How To Sell Any Business In 30 Days For Your Asking Price Or More! | Emerald Business Board

How To Sell Any Business In 30 Days For Your Asking Price Or More!


November 12, 2016 Facebook Twitter LinkedIn Google+ Maketing Tips,Selling Your Business


Business Sold

I have always heard the phrase growing up “There’s more than one way to skin a cat.” I’m not sure why you would want to skin a cat but, selling a business is the same in a sense as you can get it done in a number of different ways. Today we will be talking about the most effective ways to get your business sold in 30 days for your asking price or more!

Who is this article for?

  • Business Owners
  • Business Brokers
  • Franchisors

Also for anyone who would like to sell businesses within 30 days for the asking price or more.

So… How do you sell a business within 30 days for the asking price or more?

Well… You need two things:

  • Demand
  • Urgency

In this article, I will show you a system that I have used for the last 10 years to sell 15+ businesses. It’s not rocket science, It’s a straight up no BS approach to finding buyers and more importantly closing them.

Let’s jump right in…

We are going to be using a 3 step process that you can use over and over again to sell anything, but it works great for selling businesses.

Step1. Get Leads (Inbound)

Step2. More Leads (Outbound)

Step3. Close the Leads (Sell the Business)

Simple right? Let’s dig a little deeper…

Step1.

Use free online business for sale listing sites to have leads sent directly to your inbox and requesting more info about your business. You will get some tire kickers here but, you can weed them out with a simple qualification process.

Here is a list of sites you can use:

http://www.kijiji.ca/b-business-industrial/ontario/c145l9004 – Owned by eBay and is a great source for leads.

www.globalbx.com  – Another free listing service with a good amount of targeted traffic.

Want more sites to list your business for sale on? Google “List Business for Sale Online Free.” I use the 3 sites mentioned above and I get 25 – 50 leads in the first 1 – 2 weeks depending on the area and business type. 80% of the leads are unqualified but, 20% of them are pure gold.

How to find the gold?

Qualify, Qualify, Qualify…

I use these simple qualification questions to cut to the chase and see if they are in a position to buy my business and more importantly not just wasting my time.

Qualifying questions I use:

I’m asking “$Blank$” for my business are you in a position to purchase us?

–    Qualify if they can afford the business

When are you looking to buy?

–    Qualify if it’s in your timeline

If they can afford it and are looking to buy within your timeline, they are a qualified lead. Start selling them! You can add more qualifying questions to your process but, these are the most important in my opinion.

So… what does a great business for sale listings looking like?

Free Business For Sale Listing

A solid listing will pre-qualify people for you and will save you time in the sales process.

Step 2.

Build a list of potential buyers, Reach out via phone or email and let them know your business is for sale.

When I build a buyer list I think… Who would benefit most from my business and what’s the best way to get a hold of the decision makers.

I start out with the best-suited company and go broad as I fill out my list.

I gather no less than 100 potential buyers and get to work finding out their contact info.

Cold Calling

We are lucky that we live in a time that we have so many tools to generate contact info. Back in the day this would have all been done by cold calling and guess what? This is still a very effective method of getting to the decision maker.

Here is a little script I use the get in touch with the decision makers.

PHONE SCRIPT:

Gatekeeper: Hello, XYZ Industries!

YOU: Hello, my name is First name and I’m looking to talk to a manager or owner about potentially buying my business.

YOU: Do you know who that person may be? (Be Confident)

Gatekeeper: NO

YOU: Ok no problem, may I ask for your name and position? (Be Sincere)

Gatekeeper: Why?

YOU: Because when I talk to the CEO I would like to mention to him about training his staff on how to handle these types of calls moving forward.

(Be silent and Wait… They will put you in touch with someone above them, If not call back or move on.)

Gatekeeper: Yes, No Problem You need to speak with… (I get this response 80% of the time.)

When you get to the decision maker, qualify them to see if they are in a position to acquire you. Rinse and repeat until you close the deal.

Cold Email

If you like the email approach better here is a script that I use. Remember with email outreach, simple is better. I get 35 – 50% Open Rate and a response rate of 6 – 10% with this email script! (Your Welcome!)

It’s simple and straight the point.

open-rate open-rate2

Email Script:

Title: I’d Love To Talk To The Appropriate Person

Body:

Hi [First Name],

I noticed you guys are actively looking for more business.

We currently have a business for sale that will help you grow your current market share.

When you have a few minutes, I’d love to talk to you or the appropriate person about this.

Best,

[Your Name Here] – Direct Line [Phone Number]

So… how to get the decision makers email address?

Here is a comprehensive guide on how to find peoples emails from Yesware:

http://www.yesware.com/blog/find-email-addresses/

Social Media

I use social media to direct message and contact potential interested parties.

I concentrate on the following networks

  •   Linkedin
  •   Twitter
  •   Facebook

Send a very simple message to see if there are interested in talk about buying your business. You can refer to the cold email sections for an idea what to send to potential buyers on social media.

Step 3.

Ok, I can see how to get leads but, how do you close the deal?

Great Question…

Every deal is different, so it’s hard to say what will need to be done to close it. What I have provided below are some guidelines and general process I use to gauge the status of the deal.

Here’s how I build my pitches:

Introduction – Be polite and tell them who I’ am.

Tell the story of the business – Why I started the business.

Tell your personal story – How this business has affected me personally.

Why I’m thinking of selling – Why am I moving on?

Set a deadline – Let them know they have x amount of days to decide as you have other interested parties. Urgency!

Leave or get them off the phone. Don’t ask for the sale. If they want it they will contact you!

Here are some things that you should focus on:

  1. Be articulate – Speak with purpose.
  2. Be honest – Backup all of your claims with proof.
  3. Remember that your business is what’s valuable. You can get money anywhere but, there’s only one of your business!

Here are something’s to avoid at all cost.

  1. Don’t be desperate! – Nobody likes desperation and they can smell it a mile away!
  2. Don’t Assume! – It’s not over until it’s over!
  3. Don’t overvalue future profits! – Don’t blow smoke!

So as you can see it’s pretty straightforward and self-explanatory.

Here is a recap of the process…

Step one you get your business in front of people looking to buy your business.

Step two you do outreach to people you think would be interested in buying your company

Step three you qualify them and start selling.

At this point, we have created and found a demand for our business through inbound/Outreach leads. We have then narrowed it down to a handful of interested parties and we use them to create urgency. (The Buy now before it’s gone mentality.)

At the end of the day, there is a lot of money out there. There is only one of you and only one of your business. (That the Value!) You can use this to set the tone of the meetings and let your potential buyer know that you have access to other people with money. Other people are interested in buy your company. So… why should you sell this business to them? This will really change the dynamic of the sales process and allow you to close for a fair price. (Sometimes more then you are asking for…)

If you are serious about selling your business you should check us out: http://emeraldbb.ca/sell-your-business/ we will get you results!

Comments