You have a business to sell. How do you go about finding the right buyer for your business? Where to begin the process of digging out a person or company that would be interested in owning a business like the one you are selling? This is the sixty-four dollar question that faces every business owner who is seeking someone to buy his or her business.

There are some very logical steps to take after you have made up your mind to sell. Here are some practical ways to begin the search for a potential buyer who is interested in your type of business and has the means to make the purchase. The means to make the purchase includes those who can get financing or you would not be against taking a note for part of the sale price.

Remember you are trying to solve a complex puzzle and there are many ways it can be resolved by a creative seller. The following are ways that this has been done successfully by others and may work for you and your business.

Bring in the expert to help

Many sellers will immediately bring in a certified business broker to help them sell the business. These brokers will not only have a list of potential buyers they can query, but they can help you set the asking price by evaluating your business, telling you all of the information you will need to gather up and how to present the details in the most positive manner. They will advise you on what steps you and they will need to do in order to institute a marketing plan for your business. For all practical effect, they will take over all aspects of selling your business and let you do what you are good at by letting you continue running your business in a profitable way. By taking this job off of your plate, you will have a better chance of selling your business at a good price and in a timely manner. This service will cost a commission on the sale, but it will also give you a much better chance of selling the business. Remember you are selling a business, not a car. A business is one of the most complex sales that a person can be involved with. Better you bring in the experience than try to do it yourself and waste a great deal of time dealing with people who are not really qualified to buy your firm.

The asking price

Before you can sell anything, you must come up with an asking price that makes sense. If you have hired the expert, part of their service is to help you arrive at a price that is defensible when challenged. They will have reasons that are sound and give their price creditability. This price will be based on your company’s history and the last few years’ financials. Buyers, if they are smart will bring in their own experts to evaluate the business and they can read the financials for themselves. A well prepared set of numbers that can be verified will go a long way toward making a good impression on the buyer and his team of advisors.

Two other points while discussing the asking price, it would be wise to come up with a cash price and a terms price. This will likely come up in the negotiations and having a ready answer will move the discussion forward.

Suppliers, industry publications and investors

A seller would be smart to tell the professionals that the business deals with that the business is up for sale. You never know whom they know and could introduce you to. Advertising in trade publications is another way to find potential buyers for your business. If any of these pay off have them deal with the agent you have hired to sell your business. They would be far better at making the deal than you would be.

If the business is big enough, you could consider advertising for sale by owner business online about the sale and also in larger city newspapers near your business. There are companies that are looking to buy profitable businesses as an investment and usually want to keep the current management.

Your own employees may be able to get together and buy the business. There are sources that will finance such a purchase by an employee group.

A single buyer

A person that is looking to buy a business to run themselves is what most people think of when they think of selling their business. This person wants to own a business that is already up, running and making money. They may just want to buy the company so they will have a job. They could have been downsized and are looking to be their own boss. Whatever the reason they are looking, this person is an excellent candidate to purchase the business. This kind of person has some ready cash to put up and may be a person to consider selling with terms if it is needed to make the deal.

They may need some hand holding after the purchase if they are not familiar with your business and what it entails. This would require you to stay around for an agreed upon amount of time so they could learn the ropes. This kind of a buyer is hard to find and would be well worth the effort to keep happy so the deal can be put to bed. It may not be as clean as you had hoped for, but it will result in your business being sold. Helping the new owner for a few weeks or months is not an unusual deal in the selling of a business. So be prepared for this request with a solid offer of purchase.

If you have hired a pro to help sell your business, let them do the dealing with this buyer and his agents. Your pro will make it happen and will come up with a contract that you can both live with over time.

Conclusions

In simple terms the right buyer is one that has the money and is willing to buy at or near your price. This is the ideal situation. How far you will have to stray away from the ideal will depend on the business for sale, the potential buyer and the real value of the business for sale. If the business is a plum as far as making money, then the deal should be fairly easy to put together once you find a buyer. If the business has some problems, then it may take a lot more time and negotiating skill to make the sale come to pass.

A smart seller will hire a pro and get out of their way and let them do their job. If the seller has done his homework and found a good broker, then the business will be sold if it is at all possible. The difficulty of doing the deal depends on the business, the economy and industry’s prospects. Some businesses are always in demand by buyers and some are one of a kind that will take a concerted effort to sell. Let the pro tell you what kind of business you own and its selling prospects.