When selling a private practice or business, having as many buyers as possible is always best. If you want to attract buyers when selling your business, explore our tips below!
Target a Broad Buyer Pool
The first thing that any business owner looking to sell should do is consider their potential buyer pool. Sellers should ask themselves who would benefit from purchasing the business the most.
The first thought is often to sell to a competitor, which may hurt some owners’ pride. However, there are pros and cons of selling to a competitor. For example, they know the industry and business better, but they may not be interested in the business’s future success.
Don’t Wait for Them To Come to You
If you want to attract buyers when selling your business, you can’t sit around and wait for them to come to you. Selling a business isn’t like selling a home where you can stick a “for sale” sign in the front yard and let the offers pour in—owners should hunt and approach potential buyers.
It’s in the owner’s best interest to get the word out that they’re considering selling. The more interested buyers, the more leverage the seller has and the better odds they have of getting a good deal.
Sell Your Business’s Story
When pitching why your business is worth the price, don’t just make a dollars-and-cents presentation. Tell your story. As much as buyers may say they want to be as practical and logical as possible, many are regular people that a good story can sway.
Most buyers determine if they want to buy a business by the first impression before they get a look at any books, so you want your marketing materials to be spot-on. Offer your company’s journey and why you think it’s worth the price.
Don’t Hide Problems
While sellers want to highlight their company’s strengths, they shouldn’t attempt to hide their weaknesses either. Any serious buyer will get a good look at the financials and details of the business, so if there are significant problems, they’ll eventually find out.
If sellers are upfront about potential challenges, these details won’t be a surprise, but if the buyer finds out the seller has been deceitful during the process, it’ll likely ruin the deal. Craft your own commentary about such weaknesses, but don’t try to hide them from buyers.
