When it's time to sell your business, you need to do a lot of legwork to find the right buyer. The right buyer will look a little different for everyone, but generally, it will be someone who has the finances and knows how to run a business.
With all the potential buyers you will encounter, how can you tell which one to choose? How can you identify the right buyer for your business? Keep reading to get some tips.
1. Use an intermediary service
The best way to find the right buyer for your business is to use brokerage services. When you go through a broker in your industry, they will have the experience needed to screen potential buyers; they will know exactly what to look for.
For example, FedEx route brokers pre-qualify people who are interested in buying routes and keep them in a database. If you happen to be selling your FedEx route, the broker will have access to this database and can find a good buyer who can afford to buy your business.
Using a broker is ideal because it takes the stress out of finding and vetting buyers without knowing what to look for. When you don't have experience selling multiple businesses, it's hard to spot the red flags, and it's also difficult to navigate the sale process when it comes to legal obligations and confidentiality. These are important things to keep in mind.
2. Look at the history of the potential buyer
The potential buyer may be the first owner of the business, but if not, look at their history and see how successful their previous ventures have been. Their previous business may have failed through no fault of their own. However, it is important to look.
If a potential buyer has a strong history of the building and running a successful business, that's a good sign. It doesn't necessarily mean they're the right buyer for your business, but it does mean that if they are, they're likely to keep the business running smoothly.
3. Require a non-disclosure agreement
A serious professional ready to buy will understand the need for a non-disclosure agreement. Someone who is merely curious will not be committed enough to sign such an agreement. So if someone refuses to sign an NDA, take that as a sign they're not serious and move on to the next potential buyer.
4. Clean up the look of your business
First impressions are everything, and good buyers will shrug off red flags and other things that make your business look sloppy, disorganized, or junky.
Before you even list your business for sale, clean up anything that makes your business appear less than ideal to potential buyers. For example, if you're selling a fleet business, get rid of all your broken cars and random parts lying around. If you have a brick-and-mortar store, make sure it's clean, tidy, and organized.
Potential buyers will judge your business by how it looks on the outside, in the physical world, regardless of how much revenue you generate.
5. Thoroughly vet potential buyers
It's important to thoroughly vet all potential buyers before discussing the finer details of your business. Start the screening process early because you will attract a lot of people who are just curious and those people will waste your time.
Those who aren't serious won't want to go through the vetting process, so you can eliminate non-serious buyers early on.
6. Get every agreement in writing
Are you selling a family business that has become a regular part of your community? If so, people will be sad to see you go, but even sadder when the new business owner doesn't follow in your footsteps.
If it's important to you that the new business owner continues to run the business in specific ways, put that in the contract so you get it in writing. Depending on your requirements, this type of situation may be a deal breaker for some, but not everyone. Some people understand that following in your footsteps will help them succeed.
Won't last forever
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