Is your business broker really serious about selling your business?
Selling a business might appear very simple, but in reality, it is an extremely difficult process. It has become reasonably more difficult in these Covid times we live in. It generally takes several months, if not longer, to successfully sell a business. Selling a business is unlike selling a property. When selling a property, you are able erect an impressive sign in front of the property, attracting passers-by. You are able to produce ads which will highlight in detail all the finer points of the property with the aid of beautiful photos and videos on the websites etc. The sale of most businesses requires complete secrecy. Advertising and marketing are extremely difficult without divulging anything about the business. When advertising a business for sale, you are not able to reveal the location or the name of the business. You cannot erect a sign in front of the business. You are not able to have photographs or videos of the business. Engaging a competent business broker is absolutely essential to the successful sale of a business.
The decision process of which broker to engage should not be cost based, this is critical. A broker offering low-cost fees, is going to provide a very limited service. The following question is absolutely vital before you make the decision to engage a business broker; How serious is the business broker, about selling your business? Is the business broker serious about selling your business or is he looking to list your business in order to increase his listings? Is the business broker going to list your business, sit back, wait and hope that the business sells?
When attempting to sell a business, the first thing required is to attract the potential buyer. The ads must attempt to describe the business, the financial viability, the key points without giving away too much information. The ad must attract buyers without them being able to identify the business which is for sale. In our high-tech world, most inquiries for a business sale will come from the internet. It is therefore critical for the ads to cast as wide a net as possible. It’s not enough to just advertise on one or two websites, it is essential to advertise on every possible website. The performance of the ads requires monitoring, if the desired results are not achieved, the ads must regularly be tweaked or even changed completely.
A vital component of the marketing campaign, with the seller’s input, is to consider price reductions. Email campaigns must be part of your marketing strategy. It is essential to notify everyone on your database, ensure that as many potential buyers as possible are aware that the business is for sale. Where appropriate, it might be necessary to advertise in the print media. Again, where appropriate, social media advertising might be very beneficial. If the business broker is serious about selling your business, he must be proactive, do all of the above and a lot more.
Is the business broker you are about to engage really serious about selling your business? I am.
Arnold Pierce Kelsey Business Broker.