By Andrew Holtgrewe
Selling a business that you’ve spent a lifetime building can be both extremely exciting and painfully stressful. There is a perpetual anxiety concerning your desire to maximize your purchase price while also wanting to make sure your employees and customers are adequately cared for. There is also this delicate question of “How do I let the most potential qualified buyers know that there is an amazing business available for sale without alarming my employees and customers?”
Here are a few suggestions to help in this process:
Engage only advisors that you trust
A trusted CPA, attorney, banker, and/or business broker can provide significant value in not only connecting you to potential buyers but also in preparing your business to be sold at a maximum price.
Protect yourself legally
A well-drafted Non-Disclosure Agreement can protect you if you decide that it’s in your best interest to notify a key employee or customer that a potential change is coming.
What sets you apart?
Define what it is that makes your business unique. This can be your financial metrics, such as your revenue growth, profit margins, or cash flow trends, or it can be non-financial such as the strength of your management team, employee retention rates, or operational efficiencies you’ve developed. These strengths can be used to market your business without actually identifying the business name and location.
Engage a business broker
Business brokers specialize in the confidential marketing of businesses and can provide a valuable service of managing the sales process from beginning to end.
Questions? Email firstname.lastname@example.org for help.