How to Find the Right Buyer for Your Business

Selling your business is never a decision to be made lightly. When you make this choice, you want to place your company in the hands of someone who will give your business the same attention and care that you did.

So how do you find the right buyer for your business? Here are some tips to help you sell your business with greater confidence.

Know Your Business Thoroughly

First, it’s important to know your business inside and out. This is easiest to do if you are the founder. Even then, though, it never hurts to reflect on what makes your business unique. Think about questions like:

• What need does your business address?
• What makes you stand out from competitors?
• What are your most closely held values?

Answering these questions will help you communicate when selling your business.

Who Is Your Ideal Buyer?

Think about the person you’d want to see running your business. Consider such features as:

• Industry background
• Plans for the future
• Track record of success

Some sellers may even have candidates in mind, such as family members or long-term employees. This is fine, though it’s also important to pinpoint what makes those individuals your preferred buyers.

Prepare for the Sale

Next, you’ll actually prepare for the sale by:

• Communicating your intent to your employees and stakeholders
• Consulting with board members or other senior leaders
• Having your business professional valuated to determine its worth
• Organizing your financial records and governing documents

Taking these steps will ensure that you have a smooth, orderly transition. Doing so can also prevent rumors from spreading among staff and stakeholders. This will help employees better understand when they may need to consider updating their resumes should the new owner decide not to retain the original staff.

Consult With Professional Advisors

It never hurts to have the right team in your corner. Consulting with a team of professional advisors can help you strategize the sales process from start to finish. The right consultant can help you:

• Refine your business valuation
• Create materials for marketing your business
• Design a communications plan
• Screen potential buyers

Best of all, a consultant can help you sell your business discreetly to avoid disruptions in your ordinary business processes. If you’re not sure of the value of your business, use Sunbelt’s free valuation calculator.

Buyer Screening

Once you “go public” with the sale of your business, you’re ready to start screening potential buyers. Don’t get frustrated if you find that the process takes a while. While estimates vary, you can expect your business to be on the market for as long as 11 months.

By screening buyers carefully, you’ll be able to pinpoint the ideal candidate to take charge of your company. Your consultants can help with this process as well. They’ll conduct preliminary screenings and assist with the interview process.

Close the Deal

Once you find the ideal candidate, you’re ready to close the deal. Make sure to build as many as two to three months into your timeline to cover the closing process. At this point, you’ll hammer out the details of the sales contract. Then, you’ll make the transition to your company’s next leader.

Selling Your Business With Confidence

With the right consultants, you can ride off into the sunset with greater confidence. That’s because you can trust that the new owner will continue your legacy.

The right consultants can help. Sunbelt Business Brokers can help you strategize the sale and transition of your business. When you’re ready to sell, contact us to discuss the valuation, sales, and screening process. Let us help you transition with greater peace of mind.