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How to find buyers for your business

Do you have your own business and are looking to sell? There may be a variety of reasons for your decision, but being careful when finding a buyer is as important as any other strategic decision. Even if your plan to sell is for the future, it’s smart to think about the best ways to find the ideal buyer for you and your business well in advance.

Afterall, this is something you have worked hard to create, and you want to find a buyer that helps the business thrive. We know it can be a bit of a minefield knowing how to find the perfect buyer who ticks all the boxes. To help you with the process, we have listed some important pointers to bear in mind when looking for a buyer.

Make Connections in the Field

To be strategic when thinking about selling your business, it’s all about those connections. As the saying goes, it’s often not what you know but who you know. The perfect buyer for your business could be found through the connections you make within your business circle. An acquirer could be made through those great relationships you make with other businesses or entrepreneurs. A good way to build these connections is through relevant network events. Keep an open mind and that perfect buyer may not be who you expect. The more relationships and connections you build the better chance you have at finding the ideal buyer for you and your business.

Happy Customers are Imperative

The best thing you can do to sell your business is to ensure your business is the best it can be. With customers that are happy, your company will be much more desirable to a buyer. Advertising, a great brand and good profits are obviously very important, but a business that gets fantastic reviews and has satisfied customers speaks volumes. That being said, listen to your customers and adapt based on their feedback. It’s likely a buyer may want to speak with customers, so having a good understanding of the feedback they may give is key.

An Organised Business is Desirable

A business with everything in order will be very attractive to a potential buyer. To be acquirable, it’s a great idea to think about how organised your business is and whether there are any areas to work on to get things in order. Documents, paperwork, policies, and procedures need to be up to date and filed properly. A buyer is much more likely to see the potential in a business if they can step right in with everything in place and organised.

Know What Buyers Want

It’s a good idea to put yourself in an acquirer’s shoes when trying to find the best buyer for your business. What sort of motivations or values would you want in a buyer and, if they were to buy your business, what sets your business apart from other potential options? Questions such as ‘would their visions for the business match your own?’ are good ones to think about. It’s good to have a clear idea in your mind of what you want from a buyer before you think about selling your business.

Keep Potential Buyers Updated

It may be that an acquirer seeks you out rather than you approaching them. Potential buyers are likely to look through content linked to the field they are thinking of investing in. Buyers are likely to consider the different competition to find the best business for them. A great way to raise a profile and become well known to buyers is to get regular content out there. This can be done through regular blog updates, articles in relevant newsletters, or frequent social media posts.  This is a great way to let buyers know who you are and why they should invest in you over other businesses.

Invest in a Good Business Broker

An experienced broker will provide professional advice and support to help you find the perfect buyer. Brokers can support the whole process including marketing and a thorough business evaluation, and can mediate between you and potential buyers. Brokers should have access to appropriate marketing channels and will have the knowledge and experience to know how best to advertise your business. This can be particularly helpful as it means the broker can focus on all of the above, whilst you importantly are busy keeping your business running.

Yorkshire Change

Here at Yorkshire Change, we want to make the process of finding a buyer as easy as possible. Our team of consultants are all extremely knowledgeable and can support you through your unique individual change process. We can support you with finding a buyer along with many other exciting changes to your business. To find out more about the services we offer, please visit our website.

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