As a business owner, you may prefer to maintain confidentiality when deciding to sell a business. This may be because you value your privacy and because your customers, suppliers or staff may react unfavourably if they find out you are moving on. If you are one of those business owners who ask yourself the question “How can I sell my business quietly?”, here are some tips on how you can maintain minimal exposure to customers, suppliers, employees, and competitors during the entire selling process.
Hire a Professional Intermediary (Business Broker)
When you’re intending to sell your business, you should look to hire a professional intermediary who can represent you. Professional business brokers can provide you with all the necessary advice and will help you sketch out a proper sales plan to achieve your goals.
Have a Top-Notch Marketing Strategy
Ask your broker to devise an effective strategy for your business to get the best possible buyers out there in the market. This needs to be done ‘under the radar so they will need to look at some direct marketing, and also some broad-based marketing that doesn’t identify the business specifically.
Keep It Confidential
If you are seen to be on the market for too long, it can impact your negotiating power when a buyer eventually comes along. It is therefore in your best interest to limit the time your business is on the market. The average time to sell a business is about six-to-twelve months, but when it is properly priced, packaged, and professionally represented – it can sell within two-to-four months.
Time Your Inspections Right
Don’t let your staff and employees notice that you’re having meetings with potential buyers. If you have to meet during business hours, make your meetings look like a friendly visit so that the staff won’t notice that you’re trying to sell your business. Every potential buyer wants to see what they are acquiring so the best way to do this is by scheduling their visits after or before office hours.
Maintain the Privacy of Your Discussions
Even though the buyers sign a confidentiality and non-disclosure agreement, sometimes, word gets out. To prevent this, remind the potential buyers of the privacy of your discussions. Limiting unnecessary exposure is very much important to maintain the continuity of your negotiations and discussions.
These are some of the tips that sellers can take note of whether they are selling a small business or a big business to ensure a successful transaction.
