When looking to sell a business, the first step of the process is to create a list of potential buyers. Sellers must reach out to potential buyers in order to find someone that will purchase their business. While sometimes a buyer will come up to you and ask to purchase the business, chances are that you will want to create a list of potential buyers either way. Keeping options open is important when looking to sell a business.
The sort of buyers that you are looking for are not your direct competitors, as sellers must reveal rather private company information during the M&A process.
An important trait in potential buyers is a good track record in other mergers and acquisitions. Do your research. You will want to be treated well post-closing and know that your company is going in a positive direction.
The types of potential buyers that you want to look for are investors, strategic buyers and potentially someone you already know or who currently works for you. You can find these people through research on the internet, networking and associations.
Contacting potential buyers can be a massive time suck for a busy owner. If you find yourself with not enough time to reach out to these potential buyers, it may be in your best interest to hire an M&A representative. Contact one of the professionals at George & Company, today.