Ascend Business Brokers occasionally will alert business owners when we have been contacted by qualified buyers looking for businesses in specific industries.
While working with a print company in New Hampshire, we have identified several qualified buyers who are actively seeking to acquire one or more print companies in the following locations:
Several of these buyers are current or former print shop owners, most with multi-unit experience. Multi-unit owners prefer to grow by acquisition and are aggressively seeking commercial print shops in particular at this time.
Ascend Business Brokers, Massachusetts business brokers, assists owners in selling their businesses. Should you be considering the sale of your print shop, please call us (866.970.7050 X100). All inquiries from business owners always are held in strict confidence.
This is the third and final part of the Strategic Marketing Plans series. Part 1 of the series discussed the need to identify the types of potential buyers for a business, while Part 2 addressed the specific methods used to target and attract buyers. This article focuses on the importance of "timing" in relation to the Strategic Marketing Plan for the sale of a business.
As stated earlier in this series, the way to obtain the highest price upon selling your business is to attract the greatest number of potential buyers. Common sense suggests one further thing, that the potential buyers for a business should be targeted simultaneously, whenever possible. Negotiating with two or three (or more) buyers is better than negotiating with just one. This is nothing more than the law of supply and demand as it applies to the sale of a business.
This concept is so simple that is often overlooked, particularly when businesses are marketed for sale by their owners. It is one’s natural tendency to negotiate with a buyer (usually the first to show interest) at the expense of actively continuing the search for additional prospects. This is because searching for buyers takes time and effort. Nevertheless, failing to continue the search for buyers is a grave mistake when it comes to achieving the highest price for selling your business, because attracting the greatest number of potential buyers at once increases the likelihood of obtaining the highest price upon selling a business.
For these reasons, timing is extremely important. After having identified the types of potential buyers for a business and the best methods to attract them, all of these methods must be aggressively pursued across multiple marketing channels, simultaneously.
The ultimate goal is to bring the most buyers possible to the negotiating table, at the same time. When this goal is accomplished, a business owner has the best likelihood of obtaining the highest price for his business. This is true regardless of whether one is selling a restaurant, which has been our example in this series, or any other business.
Ascend Business Brokers, Massachusetts business brokers, assists owners in selling their businesses.
Ascend Business Brokers is pleased to announce that we are representing an Asian themed restaurant for sale in a very desirable community North of Boston. The business is licensed for 75 seats. The restaurant is open for lunch (5 days) and dinner (7 days). It has a beer and wine license and an entertainment license. There is light entertainment on the weekends.
The restaurant is perfect for conversion to Asian fusion cuisine and this likely would boost sales immediately.
For additional information, please visit Ascend Business Brokers.
Ascend Business Brokers assists owners in selling their businesses.
Part 1 of the series Strategic Marketing Plans discussed the need to identify the types and categories of potential buyers for a business. Part 2 of this series discusses the methods used to target and attract specific types of buyers, once they have been identified.
Let's continue using the example of selling a restaurant from Part 1. Potential buyers identified for the restaurant might include the following:
An essential element of the Strategic Marketing Plan involves devising methods to target and attract the greatest number of buyers from each category. Online advertising with the most prominent business listing websites and print advertising generally will reach all types of buyers, provided that they are actively searching for a restaurant. Moreover, based upon our experience, online advertising is most likely to attract buyers from only the first three categories.
In many cases, Current Restaurant Owners, Regional Chain Owners, National Chain Owners and Investors are not aware that they are potential buyers for a restaurant. Only after they are contacted and informed of the opportunity do they transform into potential buyers for a restaurant. These buyers must be individually targeted by telephone, e-mail and/or old-fashioned, direct mail advertising campaigns.
Contacting potential buyers by telephone, e-mail and direct mail is not always straightforward. Both the Employee-manager and the Owner of one restaurant might constitute potential buyers for another restaurant. However, while the Employee-manager of a restaurant might be reached by telephone to discuss the opportunity, the Owner might be reached only by direct mail or e-mail. This is why marketing across “multiple channels” is the essential.
