Top 10 Effective Ways To Sell Your Business Fast

There are numerous ways to sell a business. Many are tried and tested whilst others could be a complete waste of your time. Selling a business effectively is not simply about the advertising; it is also about the preparation and the presentation of your business to prospective sellers. If you are looking to sell a business and need some solid and practical advice to ensure your get enquires coming in thick and fast, here are my Top 10 techniques, tools and tips to help you get a sale faster, easier and with less hassle:

1) Pre-Sale Preparation

Many sellers forget to ensure their business is in a ready state to go onto the marketplace before any advertising takes place. In most instances, this is the sole cause for a long and drawn out selling process, simply because the seller hasn't taken any time or effort into doing essential preparatory work. Make sure your accounts and books are in order and have useful facts, figures and stats all drawn up ready for inspection by any prospective buyers. Also ensure your business premises (if you have one) looks presentable, professional and desirable. Any business that appears to have been neglected will put buyers off straight away.

2) Business Valuation

It's a common mistake that many sellers believe their business is worth a great deal more than it actually is. If you get too greedy, you will find interest will be minimal. Sell too low and you could be out of pocket on your hard work and investment. It pays to have a professional valuation carried out by a specialist such as a business transfer agent or an accountant. So before you place your business on the market, get it valued accurately to avoid disappointment.

3) Focusing On Strengths

Before you can put your business on the market, it is essential that you know your strengths and your niches. By having a clear image of where your business stands in the marketplace, it will help you to focus on how to market your business and where to focus your attentions when speaking to buyers. This may be that your business is totally unique in the local area, may sell a very niche product or simply that you are very profitable or have a large customer base. Either way, ensure you hone your strengths and push these as much as you can.

4) Use a Broker

A broker can help you in may ways. From professionally valuing your business to marketing and negotiating a sale. Many business transfer agents have a sizeable database of buyers on their books and you could find that your business is ideally suited to one of their clients. So for a few extra bucks, you could find that you sell your business faster by using a professional business broker.

5) Advertise On The Internet Directories

There are numerous internet directories out there to help you advertise your business for sale. Some are free whilst most of the professional websites are paid for. It pays to advertise your business for sale online as this is the single most effective way to get your business seen by a huge audience. Websites such as www.Simply.Biz offer comprehensive advertising packages for very little investment.

There are also a number of reputable free directories that will help you to get greater exposure. Gumtree, Loot and even some Ebay adverts are very cost effective and in some instances free of charge and very much worth considering. By using services such as these, you will find that enquiries will start to come in thick and fast.

6) Advertise In Printed Publications

Good old-fashioned newspapers, magazines and specialist publications still have a place in modern advertising and it would be foolish to overlook these options. Many of the internet directories also advertise in the papers so you may find your business for sale in some of the well known magazines without having to lift a finger. Still, if you have a local newspaper or publication that offers a 'for sale' section, placing an advert here for a few pennies will still go a long way to helping you to sell your business faster.

7) Use Word of Mouth

It can do you no harm to tell the right people of your intensions. If it causes little or no detrimental effect on your business to tell those in the local community that you are selling up, then do so. You'll be surprised how fast news travels! It never ceases to amaze who many people will learn of your news and how much interest this simple act can create. There's always a friend of a friend who may be very interest din taking your business off your hands. Even old customers in many circumstances take over businesses that they once were very much a part of.

8) Meet All Prospective Buyers

If you reach the point where you have some solid interest and negotiations taking place, ensure you meet every serious prospective buyer. A meeting can help seal the deal or rid you of time wasters. By offering to meet any interested parties, it will give you a much clearer indication of their seriousness or if they are simply window shopping and wasting your valuable time. A meeting of both parties will help to strike up a relationship and give rise for the opportunity for you both to ask each other questions about your respective positions. A meeting of this nature can do wonders to help speed up a sale.

9) Protect Your Interests

If you do meet any buyers or supply them with any information of a confidential nature, ensure that you protect your interest and the integrity and value of your business by drawing up a 'Non-Disclosure' (Confidentially) Agreement and have all parties sign it. Documents such as these can be downloaded from the internet for a few pennies and will protect you from any buyers having loose lips or passing your confidential paperwork into the hand of those who should not have sight of it. Be extremely diligent.

10) Use a Lawyer

If you reach an agreement to sell, always seek the assistance of a lawyer to represent you. An experienced attorney will know about the pitfalls, clauses and standard terms to look out for or include in any sale. They will ensure you are protected as best as possible and that no repercussions can occurs after the sale has completed.

If you follow these Top 10 tips, you should hopefully be on the right track to a successful sale of your business.

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Simon Burge, Article Team, Simply.Biz
Website: www.simplybusinessesforsale.com
Follow us at: twitter.com/simply_biz

Disclaimer

All information and articles published on this page and subsequent pages on this website by the author should not be treated as professional advise or as a comprehensive directive on how to sell or buy a business. These articles are only published as guidance and should not form any basis on which to sell or buy a business and should not be treated as professional or legal advice under any circumstances.