If you’re trying to sell your business in an industry where there are a lot of businesses for sale, you will need to stay on your toes.
On the one hand, selling in a competitive industry can be good. There are probably buyers looking to purchase. And, perhaps better, you should be able to get a good sense of what the market is like BEFORE you list. You can browse business for sale ads for similar businesses and make your ad better. Yay!
On the flip side, when selling a business where there are many for sale, you will need to work extra hard to make sure your business stands out. By standing out, we mean the following:
- You will need to look at pricing for similar businesses to make sure your pricing is in line with the market. When we say price, we do not mean only the asking price. We mean the multiple and business factors driving your business valuation.
- If there are ads for businesses similar to yours, you will need to make your ad stand out. Unless you own a franchise, your business isn’t exactly like someone else’s. Make sure your advertisement shows what is unique and special about your business.
As always, if you’re considering selling your business or want to understand how to value your business, talk to us. We aren’t shady brokers. We’ll prepare you with knowledge so you can plan your successful business exit.
