The marketing of a business varies greatly from the sale of a building, you cannot put a sign on the street with “FOR SALE” – it would be devastating. At the same time, we want to optimize the price by limiting the number of people in the know!
In short, different techniques can be used.
- The auction of the business: as many buyers as possible are contacted and a deadline is set for obtaining offers. This process can discourage some buyers from investing time, it can also increase the risk of “noise” in the market about the fact that the business is for sale; however, in some cases it can reduce the selling time and increase the price – it is riskier.
- The more traditional method remains the identification of buyers by the broker:
- There are individuals.
- Everyone has their own database.
- There are research sites, associations, the CTEQ, etc.
- There are companies in the industry, or those who would have a strategic advantage.
- Via its own network, canvassing
- Through professionals
As a seller, do not hesitate to ask about the methods, tools, and systems that a broker uses – this aspect should be clearly explained to you.