When meeting with a business owner wanting to sell their business I am often challenged with the starting position of “ I want you to sell the business, but I do not want you to name the business or market it beyond your database”.
Unfortunately, you cannot sell a secret. To achieve the best possible sale a robust marketing strategy must be used that includes;
- Confidentiality
There are pro’s and con’s for naming a business during the sales process. For some industries naming it can unsettle staff, customers and suppliers so naming is not an option. For many however, naming the business will have limited impact on the business but a big influence on the marketing result. E.g, are you selling a café or a Gloria Jeans Franchise? - Timing
Buyers are always looking for what is new to the market. The start of the campaign should be “shouting from the roof tops” to attract as many buyers as possible in the first two months of marketing. Experience has proven the longer a business is on the market the buyer enquiry declines and so does the final sale value achieved. - Print media
It is easy to put a business advertisement on the internet and sit back to wait for the phone to ring. Unfortunately you only need to go onto the web to see how quickly a business listing on page One today only to be lost on page Ten in a matter of weeks.
Despite a common myth, buyers do read the Business for Sale advertising and Advertorials. Print media needs to be a core part of any strategic marketing plan. - Investment in marketing. Print media costs money. It is an investment you need to optimize the conditions of your sale.
For best results the media plan needs duration, at least seven weeks, and size to attract attention.
After all, when you go into a jewelryshop do you look at the large diamond or the small one?
Give your business the best possible chance of achieving a sale. Partner with a professional business broker who can not only prepare the business for market but will also offer a strategic marketing plan to achieve the best possible outcome for you.
From my experience we do not have to market every business, only the ones we want to sell! You can’t sell a secret.
