Finding the right buyer for your business

If you're getting ready to sell your business it's likely you're very keen that it falls into experienced hands, particularly if you've built it from scratch. There are many ways to market the sale of your business and in many ways, it is this process that will dictate the type of buyer who shows interest in your company.

However, there are also many other ways of attracting the right type of buyer and making the right decision when you're approached by more than one option. Below are some of our top tips to help you find the right person for the job and knowing when to make your final decision.

1. Targeting the right people

The first step to finding and choosing the right buyer is to make sure you're targeting the marketing of your sale towards the right people. Firstly, consider where your ideal buyer is likely to look for a business, taking into account the price you're hoping to achieve. It could be that you need to print and advert in an industry magazine, have your sale featured on a specific site or perhaps choose a sales agent that's popular with your target audience.

2. Actively search for your buyer

Even if you've spread the news of your sale far and wide, you should ensure that you actively search for yourself. Rather than simply waiting for the offers to come flooding in, speak to people you trust within the industry who can put you in touch with potential buyers who have an interest in your product or services, or perhaps has expertise elsewhere and a desire to apply this to a different sector.

3. Highlight your company's strengths and weaknesses

When searching for a buyer, make sure both the strengths and weaknesses of your business are laid bare. Your strengths should help attract buyers who are seeking a successful business of the size, type and success of yours, while your weaknesses should help you narrow down the search by putting off any candidates who aren't ready to steer your company through any issues it may face.

4. Think about the future of your business

Where do you see your company in the next five or ten years? While as the seller you're unlikely to have any control over the direction it takes in the future, you can mould the marketing of your company to ensure that you only receive interest from parties who see and understand your vision.

5. Calling in the experts

You may know your company inside and out, but when it comes to selling a business it's likely that there are sector-specific experts out there who could aid you in your mission. Seek advice from friends, trusted acquaintances and other knowledgeable people within your industry to help you track down the right people for the job, and use their advice to help you combine your desire for your business to continue flourishing with their desire to find a serious buyer who has the capability to realise this goal.