has a promising financial upside.
These kinds of opportunistic buyers almost ubiquitously use business sale websites and larger online sale marketplaces to narrow down their search.
In fact, the vast majority of buyers check out online business listings – even if those buyers are officially going through brokers.
Create a Business-For-Sale Ad
Armed with the above knowledge, you’ll now want to create a business-for-sale ad that gets attention.
There’s a fine balance to be had here between stoking the enthusiasm of potential buyers and revealing too much through the ad itself.
Use professional language in the ad and open with a strong headline. Also make sure to include photos that convey your company ethos or business facilities in a favorable light. Just remember that there’s a balance between showing too much and not showing enough to generate excitement about your business.
Contact the brokers at Sunbelt Atlanta to learn more about marketing your business, drafting a sales agreement and selling your business.