Many business owners delay the search for buyers, missing chances for optimal sales. This article explains how to identify potential buyers long ahead of selling. By commencing this process early, owners maintain control over the sale, knowing who the right buyer is and understanding the market. The author shares six strategies to build a buyer list, emphasizing that prospective sellers should regularly update their list and utilize various research techniques to identify the best potential buyers, thereby increasing their leverage at the time of sale.
The biggest myth in selling your business is that you should wait until you're ready to sell to start finding buyers. In reality, the longer your horizon to exit, the more control you have over who you sell to, how, and for how much.
Most business owners wait too long to find the right buyer. Or worse, they don't know what 'right' even looks like. And that lack of clarity? It costs them leverage, value, and peace of mind.
Start early searching for business buyers; you're not working under pressure. You're studying your market, identifying who's buying businesses like yours, and building your buyers list.
Building your buyer list should be ongoing work. I always advise clients to revisit it regularly by researching new deals in their industry, which helps clarify your ideal buyer profile.
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