How To Market Your Business for Sale to Potential Buyers

When it comes to selling your business, it’s important to develop a marketing plan to ensure a swift and successful transaction. By implementing a successful marketing strategy, you can attract buyers to your listing, effectively communicate the value of your business to potential buyers, and ultimately secure the highest possible sales price.

When deciding how and where to present your business to prospective buyers, it's important to consider who is most likely to be interested in acquiring it.

• Is your likely buyer seeking to buy a business specifically like yours? Buyers considering businesses within specific business sectors are most likely reached through industry-specific ads, industry-specific brokers, and online business-for-sale sites.
• Is your likely buyer seeking to buy any business rather than a business specifically like yours? Buyers considering a wide range of businesses are most likely reached through brokers and online business-for-sale sites.
• Is your likely buyer seeking to buy a business specifically in your geographic location? Buyers who live or want to live in the region where your business is located, and who are considering a wide range of business offerings specifically in your geographic area, are most likely reached through local market ads, local brokers, and online business-for-sale sites.
• Is your likely buyer an investor or an investor group seeking to acquire a business of your type in several geographic locations? Investors and investor groups seeking business such as yours are most likely reached through industry-specific ads, industry-specific brokers, and confidential inquiries.
• Is your likely buyer a competitor or supplier of your business? A competitor or supplier is best reached through a confidential inquiry.
• Is your likely buyer an individual who seeks a business of your type and who must have specific credentials, certificates, or licenses to acquire your business? Buyers with specific professional credentials are best reached through industry-specific brokers, online business-for-sale sites, and confidential inquiries.
• Is your likely buyer seeking to acquire a franchised business? If you are selling a franchise, known as a franchise resale, consult with your franchisor before beginning the sale process. Franchise sales involve contractual obligations. Also, the franchisor may have a list of interested buyers to share with you. If not, online business-for-sale sites will help you reach the broadest range of prospective buyers.

When both the buyer and seller come from the same geographic area, the sale is a local-market transaction, which describes most small business sales. Often these deals include a local broker and, almost always, they involve online business-for-sale searches. Just as people search online for real estate in their own market areas, they also search online sites for businesses for sale in their community.

Targeting Advertising Efforts Only to Those Likely to Buy Your Business

If you are working with a broker, the marketing of your business becomes the broker’s responsibility. If you will not have a broker on your sale team, the responsibility will be yours. Identifying the profile of your likely buyer and where that buyer is most likely looking for businesses like yours is an essential part of exit planning. Knowing who is most likely to buy your business puts you in the best position to create your marketing plan or to evaluate the plan your broker recommends.

Buyers seeking businesses only in specific market areas often work through professional contacts or through online searches. Online searches usually lead to online listing sites, where buyers filter results to show only listings for businesses in the desired market area. Professional contacts lead to local business brokers, bankers, accountants, attorneys, or business leaders. You can provide these individuals with advance information about your sale intentions by making discreet contacts, often working through your confidential attorney or accountant relationships.

For buyers seeking businesses only in specific industries or professional arenas, ads in trade association publications and on websites are used most often. These buyers search for opportunities by filtering online listing sites by business type, size, and location. Many also seek leads by networking with industry or professional area association executives, which you can cultivate in advance by making confidential contacts.

Nearly all buyers seek businesses through online listing sites. Whether they are working with a broker, looking for businesses in specific regions or business arenas, or open to a wide range of business and geographic areas, nine out of 10 prospective buyers shop online listing sites. Online sites are also a rich resource for sellers, who can compare business prices and view the ads of similar businesses to see how they are being presented to buyers.

In conclusion, the process of marketing a business for sale involves a multifaceted approach that caters to the diverse preferences and strategies of prospective buyers. Whether buyers are focused on specific market areas, industries, or professional arenas, the common thread is the extensive reliance on a variety of marketing channels. Local brokers, classified ads, online listing sites, and networking with professionals all play pivotal roles in connecting buyers with businesses that align with their search criteria.

Check out the BizQuest Broker Directory to find a qualified broker who can guide you in marketing your business for sale to potential buyers. Unlock the potential to effectively showcase your business for sale by signing up for a BizQuest account.