Want to know the top 10 tips to ensure your receive the highest possible price for your business?
Enter your contact details below and we'll email them straight to your inbox.
It is inevitable that at some point in time, some business establishments will change ownership. Anyone who has a business for sale will find it wise to consider hiring a business broker because the process of selling a business can be very demanding and tiresome. It can eat up a lot of valuable time which [...]More info
When selling your business, achieving the highest possible price is probably fairly high on the list of most vendors. In order to do this, one the most important things that you can do is to market the business opportunity extensively.
Basic economics in come into any business sale- supply and demand. The more people that know about your business being for sale, the greater the chance of finding someone who is willing to pay the highest possible price. Therefore by getting the word out there, you are more likely to create stronger demand and will be a long way in front of competing businesses that are looking to sell.
The other important factor to consider in marketing your business opportunity is timing. The first sixty days of a new business being advertised is when it is going to have the highest amount of buyers looking at it. After those six weeks enquiry drops right away and only new buyers coming into the market will see it.
The secret to achieving the highest possible price for a business sale is to use those six weeks to your advantage by running a strong campaign over that time. As a rule of thumb it could be said that the quicker the sale occurs, the closer to the asking price you will receive.
Don’t make the mistake that so many sellers do and just run the one weeks adds and then cut back. Look at the worlds largest companies such as coke and apple, when they launch a new product. They just don’t run one or two ads and hope for the best. A mass campaign is planned over several weeks designed to get as many people to see it as possible and selling a business is no different.
Before you spend your first advertising dollar decide on your target market, find out where they are most likely to see your advertisement and put together a campaign that is most likely to reach them.
An experience business broker will be able to help you plan a cost effective marketing plan that will reach you target audience.