In order to sell your business you must generate prospects. Prospects are people or companies who are ready, willing, and able to buy your business. The first step is to draw in contacts and get them to approach you by phone or email. To accomplish that, price your business properly (assuming you have a smaller business – see our posts on pricing a business for sale) and let these prospects know about the business for sale without breaching the required confidentiality of the owner.
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Fishing Story Number 2
The first time I went out on a charter fishing cruise with a professional captain and first mate I was amazed. Of course, I am old enough that this was before radar type ‘fish finders,’ but they not only seemed to know where the fish were but they had a strategy for catching the fish. Multiple fishing poles were carefully baited and dropped into the water. Different weights were placed on different lines to put them at different water levels. All this work to find fish that we could not see.
Marketing your business is very similar. This critical part of the process involves doing the things your experience suggests will work and, if necessary, trying different variations until you find the “fish.” Patience is required. And, once you hook a fish, it is very important not to lose him as many businesses have only a very few good Buyers. Of course the good news is that just like dating, or selling a house, it only takes one.
Gregory R. Caruso, JD, CPA, CVA
Harvest Business Advisors