Selling a business is much like selling any other product, and you have to think of your business this way. Here are some pointers for finding a qualified buyer:
• Develop a marketing plan.
• Join business organizations and associations.
• Create a selling memorandum. Start with an executive summary that tells potential buyers the key elements of your business, then list your products or services and provide an overview of the industry. Be sure to list all assets and financial information, including projections of future earnings. Finally, the memorandum must address the issue of why you are selling the business.
• Be aware of the types of buyers. Strategic buyers consider how buying your business might fit into their long-range plans. Financial buyers are more interested in your company’s profitability and stability.
• Explore the option of selling to employees.
• Advertise to the general public.
• Consider using a broker.