Contacting the so-called "decision-makers" for Regional Chain Owners, National Chain Owners and Investors can be very difficult. These folks are well known for guarding their contact information and, in many cases, only will discuss potential acquisitions with trusted business associates.
Common sense suggests that the way to obtain the highest sale price for your business is to attract the greatest number of potential buyers. An experienced business broker or intermediary will devise a Strategic Marketing Plan in order to target and attract the greatest number of buyers for a restaurant - or any other type of business.
As discussed, a sound Strategic Marketing Plan should involve multiple channels. Obviously, the broker must have on hand (or have the means to acquire) an ample database of potential buyers for a business, and possess (or quickly develop) relationships with the "decision-makers" for institutional and corporate buyers within the industry.
Experience counts when selling a business. For you to achieve the best price upon the sale for your business, your broker’s marketing plan must involve more than adverting your business online and waiting (praying?) for buyers to call.
Part 3 of this series will discuss the importance of "timing" in relation to the Strategic marketing Plan.
Ascend Business Brokers, Massachusetts business brokers, assists owners in selling their businesses.
An essential part of selling your business is developing and implementing a Strategic Marketing Plan. Part 1 of this series discusses the need to identify potential buyers for your business. Later articles will discuss the methods used to target and attract specific types of buyers, as well as the role “timing” plays in implementing the marketing plan.
The goal of any Strategic Marketing Plan is to sell a business for the highest possible value. The first step toward this goal is to identify the possible types or categories of potential buyers for your business. This may seem obvious at first, but it is not possible to target specific types of buyers unless they have first been identified.
Identifying the maximum number of buyers translates into more buyer interest once the marketing plan is underway. More interest from qualified buyers typically results in a better sale price for your business, which is the goal of any marketing plan.
Let's consider a restaurant as an example. Buyers for a restaurant might include the following:
In some cases, all of these categories may constitute potential buyers for a restaurant. In many cases, focusing on specific types of buyers increases the chances of selling your restaurant for the highest possible value.
Whether you are selling a restaurant, a moving and storage company, a print shop, or a salon and day spa, the same principles apply. The very first step in any Strategic Marketing Plan is to identify the potential buyers.
Part 2 of this series will discuss some of the methods used to target specific types of buyers.
Ascend Business Brokers, Massachusetts business brokers, assists owners in selling their businesses.
Ascend Business Brokers is pleased to be assisting one the highest grossing hair salons for sale in the county. This fabulously chic, award winning hair salon caters to an upscale clientele from one of Boston’s most desirable and exclusive locations.
For additional information, please visit Ascend Business Brokers.
Ascend Business Brokers assists owners in selling their businesses.
In this post, I am pleased to complete the two-part audio presentation entitled "Selling Your Business."
Part II of "Selling Your Business" resumes the discussion with the topic of Strategic Marketing Plans and covers the remaining steps leading to the successful sale of a business.
Click Below to Hear the Presentation:
Selling Your Business, Part II
Should you have any questions or comments after listening to this material, I encourage you to give me a call or send an e-mail. My contact information is on the left sidebar, below my picture.
As before, should you wish to listen to the presentation at a later time, you may right-click on the link with your mouse and save the mp3 file to your computer.
In this post, I introduce a two-part audio presentation entitled "Selling Your Business."
One of the benefits of this Blog is the ability to present material in a multimedia format. If you are a business owner who is thinking about selling your business, you should find this presentation informative.
Click Below to Hear the Presentation:
For the sake of brevity, I have divided the discussion into two parts. Part I of "Selling Your Business" concerns the preliminary steps involved when selling a business. It runs about 15 minutes long (so go pour yourself some coffee before listening).
Part II of "Selling Your Business," which completes the discussion, will follow in a later post. Should you have any questions after listening to this material, I encourage you to give me a call or send an e-mail.
Should you wish to listen to the presentation at a later time, you may right-click on the link with your mouse and save the mp3 file to your computer.
