So you have done the work to build a successful business that someone would want to buy. This is certainly to be commended. However, actually finding the right buyer for your business is a profession in itself — one that you have likely had to overlook because you are too busy building your business! How exactly can you find a buyer for your business? Let’s take a look.
You want to go out into the market with your buyer already in mind. Otherwise, you will waste time with window shoppers and various unsavory entities. If you have a profile in mind as well as a short questionnaire to curate your shortlist, you ensure yourself a much more efficient and satisfying process than relying on the market to present you with suitable buyers.
Getting a proper valuation for your business first can help you narrow down the potential pool of buyers. You should know whether you are willing to accept installments or if you want cash only. Also, what kind of person or entity do you want running your business? Not all money is good money. Regardless if ownership changes, the soul of your business is not for sale.
Your town may have business journals, and there are certainly plenty of business indexes online, but the best way to curate buyers is to curate your communication channels. This is usually better left in the hands of professionals who have had the time to cultivate relationships with reputable people in the local business community.
Partnering with a reputable broker with reach outside of your local area is also key. Positive revenue streams are a language that has no physical border. You never know who will be interested as long as you can get in touch with a certain level of buyer!
The reason you got into your business may not be the reason that someone else wants to buy it. Markets change. People change. Are you sure your message is getting through to the people you want, and are you communicating what they want to hear?
It is one thing to build a business — it is quite another to showcase why that business is worthy to move on beyond its original ownership. You must understand why you are selling and who you are selling to in order to get the right buyer on the hook and get the best deal.
Murphy Business has been helping people sell their businesses for years in the United States and Canada. We have been making those connections that will help you curate your buyers and streamline the selling process.
Give us a call at (727) 725-7090 or get in touch with us through the easy form directly on our website. We are ready to help you find the right buyer for your business through an efficient process that will ensure you a smooth transition and a satisfying result.