The reality is that people in small businesses are not inclined to spend time travelling to and from work. Most want to live within one hour’s drive of the business premises. Further, for business owners or key people, there is always the call to attend to an unforeseen event.
The key questions for a business seller are:
- How many potential business buyers with the funds available to buy and who will be interested in my business live within one hour’s drive of my business premises?
- How do I reach them?; and
- What is a cost effective venue or platform?
My experience is traditional media has proved to be less attractive today. The ‘businessforsale’ portals are a good start. Social media has it place, but care is needed with confidentiality. Careful, thoughtful selection of the target audience, with advertisements focused at that audience is critical to a business sale success. Generally, about 75% to 80% of the market can be covered at reasonable cost. Granted, funds can be spent chasing that ‘overseas or interstate buyer’ but there is a cost in attempting to cover 100% of the market. It’s a question of ‘how much is paid for the details of a ready, willing and able business buyer enquiry. Spending on broadcasting far and wide may not be ‘value for money’.
If you need more information or help, please talk to me