Today, they are more likely to select ‘location’ as their first criteria to ‘sort’ businesses that may be of interest. After all, they know where they want to buy a business.
The issue for the business owners is the conflict between disclosing ‘location’ and maintaining ‘confidentiality’. Let’s face it, if a business owner ‘has the only business of that type’ in a suburb or town or region, then when it is placed for sale, everyone who is employee, customer, supplier or landlord or any other person associated with the business becomes aware of the sale. Uncertainty and privacy comes to the fore in their minds and those of the prospective business buyer as well.
‘Who will buy’ and ‘where are those prospective business buyers’ are the two points to address for business owners seeking to sell. Is going into the open market may not be an option? How is the conflict between business buyers selection of ‘location’ and ‘privacy’ to be handled? Is it better to approach prospective business buyers directly? Is it best to reach them through platforms such as newspapers, magazines and the Internet etc? Is it through dedicated, closely controlled and narrowly focused advertising campaign’s like Google AdWords? I it a combination of all these?
It is a critical decision. Focused too broadly and the cost can be prohibitive and privacy a concerned. Focus it too narrowly and the business buyer may be missed. But, a ‘throw it on the market and hope for the best’ won’t do the job.
Consider where your prospective buyers are and how to reach them carefully.
If you need more information or help, please talk to me