You Can’t “Sell” A Business To A Buyer, So What Can You Do?
You can’t sell a business to a buyer…I know…scary right!
But don’t panic.
Just think about it for a moment.
Your business is not like a new phone or a t-shirt.
Small priced items can be sold with a sales pitch quite easily. A nice and quick buying decision.
Your buyer however will need to go through weeks of processes, investing time and energy to buy your business. Then they’ll need to pay tens or hundreds of thousands of dollars. For them it’s one of the most important decision they can make.
So what does this mean?
No matter how good a salesman is, it will not make a buyer buy.
It means your buyer has to really want to buy your business.
How do you help them really want to buy your business and how do you increase the chances of selling your business at a fair price and in a reasonable time frame?
Here’s how:
Advertise your business widely so that you don’t miss any serious buyers.
Represent the business clearly and professionally so that the buyer understands your business and how to buy it easily.
Price your business fairly so that once the buyer understands your business, they are willing to talk offers because your expectations are reasonable.
If you don’t have a company representing your business sale yet, please take a moment to consider the above points.
You can see how we cover all bases for your business sale by clicking here.
If you already have a broker, make sure you take a close look at where your being advertised.
Do what your buyers do and try and find your ad. If it takes you more that a few minutes, reconsider where your business is being advertised.
Be careful not to get pulled in by a brokers sales pitch, because the only sales pitch they will need to do for your business sale is selling their services to you.
Make sure you ask the questions that make a difference to your result:
- Where will you advertise me and for how long? – At the very least you need to be found on Seekbusiness and Commercial Real Estate but ideally all of the major websites.
- How do you represent my business to buyers and what information do you give them? – You need to make sure your businesses information is compiled into one clear to understand and professional profile document.
- What price should I put on my business? – try to get a few different opinions. The broker who gives the highest opinion of value, whilst its exciting, may be doing so simply to get your business (we’ll happily provide you with an appraisal, just book in a time that suits you by clicking here).
Good luck out there and let us know if you have any further questions 1300 266 922.
