How to Sell a Business – Keeping it a secret
One of the most distinct aspects of the market for small businesses is that it is a secret one. The worst thing that a business owner can do is publicize the fact that their business is for sale.
Telling people that you want to sell your business is like pushing the ‘business self-destruct’ button.
If any of the following stakeholder groups finds out that a business is for sale, the business could be ruined and all that an owner has worked for could be destroyed:
- · Employees
- · Customers
- · Suppliers
- · Lenders
- · Competitors
I explain why secrecy is so important for each group in this NEW video: https://youtu.be/m0wWErgtlM0
I also explain what business for sale really means to 95% of the population.
Let me give you a little info on each one:
Employees: If they think change is coming, they may bail. The best employees always have available opportunities with competitors.
Customers: If you deliver in the future or people rely on a warranty, they won`t have any faith in your future if they find out you’re for sale.
Suppliers: If these guys think there`s something wrong say `goodbye` to your trade credit.
Lenders: I’ve had more than one client have their credit line cut when their banker found out they were for sale. I explain why in the video.
Competitors: These guys will use anything they can to steal business. News that a business is for sale will help them sew doubt in the minds of prospects.
If you want to learn how I help my clients advertise their business for sale confidentially, check out www.HowToSellMyOwnBusiness.com
There are plenty of FREE resources there to help you begin planning your transition out of your business.
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Do you live in Toronto? I’ve got three workshops coming up for Toronto in September. Book now to get summer special ticket pricing. http://davidbarnett.eventbrite.ca Some sessions have fewer than 20 seats left. Learn more about these workshops in this video: https://youtu.be/l2T3pwr9lkw
Thanks and I’ll see you next time.