Successfully Advertising A Business For Sale
Successfully Advertising A Business For Sale
Most (business for sale) advertisers think that less is more – that buyers will be more apt to call about a business for sale if little information is given (the old tease strategy). I have found this has quite the opposite effect on buyers. Buyers in many instances will bypass the business feeling that since there is little information, the broker/agent probably doesn't know that much about the listing and they don't want to waste their time on such a business.
Buyers and successful advertisers on business for sale websites have told me that more is better – in fact when you give a lot of information it gives buyers a sense of comfort – that they feel they already know a lot about you before they even meet you. Another reason this idea works so well is that by the time a buyer reads your detailed description in your ad they are 80%+ pre-qualified when they do call or email you – saving you a lot of time! Buyers tell me that they feel more "trustful" of the seller with this type of advertising – helping in the negotiating and selling process later down the road.
I understand that confidentiality in many cases is paramount when selling a business, however you can still be detailed about the business being sold without giving out the identity or exact location of the business being sold.
Motivated serious business buyers find it extremely helpful if you write about the following information in the detailed profile part of the ad:
• Length of time in business
• How many employees – part time and full time
• General geographic area of the business location
• History of the business
• How you would grow the business in the future – give them a "vision"
• General industry info – how it's growing, changes etc.
• Competitive analysis
• General info on surrounding geographic area, especially if it's a lifestyle business
• Include great pictures of the business if you can
• Know what your true adjusted net income is and how you figured it
• Write about the financial picture of the business – growth, changes, history, etc
• Let them know if the business is computerized, has a great website, etc.
• Always include multiple phone numbers where you can be reached
You will find that the quality of buyers calling you about your ad will be very high and you will spend much less time answering the same old questions over and over.
MAKE YOUR AD STAND OUT – FEATURE YOUR AD FOR MORE EXPOSURE
Also if you have the advertising option to "Feature" a business and get more exposure by having it appear in the top of listing results or with pictures it is usually worth it – many more serious buyers will see it more repeatedly and respond quicker.
TRACK YOUR ADVERTISING RESULTS
Make sure you know where your buyers see your ads. Track your results. Ask every caller where they saw your ad. Possible use a different voicemail phone numbers for each media in the early stages to determine where your getting your response. See which sites your emails are coming in from. After you determine where the better, more qualified buyers are coming from stick with that media for your advertising.
THE FIRST 30 – 45 DAYS ARE CRITICAL
The first 30 to 45 days are critical. Thousands of motivated buyers will first see your ad when it first comes out and first impressions are important. If you have all the info in your advertising, can explain any nuances over the phone when called, you will have a better chance of a meeting with buyers quickly.
DO NOT STOP YOUR ADVERTISING UNTIL YOU HAVE CHECK IN HAND!
50% of all offers to purchase businesses are never completed. Make sure you keep your advertising running until you have the final check from the buyer. Make sure you have backup buyers at all times. Keep taking phone calls/emails from interested parties, record their names in a folder and get back to them should things sour with the current buyer. Keep things moving forward at all times. I can't tell you how many times I have received thank you calls from grateful advertisers (owner/sellers and broker/agents) who followed this advice.
GET BACK TO POTENTIAL BUYERS IMMEDIATELY
One of the biggest complaints I hear from business buyers about advertisers is they take a too long of time to get back to them. Make sure you call back a buyer within 4-8 hours of receiving their phone call or email. Remember you are in competition with other businesses for sale – they are calling and emailing others also!
PUTTING IT ALL TOGETHER
Advertisers who follow the above advise when selling their business will have over a 90% success rate of selling as long as other aspects of the sales process are in line such as a realistic selling price and terms, etc.
Successfully Advertising A Business For Sale - To learn more about this author, visit Timur Sultanov's Website.
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MORE INFO IS BETTER THAN LESS
Most (business for sale) advertisers think that less is more – that buyers will be more apt to call about a business for sale if little information is given (the old tease strategy). I have found this has quite the opposite effect on buyers. Buyers in many instances will bypass the business feeling that since there is little information, the broker/agent probably doesn't know that much about the listing and they don't want to waste their time on such a business.
Buyers and successful advertisers on business for sale websites have told me that more is better – in fact when you give a lot of information it gives buyers a sense of comfort – that they feel they already know a lot about you before they even meet you. Another reason this idea works so well is that by the time a buyer reads your detailed description in your ad they are 80%+ pre-qualified when they do call or email you – saving you a lot of time! Buyers tell me that they feel more "trustful" of the seller with this type of advertising – helping in the negotiating and selling process later down the road.
I understand that confidentiality in many cases is paramount when selling a business, however you can still be detailed about the business being sold without giving out the identity or exact location of the business being sold.
Motivated serious business buyers find it extremely helpful if you write about the following information in the detailed profile part of the ad:
• Length of time in business
• How many employees – part time and full time
• General geographic area of the business location
• History of the business
• How you would grow the business in the future – give them a "vision"
• General industry info – how it's growing, changes etc.
• Competitive analysis
• General info on surrounding geographic area, especially if it's a lifestyle business
• Include great pictures of the business if you can
• Know what your true adjusted net income is and how you figured it
• Write about the financial picture of the business – growth, changes, history, etc
• Let them know if the business is computerized, has a great website, etc.
• Always include multiple phone numbers where you can be reached
You will find that the quality of buyers calling you about your ad will be very high and you will spend much less time answering the same old questions over and over.
MAKE YOUR AD STAND OUT – FEATURE YOUR AD FOR MORE EXPOSURE
Also if you have the advertising option to "Feature" a business and get more exposure by having it appear in the top of listing results or with pictures it is usually worth it – many more serious buyers will see it more repeatedly and respond quicker.
TRACK YOUR ADVERTISING RESULTS
Make sure you know where your buyers see your ads. Track your results. Ask every caller where they saw your ad. Possible use a different voicemail phone numbers for each media in the early stages to determine where your getting your response. See which sites your emails are coming in from. After you determine where the better, more qualified buyers are coming from stick with that media for your advertising.
THE FIRST 30 – 45 DAYS ARE CRITICAL
The first 30 to 45 days are critical. Thousands of motivated buyers will first see your ad when it first comes out and first impressions are important. If you have all the info in your advertising, can explain any nuances over the phone when called, you will have a better chance of a meeting with buyers quickly.
DO NOT STOP YOUR ADVERTISING UNTIL YOU HAVE CHECK IN HAND!
50% of all offers to purchase businesses are never completed. Make sure you keep your advertising running until you have the final check from the buyer. Make sure you have backup buyers at all times. Keep taking phone calls/emails from interested parties, record their names in a folder and get back to them should things sour with the current buyer. Keep things moving forward at all times. I can't tell you how many times I have received thank you calls from grateful advertisers (owner/sellers and broker/agents) who followed this advice.
GET BACK TO POTENTIAL BUYERS IMMEDIATELY
One of the biggest complaints I hear from business buyers about advertisers is they take a too long of time to get back to them. Make sure you call back a buyer within 4-8 hours of receiving their phone call or email. Remember you are in competition with other businesses for sale – they are calling and emailing others also!
PUTTING IT ALL TOGETHER
Advertisers who follow the above advise when selling their business will have over a 90% success rate of selling as long as other aspects of the sales process are in line such as a realistic selling price and terms, etc.
Successfully Advertising A Business For Sale - To learn more about this author, visit Timur Sultanov's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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