If you listen to conventional wisdom, you’d think it’s a good idea to disclose an asking price for your business.
That’s flat wrong.
Listing an asking price actually makes it harder to sell your business.
Let me explain ….
Don’t you have to tell a buyer what you want for your business?
Hell no. When you do that……
Your business comes off as a mere commodity….
No different than hundreds of other business in your industry.
A number on a page and nothing more.
When you frame your business as a commodity…
…the buyer may as well buy the cheapest one.
The one that they think will provide the most profit for the least money.
Why do so many business brokers list an asking price?
So why do business brokers list prices on BizQuest.com or BizBuysell.com if it’s bad for their clients?
Because its cheap.
And easy.
And like most people, most business brokers are lazy.
And listing a business makes it look like they’re doing something to sell your business.
Without having to do anything uncomfortable . . . .
. . . like cold-calling, building targeted email lists, or understanding who needs to buy your business.
When they do this, what they’re really doing is waiting for someone to call.
Most of them would be tire kickers who will waste your time and sap your energy.
This is like crossing your fingers and praying to the “Closing Fairy”. . . .
….that the perfect buyer will magically appear and close on the purchase of your business.
But that only happens about 10-20% of the time.
And those are bad odds, right?
Especially when we’re talking about YOUR business which is probably YOUR most valuable asset.
When you’re selling a business, sell it.
Too many business owners are focused on why they want to sell their business . . . .
And I’m sure you have good reasons …
You’re bored, burned out, frustrated, overwhelmed, ready for a change, going through a divorce, or it’s just time to retire.
You may secretly hate your business.
I get it. I’ve been there too.
But, guess what.
It’s not about you. It’s about the buyer.
If you want someone to buy your business, you need to understand what’s in it for them.
And, I mean you need to DEEPLY understand it.
And that’s WAY beyond a mere number on a page.
And it’s WAY beyond what business brokers do.
Here are 7 of the many reasons a Buyer may need or want to buy your business:
- Grow profits
- Grow personal income for kids education, vacations, medical necessity . . .
- Add employees to free-up the owner’s time
- Add customers because salesforce is struggling to meet targets
- Cross market different products or services to the acquired customers
- Ego
- Eliminate a tough competitor
And there are many more…. but you get the idea.
But when all you focus on is price, you attract the wrong kind of prospects.
Prospects who will beat you up on price, make your life a living hell, sap your energy and waste your time.
And I don’t want that for you.
So what should you do to sell your business?
Now that we understand each other…
…. and we understand that we don’t list an asking price.
What else can you do to sell your business quickly, efficiently . . .
and WITHOUT SIX OR SEVEN FIGURES in brokerage commissions?!
I’ve bought, built and sold dozens of businesses myself . . .
And my clients, including small business owners and some of the largest private equity funds in North America…
have sold hundreds for more than $500 million in transaction value
And along the way, I’ve distilled 5 fundamental truths . . . .
. . . and if you apply them, you could sell your business in 30-90 days for 7-8 figures.
If you’re bored, burned out, frustrated, need money for something else, ready to retire and . . .
you’re considering selling your business..
Check out my FREE Masterclass.
It will be the best 40 minutes you’ve spent on your business.
Stay grateful, and have a profitable day!
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