Business owners who are thinking about their succession, should be thinking about who the ideal person is to buy their business. In much the same way as we talk about our target market and ideal clients, we can apply the same strategy to finding the best buyer for the business.
When I ask business owners, who would buy their business? sometimes I get a disappointing reply. The business owner says “Geez, I don’t know who else would want to run this business.” This is not a good sales pitch.
The ideal buyer will give you all of the money you want upfront and not want you to hang around and train them.
I have talked before about whether your kids are a good choice as a buyer and whether they have any interest in the business. What I do know is that your kids likely don’t have much money. Employees fall into the same category, they may be interested but they don’t have the money.
Would your competition be interested in purchasing your business? Any customers want to add your business to theirs?
Spend some time thinking about who would buy your business before the date you wish to sell.