If you are thinking of selling your small business, you likely are seeking a little help. You could be having a hard time finding the right buyer or attracting one in the first place. You could also be struggling with concealing your identity when you don’t want your staff or clients to know that you are selling the business, among other issues. To successfully advertise a business for sale, you’ll want to carefully consider your options, especially if this is your first time.
If it is any consolation, you are not alone. Many first time sellers have a hard time navigating through the process. In fact, most of them opt to work with business brokers to avoid the entire thing. Good brokers take the stress out of the process of selling your business. They coordinate and facilitate sales end-to-end, freeing up business owners’ time to focus on the things that matter – like running the business.
The reality is selling a business can be a daunting task. And without the right guidance, you may struggle to reach potential buyers, let alone sell the business. So, to help you get started, here are some quick ideas on where to advertise a business for sale:
Advertising through online channels
Business for sale listings
Advertising your business online is critical because it’s where buyers searching for companies like yours turn to. Luckily, there are different reputable websites online where you can (and should) list your business for sale. But you need to be careful to identify the right ones for you – because they are not created equally. A good online marketplace allows users to browse a variety of small, local businesses and even large, household-name franchise businesses for sale by cities, state, popularity, and so on. You can browse our current listings online at: https://buyorsellbusiness.com/listings/
Use social media platforms
Social platforms like Facebook and LinkedIn are great for advertising your business for sale. After all, nearly 50% of the world’s population uses social media. Take advantage of business communities to put the word about your sell out there. You can also inform your followers on the business page about the sale. They may not be interested in buying your business, but they might know someone who would be interested.
As you prepare for the sale, it’s essential to do your research regarding the current business selling market. A quick analysis of businesses sold and those still on the market can give you a picture of what buyers are looking for. It’s equally important to do a valuation to know your business worth. Valuation is critical for pricing your business.
Other online directories
There’s no limit to online advertising platforms – you only need to find one that matches your preferences and needs. Keep in mind that more than 90% of potential buyers will shop online listings. Even when they use a business broker, most of them still go ahead and search online. When you promote yourself in several directories, you enhance the chances of being found. These directories will help investors and buyers to find you even when they are outside your market area and industry.
Pro tip for online advertising
As an entrepreneur, you already understand that a “For Sale” sign is not enough to attract the right buyer to you. You need a compelling ad that will attract and nudge the user to take further action. Of course, different sites have different ad requirements (formats, lengths, etc.) but essentially, your ad should be professional, brief and current. It would help to think like a buyer when writing your ad.
Advertising through offline channels
Word of mouth
Word of mouth is an inexpensive yet effective way to advertise a business for sale. You can work with a few industry leaders, and have them inform their connections about your business for sale. Word of mouth works best when a person who isn’t directly affiliated with your business speaks about it or recommends your offering to other people. So basically, they advertise your business for sale on your behalf. It is an essential tool for small businesses because when prospective buyers learn about your plans from a reliable source, they tend to build more confidence and trust that their purchase won’t be a mistake.
If you have connections within your industry, you may pitch your idea directly to the business buyers. Sometimes, your competitors or local business owners with complementary solutions can turn out to be the best clients. So you can either call or drop an email informing them about the opportunity they’d be interested in. But the fact that these prospects aren’t actively searching means you have the extra task of convincing them to buy your business. So, try coming up with a package that appeals to them. You also want to reach out to these people before placing your ads for the general public to see.
Even in the age of the internet and smartphones, much of your potential customer base still reads the printed word. You can advertise your business on local and international newspapers, magazines and even direct mail to maximize exposure. Traditional print media still commands attention. Besides, not every potential buyer uses the internet to find information – some still prefer reading magazines and other types of physical publications.
Chamber of Commerce
You may take advantage of the workshops and seminars that your local Chamber of Commerce provides to sell your business. The Chamber of Commerce represents the interest of the business community. With thousands of members in each city, it presents an excellent opportunity to advertise a business for sale to your network and people who share your interests. Your local chamber of commerce is a great way to spread word of mouth advertising. As an active member, you may get to know someone who can connect you to a prospective buyer.
Get professional help from a business broker
As a business owner, you’re likely a hands-on person who likes to get things done, especially when it comes to the success of your business. However, some things – like selling a business – are better left to the professionals. A talented business broker, like the ones at BuyOrSellBusiness.com will know much more about when, how and where to place your ads. He or she will ensure a faster transaction, negotiate favorable terms and remove stress throughout the sale of your business. And even if you can still manage to do everything by yourself, at the very least, it’s in your best interest to consult one, to ensure you’re on the right path. We always work to ensure the best possible outcome for both the seller and the buyer.
Contact us today to schedule an appointment!