We recently saw a business broker post about how you need “specialized marketing” to sell your business. He is both right and wrong.
Any successful business sale required a comprehensive marketing plan developed specifically for your business sale. Developing this marketing plan requires knowledge of the business that is for sale, industry knowledge and having a good sense of marketing in general. Marketing to business buyers definitely needs to happen, but you have to understand who these potential buyers might be before you can market to them. For example, if you’re trying to sell your California yoga studio and it’s a very small business, you probably do not want to waste your time and energy marketing to business buyers looking for dry cleaners or restaurants. You will want your marketing and sales materials to attract the right buyer for your business – perhaps a yoga teacher looking to run his/her own business or something changing up their career looking to run a fitness business.
Marketing the sale of a business isn’t rocket science and let’s be VERY clear that the overwhelming majority of business brokers do not have marketing backgrounds (we’ll try not to be haters). The simple act of hiring a broker does not bring specialized marketing or guarantee that the broker knows anything at all about marketing. He or she might be a good sales person, maybe they are good at leads, but we’d recommend asking a lot of questions if anyone tells you they have “specialized marketing”. You should find how what that is and how it is customized for your business.
Remember, if you successfully run your business now, you know your business better than anyway. It’s entirely possible you’re the best person to sell your business, even if you get a little support and hand holding along the way.
