7 Tips to Find a Buyer for Your Small Business

7 Tips to Find a Buyer for Your Small Business
  • Think Like a Buyer, Not a Seller: What is the value of your business to someone else? Prepare your business for sale as if you were the buyer, not the seller. For each type of buyer, identify what motivation and information do they need to make a decision: valuation, industry trade secrets, location, market share, assets, cash flow? 

  • List Potential Buyers: Who are potential buyers of your business: competitors, employees, family members, customers, friends? 

  • Know Your Priorities: Identify what sales criteria are most important to you when qualifying buyers: do you need the highest price for your business, or do you need the fastest sales turnaround time? Do you want your business to continue to operate and keep the company name, or do you not care if the business is disbanded and sold for parts? Is employee job security a priority for you, or is confidentiality your greatest concern? 

  • Spread the Word: Let people know your business is for sale. Regardless of the reason you\'ve decided to sell your business, the more people who know your business is for sale, the better your chance to quickly find the right buyer for your business. Small business trade shows, chamber of commerce meetings and other networking events are a good opportunity to spread the word that your business is for sale. 

  • Research Sites to Sell a Business: Many websites offer small businesses for sale, everything from CraigsList to newspaper ads to banks to magazines. Ads to sell your business typically have a fixed price, and you can set up a separate email address or phone number to field inquiries. 

  • Research Sites to Buy a Business: Online sites that offer businesses for sale can provide you with good information on how to find a buyer for your small business: prices, keywords, terms of sale and more information can help you target the right buyers when you list your business for sale. 

  • Hire a Business Broker: Hiring an intermediary such as a business broker, a mergers & acquisitions advisor or an investment banker has clients and contacts who have prequalified assets to purchase a business access and can confidentially help you identify and qualify buyers for your business. An intermediary will charge a fee, but they will also save you time and stress - and may help you get a higher price for your business. 

  • I am a sales professional, small business owner and entrepreneur. I train and motivate salespeople, sales leaders and companies and wrote the best-selling The Sales Assassin: Master Your Black Belt in Sales. Learn More:  http://www.thesalesassassin.com/go/salescocktailmp3-pa002  

This checklist was created by anthonycaliendo

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