6 EASY STEPS TO SELLING A BUSINESS
STEP 3 – MARKETING YOUR BUSINESS
Once you’ve prepared your business for sale and determined its value it’s now time for GMO to find a Buyer. GMO will determine the ideal target demographics likely to be interested in purchasing your business. We tailor our promotion to attract as much Buyer interest as possible.
Your GMO Broker will help you explore your immediate networks. This could include competitors, customers, employees, friends, family and industry professionals. You never know who might be interested in buying your business.
GMO will also have Buyers on their mailing and E stream lists who are in the market to purchase a business similar to yours. At this early stage, GMO will advise to maintain confidentiality of the proposed sale. We will use general terms to advertise your business and place web advertisements that don’t divulge your business name. There are many advertising channels to choose from which include:
- The internet – there are many websites dedicated to business sales, with GMO’s own site buyabusiness.com.au being the most popular independent site in WA.
- Social media – Whether it is to investors, accountants and industry professionals on LinkedIn or direct advertising on Facebook or Youtube, social media is an important platform to market business for sale.
- Local, state, or national newspapers which usually have a separate classified section devoted to “businesses for sale”; DD Trade journals, specialist publications, or newsletters that relate to your specific industry.
GMO WILL QUALIFY BUYER ENQUIRIES
GMO will obtain a signed Confidentiality Agreement before supplying private financial records to any potential Buyer.
Your GMO Business Broker will meet with prospective Buyers in person and present your business’ information profile. Highly interested Buyers may request an on-site visit. This will be prearranged with you for a mutually convenient time.
THE BUYERS PERSPECTIVE
Take a moment to place yourself in the shoes of a prospective Buyer. Our experience shows that Buyers seek the following when looking for a new business:
- To pay a fair price
- To receive accurate and honest information
- To secure their future
- A manageable business with proven systems
- A business in good repair and without upgrade or maintenance issues
- A well-presented attractive business
- A business which is not overly reliant on key staff
- A business which is not overly reliant on a few key customers
- A business which is not over reliant on one single product
- A business which is not overburdened with excess stock
- A business which has debtor management under control
- A business where the owner is not a “slave” of the business
- A business with manageable trading hours
- A business which can benefit from technology advances
- A business which can adjust to changes in government policies affecting its industry
No business has all these attributes; however, GMO will work with you to identify and emphasise positive attributes your business does possess. Remember that first impressions do count, so try to prepare your business so when the GMO Broker visits with a prospective Buyer, that your business gives the clear impression of success.