Being proactive in finding a buyer for your business
Anyone who has sold a business can testify to how protracted the process can be. It is nothing like selling a home. While the handover process can often seem like the part of selling your business that takes longer than expected, actually finding a buyer can be difficult for both niche businesses and those that have a lot of competition within their industry.
There are ways to speed up the process. Thanks to the power of search marketing and social media, you can gain access to a pool of potential buyers on the other side of the country or the other side of the world.
5 ways to be proactive when selling your company
1. Work with your broker
At Businessesview, business listings are handled by accredited business brokers, who work to not only manage but drive interest in your business for sale.
Speak with your broker and make sure they can provide you with a clear marketing plan for the sale of your business, as well as have them regularly report on interest in your business. Because the sale of a business can often take months, there is more time for a broker to give you regular and structured insights into the market. Do not just leave it to the weather patterns to hope for rain, be proactive in analyzing the effectiveness of your broker and gauging whether they are really working hard to sell your business.
2. Use your own social media channels
As a business, it can be much easier to develop both a large and interested audience on social media compared to a personal account.
These accounts, such as Facebook, Twitter and LinkedIn, can be powerful loudspeakers for finding potential buyers, as long as you are comfortable with having it known that you are selling your business. Facebook allows you to create ads that target specific demographics and locations, saving you money in blindly advertising the sale of your business, instead making it easier to find those who are more likely to be interested in your industry.
3. Use SEM to advertise the sale
SEM stands for Search Engine Marketing, where you have the capability (similar to on Facebook) to target your advertising on search engines and pay per click or per interest in your business. You may dedicate a page on your business website explaining the benefits to owning a business in your industry and why yours is particular beneficial etc.
4. Use your network to source potential buyers
Your business network can be a vital sounding board and advertising platform. This includes customers, but suppliers can be an unexpected and valuable source of potential connections. Suppliers deal with your competition, and may know of interested parties.
5. Attend industry-related conferences
Finding buyers for businesses can often be achieved well in advance of the period when a business actually is up for sale. In fact, those building businesses should have a clear plan of when they want to sell the business and potentially have a buyer lined up from the very start (i.e. someone inside the business).
Industry conferences can be a great way to not only drive investment in new businesses but also investment in existing businesses. Potential buyers attend conferences for this specific purpose, so it is not too hard to find those that have an open mind when it comes to acquiring a new business.