Selling your business is an arduous and very demanding task; it is time-consuming, stressful, and often emotionally draining. Naturally, the sale will dominate the owner's thoughts and resources during this period and it is very easy for an owner to take their eye off the ball. The key to a successful sale is planning and preparation.
In order to sell a business successfully, founders must include an exit strategy in their business plans. This business strategy should also include information about how the business will advertise and be marketed when it is sold.
Marketing must be carefully planned and executed as with everything pre-sale. Marketing is designed to generate enough interest from qualified buyers to make your business more attractive to potential buyers. This is not an easy task, as many business brokers and owners will attest.
Your own industry or market is the best place to start when marketing your business. Your market will be more familiar than any intermediary or business broker, so you can identify which companies, individuals, or organizations will find your business attractive. This document should be tailored to the individual or group you are in negotiations with as different aspects of your business will appeal to different types of buyers.