Selling your business takes some planning and forethought. You need to prepare for a sale when you want to make sure you receive a favorable offer. Once you prepare, the next step is to find a buyer for your business. A buyer can sometimes be challenging to find, and the process can be lengthy. This is especially true if you own a niche business. There are several options you can choose as you look for a buyer for your company. Keep in mind that you may be able to utilize one or more of these options at once.
A business broker is an agent who specializes in the sale of businesses. Generally, business brokers work primarily to help small to mid-sized companies in local areas. A business broker can handle many of the daily tasks of locating potential buyers and providing them with information. Your broker can review possible interested buyers and find those that are the most promising before taking further steps.
There are several advantages to utilizing a business broker. A broker typically has a vast network, so it may be possible to find a buyer more quickly. Also, a broker will take care of the various issues so you can continue to focus your attention on other things. Just like a residential real estate agent, a business broker is paid a percentage of the sale price for their efforts. The fee is usually paid once the sale is complete.
Online Sales Sites
Many sites offer listing services for the sale of businesses. Online listings are easy to do, and they are typically not expensive. Sites often offer templates and platforms that you can use to quickly set up your ad. Some even offer advertising packages to help promote your business and extend the reach of your marketing. While the prices are often very low, it is helpful to note that some types of businesses may not have as many potential buyers as others. Therefore, selling your business through this method can take some time. Also, you will be in charge of handling responses to inquiries, which can be time-consuming. Choose a reputable company that has a proven track record.
Networking and Word of Mouth
If you belong to a specialized business organization, this would be a great place to start the sales process. A business organization geared towards your industry offers potential buyers who may already have an interest in your type of company. Organization websites often have sections dedicated to buying and selling businesses. Trade shows are another place where you can offer your business for sale. Trade shows are filled with people who understand your type of business. You can also use word of mouth to tell your associates that you are selling your business. Current employees are also good options for getting the word out that your business is for sale. Other ways to list your business for sale are through local online selling sites or local newspapers.
Selling your business can take some planning and effort, but the result can be a sale that provides you with everything that you need. To learn more about business transactions and succession planning, contact our legal team at Moen Sheehan Meyer, Ltd. at (608) 784-8310 or online.