How to find a buyer for your business

If you are selling your business, there are several avenues to consider in order to find a potential buyer. Thinking about the type of business you own and the sort of person who may want to buy it will help you to look for that buyer in the right places. Too often business owners leave it too late to make the most from all their hard effort and leave a lasting legacy. So how do you find a buyer for your business?

Where to find a buyer

Potential buyers may be actively looking for a business to purchase, or they may be passive, unaware yet that your business would be a perfect opportunity for them. It’s therefore worth considering one or more of the following options:

• Use your network: Business contacts, friends and family could be your potential buyer, or they may know someone who would be interested. This is a very open approach to selling, so be prepared for different reactions and the type of information you need to share.
• Online resources: The ability to reach far and wide to sell your business means you could be reaching out to many buyers, but the competition on specialist websites is likely to be plenty and you need to focus on making your business stand out.
• Trade press: Using industry specialist press, websites or other portals may help you find a buyer with the expertise in your field, potentially making the sale easier, but staying niche in your approach in looking for a buyer may mean the sale takes longer.
• Competitors: It may seem difficult to talk about the sale of your business with a competitor but purchasing your business may offer strategic benefits, making the prospect particularly attractive to them.
• Business broker: A broker can help find a buyer but also assist with negotiations, valuation and filtering enquiries.
• Existing management team: A management team may be in a position to raise the capital to buy the business themselves.

Other considerations when selling a business

Selling a business can be complex and finding the right way to raise awareness of the sale is just one aspect. You will also want the right valuation from the outset.

Confidentiality may be of concern; what will be the impact when employees and competitors realise you are looking to sell?

How can you generate enough interest so that you aren’t reliant on one potential buyer, handing them a strong negotiating advantage?

And while all this is happening, how will you find time to keep running your business?

Black and White Accounting

Seeking advice early on can ensure you take the best approach to sell your business and maximise your return.

Professional support can often prove essential to sustaining momentum throughout what can be a lengthy process.

If you would like more information about selling your business our specialist team of business advisors can help you, contact us today or call us on 0800 140 4644.