Private Business Sales
Private business sales online are more popular then ever before. With over 250,000 businesses for sale online in Australia, from business brokers and private sellers, we are seeing more businesses buying and selling on an online portal. In Australia alone, over 300,000 searches are conducted for the term "business for sale" on Google each month! Thats over 3.6 million searches a year on that one key term!
The Online World
With advertising portals flooding the market, more business owners are able to choose a website to advertise their businesses for sale privately alongside business brokers. Websites like www.bsale.com.au allow private business owners the ability to easily create an advertisement, make a payment via PayPal or direct debit and have their ad live instantly. They can edit and change information as often as they like from the comfort of their home / office. Gone are the days of talking to an operator to place an ad in a newspaper, or having to fax or email through the text. Which would be set at the time of printing, and unable to be changed. Website portals provide extended advertising at a discounted rate. Creating a level playing field in advertising a business for sale.
Private Business Sales
An increasing number of business owners are choosing to sell their business privately. With ease of advertising and numerous resources now available, more Business owners are choosing to go about the business sales process without the assistance of a business broker. With brokers charging 5-10% commission on the business sale and typically an upfront fee of $5,000-$10,000, business owners attempt to sell without their assistance and save the money. If a business owner does not have the time or confidence to sell the business privately, then a business broker is a great option, as they have a database of potential buyer and can assist with the entire process of the sale.
The Professional Private Business Sale
As the owner of a business you accept a certain role and responsiblity in the direction your business will take. Many small to medium sized business owners feel they are the most capable at selling their business as they know every facet of the business and want the sale process to be as honest and straightforward as possible. Selling your business privately allows the business owner the ability to assess a potential buyer and ensure there is no 'mis-communication' about the business they are selling.
The Buyer of a Private Business Sale
90% of all businesses are advertised for sale online. Potential buyers will typically begin their business buying search by going to a search engine such as www.google.com.au or www.yahoo.com.au and typing in a relevant key term such as "business for sale" "Cafe For Sale" "Hair Salon for Sale" and from these results a number of website advertising portals will be displayed. From the list, the potential buyer will browse the number of businesses that are available and relevant to their criteria. The potential buyer will evaluate a number of things by simply looking at this ad... They will view the images/photos that have been uploaded - does the business present itself well? They will read the text and evaluate if the business meets their expectations... How long has it been established? Why are they selling? What is included in the sale? Where are they located? Any indication of sales / profit? If the potential buyer sees a business that meets their expectation they will then contact the private seller to make further enquiries.
The process of selling a business is evolving with more private business sellers then ever before. It will be interesting to see how this market and the method of selling a business privately continues to evolve. After all, who knows the business for sale better? The Owner or Broker?
Have you ever sold your business privately? How did you find the process?