Finding the Right Buyer
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If you're selling your business outright, you have several options for finding the right buyer. Traditional avenues include classified ads in newspapers, trade publications and business journals or simply spreading the word through your local chamber of commerce or economic development center.
You also have other options for finding the right buyer. Consider the following sources:
Business brokers
A business broker's job is to manage a portfolio of potential buyers and help negotiate terms of the sale between buyer and seller. Business brokers, like real estate agents, are paid on commission. So the higher the sale price, the better they are paid. As the seller, this generally works to your advantage — but beware of the broker looking for a quick sale who might undervalue your business.
Competitors
Given your market share and the value of your customer base, one or more of your competitors might be interested in buying your business. You'd be wise to work with your advisors in having a third-party administrator (such as a lawyer, accountant or broker) handle the deal to ensure your business maintains its proper value.
Employees or partners
Your best prospective buyers might be working with you. Chances are a long-term employee or partner will understand the value of the business and have the skills to continue its success. An added bonus is your customers will be less likely to be affected by the change.
Customers
If your business wholesales to customers who then resell your product, your business could mean a new opportunity for them. Be careful in approaching your customers as buyers — if competition among them is fierce, you could jeopardize your business more than encourage its continued success. A third-party mediator is a good idea for this type of negotiation.
Vendors
Purchasing your business might present a new opportunity for a vendor, one with potentially low risk — especially if your business is stable.
