How To Find A Buyer For Your Business
When you are looking to retire and sell your business, one of the first things you ask yourself is how can I find a person who wants to buy my business. There are a variety of creative ways to attract buyers to your business through advertising, marketing, and direct contact.
We have compiled a few tips to attract buyers if you want to sell your business on your own. But it’s a complicated process, so most business owners save time and make more money by hiring a business broker.
Hire A Business Broker To Find Buyers
As a business brokerage firm, it is our job to attract buyers to your business. There are multiple reasons to hire a business broker. We already have the connections, process, and network designed to sell your business. Another reason is we know how to find qualified buyers.
Many business owners will come to us after trying to sell their business on their own for years, and they will mention they had a lot of people interested but no follow-through. We will be able to find the right buyer who will commit to buying your business.
Pay To Market Your Business Online
There are multiple websites you can pay to market your business. Just as almost every real estate agent lists businesses for sale on Zillow, business brokerage firms list businesses for sale on multiple listing sites. While we do this, we have our own listings of businesses for sale.
We email our list of interested buyers regularly and are able to reach out to a large pool of interested buyers. If you market your business on listing sites, you can reach multiple buyers as well, but you won’t have access to a proprietary database of buyers and knowledge of which ones are most likely to move forward.
Seek Out Buyers For Your Business
If you take your company’s future into your own hands and seek out interested buyers, you may end up asking: Where can I find interested buyers that are going to make a good offer? Word of mouth is a great way to learn more about who might want to buy your company, but it is also very risky.
If your investors or employees learn you are planning on selling the business, they might leave. Trying to confidentiality reach out to interested buyers without a business broker is a difficult task.
Be Transparent About Your Company When Attracting Buyers
If you are transparent about your business, the product that interested buyers would be purchasing, you will be more likely to sell the business. However, you need to protect your confidentiality, so you only want to release information after a buyer has signed a non-disclosure agreement and provided some information on their qualifications.
After that, the more the buyer knows about your business and what is being purchased, the more likely they are to follow through with the purchase. So it’s important to release the right information only to the right buyers.
Highlight Your Company’s Strengths When Marketing Your Business For Sale
Take a look at our businesses for sale and see how we market businesses confidentially while also highlighting the key strengths of the business. What is your business’s key strength? What would make buyers interested in purchasing your company? What makes your business different from others? Take that key selling point and make it stand out when you are pitching your business for sale.
Try To Sell Your Business To A Competitor
This may not sit well initially, but your competitor wants to own your business. Attracting buyers to your business can be difficult. Reaching out to a buyer who is already interested in purchasing your business is a great idea.
You have to be careful when selling to a competitor. They may just want to find out about your business so they can use your methods in their business. So it would be best if you had a professional business broker that can determine whether the competitor is serious and protect your confidentiality.
There are a lot of benefits to having a competitor buy your business. They will know the industry already. They may have been watching what your business does so that they will be aware of your strengths.
Selling a business to a competitor could result in your receiving full price for your company because they are fully aware of what they are purchasing and the value of your company. In other cases, though, the competitor may try to lowball you and get your business for a steal. It’s important to talk with multiple buyers so you can get the full value for your business.
Target Business Owners & Corporate Venturers To Buy Your Company
If you do not have a direct competitor who is interested in your business, look for other business owners that might make a lateral business move. Pretend you are an electronics manufacturing company that creates parts for a computer engineering business. You could contact the owner of the computer engineering business and see if they would be interested in purchasing your company.
This would lower their business’s costs and cut out the middleman. They would be more interested in purchasing your business than other companies would be. But again, if you are doing this yourself, proceed with caution. It isn’t easy to do this on your own without the word getting out.
Utilize LinkedIn To Attract Buyers To Your Business
A creative way to attract buyers to your business is by utilizing LinkedIn. LinkedIn is a social media network for business professionals. Here you would be able to contact business owners directly to pitch selling your business to them.
Attracting interested buyers for your company can be difficult, but going where business owners are is much easier with LinkedIn. Business Brokers can make these contacts without revealing the identity of your company and the best business brokers will have thousands of LinkedIn connections to contact.
The Risk Of Selling Your Business On Your Own
Selling your business on your own comes at a high level of risk. While you may be able to reach out and find interested buyers, it will be extremely difficult to keep the sale of your business confidential. You will run the risk of employees learning you are trying to sell your business.
Make sure you take selling your business confidentially into consideration as you try to attract buyers to your business. You don’t want your business to go down before you can successfully sell it.
Contact Synergy Business Brokers To Sell Your Business Confidentially
Synergy Brokers can help you sell your business effectively. We can attract interested buyers to your business confidentially and reach out to buyers who are already interested in buying a company. Contact us today.