Selling Your Business : Effective Marketing Makes or Breaks the Deal
When a business is put on the market, whether or not that business sells has much to do with how that business is marketed. In my opinion, many businesses do not sell because they are not effectively marketed. As I mentioned before, with businesses the key to success is finding buyers that are financially capable, knowledgeable, interested, and willing to move forward and take on the risk and responsibility of owning and operating a business. The truth is that there are not too many individuals who match all of these criteria. On this page I will discuss some marketing techniques and the overall importance of effective marketing when selling a business.
Each client of mine has a unique business and therefore, each marketing plan we execute is unique. It goes without saying that businesses are different. One cannot put a sign out front and hope the calls start coming in. To the contrary, most of the marketing I do for my clients is very proactive in nature. Below I will discuss some of the major tools that we use when marketing a business.
Other Business Brokers
One of the most effective ways I get businesses sold is by cooperating with other business brokers I respect and trust. Other business brokers are in daily contact with buyers who are seeking businesses. By communicating my client's information to them, often times they may realize that they are in contact with the perfect candidate for a business I have listed. Business brokers also do a great deal of coaching with their buyer clients. If a business broker is working with a buyer they can walk them through the process of buying a business.
I am a firm believer in the power of the internet. Most business buyers turn to the internet first when they are seeking a business to buy. If you are a business owner and you are considering selling and you are reading this, you are on theinternet looking for information about how to sell your business. Effectively utilizing the business-for-sale website can generate a tremendous amount of interest in a business that is listed for sale. The key with the internet is to provide enough information that the buyer makes contact because at the end of the day businesses are bought and sold in person.
Certain types of businesses cannot be effectively marketed using the internet and other business brokers alone. In these situations potential buyers need to be contacted and "put into the market." This is typically the case with larger, more complex business transactions. The truth is that many buyers for these types of businesses are not actively looking to buy. Strategic buyers, synergistic buyers and private equity groups need to be presented with the opportunity. I have developed several innovative ways to reach out to this group of potential buyers.
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Once a prospective buyer has made contact, he or she should be presented with a professionally prepared business profile. My business profiles are designed to address the unique concerns that buyers have. My business profiles are also designed to give the buyer a glimpse into the heart and soul of the company they are considering buying.
Please note, that the business profile should contain a good deal of information but not overwhelm with useless information. The main goal of the profile is to to prompt them to the next stage of action. The next step would be a face-to-face meeting with the owner, either at the business location or at our office. Businesses are bought and sold in person.
I have developed several other unique and innovative ways to market businesses. Unfortunately, I do not want to give away my secrets here on this website. If you are a business owner and you are considering selling your business,
and I will be happy to demonstrate how I can effectively market your business.
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