3 Options To Sell Your Business
The method of selling you choose to undertake with your business sale is vital to your result: a sale for the highest possible price, in the shortest period of time.
Here is more information about the different methods of selling your business and the approximate associated costs.
Send me info to read over later…
Being for sale privately is often a first port of call for many business owners. The attraction is obvious: low upfront expense and zero commission. But selling your business is no easy task, and if you are serious about it, you need to make this decision carefully.
As discussed above, you need to tick all three “Keys To A Successful Business Sale” in order to get from being for sale to SOLD.
If you plan to try it yourself, you must ensure you can generate strong buyer enquiry from where real buyers are searching, such as SEEK Business and other major platforms. You also need to follow up enquiries quickly and have professional documentation prepared for buyers to review.
If you can manage these aspects, you are well on your way. The final area to consider is buyer support. Most business buyers are first-time buyers. Fear and uncertainty will play a role at some stage. It is critical that someone is there to clearly explain the buying process, avoid surprises, and guide them through to completion.
If selling privately is something you would like to test, you can access over $5,000 worth of marketing for as little as $1,195 (payment plan available) with the Bonza Essentials Package.
Finding a small business broker who can write compelling advertisements can be difficult. Bonza’s copywriters will prepare your advertisement and promote it across major business-for-sale websites, the Bonza buyer database, and Facebook. Learn more by clicking here: https://bonzabfs.com.au/packages/ or call 1300 266 922.
The benefits of using a business sales service or brokerage are also clear. They bring experience, advertising power, access to an active buyer database, assistance with pricing, and more. Naturally, this requires investment.
Choosing the right company to represent your business means asking the right questions beforehand. This allows you to cut through sales pitches and focus on what truly matters. For example, a company offering “No Upfront Costs” may sound appealing, but if your business is only advertised on a limited number of websites and documentation quality is poor, your chances of selling decrease significantly.
Here are the major points to consider:
1) Experience
Does the company have genuine business sales experience? A common misconception is that they must specialise in your specific industry. What truly matters is their ability to sell businesses effectively across industries. A strong track record across multiple sectors demonstrates real expertise.
2) Advertising Power
Where will your business be advertised? Serious buyers primarily search online business-for-sale platforms. Ensure your representative lists on all major websites and ideally uses Facebook and other digital channels.
3) Handling of Enquiries
A third party managing enquiries reduces pressure on you and allows you to continue running your business. It also ensures buyers are handled professionally and guided correctly through the process.
4) Professional Representation
The documentation buyers receive after enquiring is critical. It must clearly present all relevant information and explain the buying process in a way that builds confidence and encourages offers.
For a more detailed comparison of Bonza Business & Franchise Sales versus typical broker services, please click here: https://bonzabfs.com.au/how-bonza-compares/
Be cautious of services that simply advertise your business online while claiming to “offer support”. Without genuine business sales experts, the support provided may extend no further than forwarding enquiries.
If you own a franchise, checking with your franchisor is often wise, as “First Right of Refusal” may apply in your agreement. However, relying solely on head office to sell your business can carry risks.
They may have an approved buyer ready, which can speed up the process. However, you must consider whether they are fully focused on achieving your best possible sale price within your desired timeframe.
A registered business sales service shares your goal of maximising price and minimising time on market. Consider whether your franchisor has dedicated resources for selling your business and whether achieving the highest possible price is a priority for them.
Some food for thought.
