Taking the decision to sell your business often involves a lot of soul-searching – but it’s only half the story. Your next big hurdle will be how to best market your business to have the best chance of achieving the highest sale price.
When should you use a broker?
Listing with a broker is probably most people’s default position but it’s not the only option. However, if you already know you definitely don’t want to be involved with the nitty gritty of the sales process or if your business is large and complex (>£2m, say), you’ll likely want to call on the services of a reputable agent – possibly a specialist who understands your market.
This kind of representation doesn’t come cheap, but it could deliver the kind of buyers it would be hard to find in any other way.
What’s the alternative?
If yours is a small or medium-sized business, you’re likely to make a huge saving by taking a more hands-on approach, using a traditional listing site or an interactive online service.
Traditional listing sites offer a virtual shop window for sellers – they’re essentially an online version of the old printed weeklies that used to dominate the market. You simply set up your advert, choose from a payment package and wait for buyers to respond. If you opt for an established brand, you should have the opportunity to present your business to a wide and engaged audience, but you’ll have to be prepared to handle enquiries – requests to view, offers and negotiations and such – offline as well as on. An interactive online service likeis an excellent option for entrepreneurs who want to promote their businesses to hundreds of thousands of buyers while still saving thousands of pounds on agent fees. As with traditional listing sites, you can create your own ads quickly and easily, but you’ll also benefit from a bank of resources that make managing your listing a piece of (virtual) cake. There’s a clever that uses a special algorithm to provide a ballpark selling price and a nifty seller dashboard where you can manage buyer messages, viewings and offers. The most popular package even includes pro photos and legal documents. A week’s free trial will allow you to get a feel for the platform without having to commit to a plan.
Posted on December 13, 2018 | sell a business, selling, online