3. Find a buyer
At this stage you’ve made the decision to sell, prepared the books and other documentation, had the business valued and talked to your tax advisor. Now we need to find a buyer. Doron, how do we find a buyer?
There are a number of different ways to find potential buyers, and what you choose will depend on your industry and type of business.
And so, what are some of the most common ways?
Many people will use a business broker or real estate agent. But you can also advertise yourself through a variety of mechanisms, such as:
- in newspapers
- trade publications
- word of mouth through connections
- through friends, family, employees, and
- even through customers, as long as you’re confident this won’t harm the business.
Businesses often sell to their competitors, who understand the value of your business and customer base and what’s at risk if you sell to someone else.
Are there any restrictions?
There may be depending on your industry or profession. So it’s best to check with your professional body if there are any specific restrictions or requirements, and also with your state or territory authority.
That’s really good advice. Thanks Doron.