Selling your business can be exciting, but it can be daunting as well. Long before you get to developing a deal structure, you need to take the first key step: finding and contacting potential buyers.
One of the best ways to do this is to tap into your network of business contacts (or find new contacts to add to your network). Here are a few tips to help you get started.
Think About What Type of Buyer Would Be Interested
Before you start reaching out to your contacts, take some time to consider what type of buyer might want to buy your business. Does your business appeal to potential owner-operators? Or is it a better fit for an investor?
In many cases, the answer to that question depends on what type of business you’re running. Landscaping, auto repair, and pressure-washing businesses tend to be run by owner-operators — owners who are involved with a business’s daily operations.
Someone interested in purchasing as an owner-operator will likely have business experience already. For instance, suppose that you’re selling a plumbing company. A plumber who owns a smaller company might want to expand their business by purchasing yours.
Keep in mind that most people purchasing as owner-operators want to make sure your most valuable employees intend to stay with the business. That way, your company can change ownership with minimal disruption.
Some businesses, especially those in the e-commerce industry, tend to be more appealing to investors. Most investors have backgrounds in finance. They may not have built businesses from the ground up in the same way that most owner-operators have.
Network Within Your Industry
Once you have a sense of who might be interested in buying your business, the next step is to reach out to potential contacts in your industry. If you don’t already have several contacts, now is the time to start building your network!
Attending and speaking at conferences is a great way to meet business contacts face-to-face. And if you’re selling your business soon, it’s also a good way to build your company’s reputation.
While you’re networking, talk to potential buyers and let them ask important questions. When you can explain why you’re selling or how the buyer might tap into new markets, you increase your likelihood of a faster sale.
Enlist the Help of a Broker
A qualified broker can make selling your business quick, easy, and hassle-free. But brokers do more than just handle the logistics of a sale; they also accurately value your business, develop a sales strategy that meets your needs, and even identify and vet prospective buyers.
At Sunbelt Business Brokers, we work with select small and medium businesses to ensure quick, profitable sales. We maintain a large buyer registry and verify that any potential buyer has the capital to purchase your business.
Rely on us for the initial legwork of locating and vetting buyers. From there, we’ll help you negotiate a deal. We sell more businesses than anyone in the world, and we will make a significant investment in marketing your business.
Selling Your Business with Sunbelt Business Brokers
At Sunbelt Business Brokers, we’re committed to helping you sell your business. Sunbelt’s free business valuation calculator makes it easy to determine the value of your business in a matter of minutes, and if you’re ready to sell or are just considering it, contact us today and schedule your free consultation and valuation.