- How to Sell a Business Online Using a Broker
- 4 Ways To Sell a business online without using a broker
- Get Your Business Up For Sale Fast
How to Sell a Business Online (With or Without a Broker)
I love a good sandwich.
That’s right. Artisan bread, sliced deli meat, melted cheddar, onions, peppers, with a slathering of sandwich sauces.
If you haven’t visited a popular to-go sandwich deli lately then outsource that accounting work and take 20 minutes to get a good sub.
But it isn’t just the quick, efficient, delicious sandwich that appeals to me. It’s the entrepreneurial spirit of a well-run sandwich shop.
If you know me, you’ll know I’m a Texan. Now, with every possible sandwich chain to chose from, I skip the popular choices and head right for the smallest chain I listed: Schlotzsky’s. Why? Schlotzsky’s is a Texas creation, having been founded in Austin in 1971 by Don and Dolores Dissman.
You may be thinking: “What does a sandwich shop have to do with selling a business online?”
Below is a listing on BizBuySell, a popular website to buy and sell businesses, of a Schlotzsky’s franchise in west Houston.
If you haven’t kept up with the digital revolution, many small business owners are turning to the Web to sell their business. It is much easier than you think, and has the following key advantages:
- Speed: Post your listing in as little as 24 hours.
- Accessibility: Access your listing and communications with potential buyers anywhere, anytime.
- Cost: Pay low fees per month to list your business.
- Efficiency: Attract a wealth of buyers quickly.
- Comparison: Understand the market by shopping around to see what other businesses are available.
A business can sell one of two ways: with a broker and without a broker. I’ve written extensively on this blog about the pros and cons of working with a broker, which I won’t go into now. What I want you to learn are the ways to sell online, with or without a broker.
How to Sell a Business Online Using a Broker
A broker’s job is to connect a seller with a qualified buyer. While many brokers provide other functions, such as corporate valuations, the core of the job is to match the right buyer to the right seller. In a sense, they are matchmakers. Brokers are selected for the quality of relationships they have cultivated and their success in closing past deals.
In the Schlotzsky’s example, Gerald G. Brisson is the broker representing the anonymous seller. On Brisson’s profile is a list of his professional organizations and the other listings he has available (far more than just the three listed here). Brisson is a member of the International Business Brokers Association (IBBA).
Before contacting a broker, I recommend you prepare. Below are three steps to do before contacting a broker.
1: Determine if you are ready for a sale.
2: Get a business valuation
3: Prepare for the sale
If you are looking to sell your business and have decided a broker is right for you, this association is a great place to start. You can search for brokers in your area who can help you sell your business.
Other popular websites for finding business brokers include:
Some brokers specialize in certain industries, company sizes, verticals, or specific deal types. Make sure to find someone who matches your needs.
4 Ways To Sell a Business Online Without Using a Broker
So you’ve decided to skip the broker. The business is your legacy, and no one can sell it as you can. I don’t blame you — I feel the same way about my businesses.
If you are going to sell yourself, again, make sure you prepare your business ahead of time. Here is a checklist that will help you get organized. The sales process has a way of taking up all of a business owner’s spare time and attention.
Below are the top four websites (marketplaces) for buying and selling businesses in the United States.
This is by far one of the largest and most popular marketplaces for buying and selling businesses. BizBuySell was founded in 1996 and facilitates tens of thousands of sales each year. The cost to list a business ranges from $50 to $100 per month. Importantly, BizBuySell is partnered with the IBBA, enabling buyers and sellers to connect with business brokers.
While not as popular in the U.S., BizQuest has good monthly traffic and strong international listings. Prices range from $70 to $100 per month to list, which also includes some great features that BizBuySell doesn’t have. BizQuest is part of the network that lists on BizBuySell, so expect some overlap between the two.
While many business owners haven’t heard of this site, I recommend it because you can list for free. The marketplace is US-based and has been in operation since 2001.
Another popular website, BusinessForSale is headquartered in the United States with businesses for sale in over 20 countries. Prices range from $100 to $200, however, at the lower end you pay for 30 days while at the higher end you can get a listing for one year for a low flat fee. In addition, BusinessForSale offers a limited free trial.
Get Your Business Up For Sale Fast
You can’t eat a sandwich over the internet (yet), but you can buy or sell a business. The digital age has made it easier to plan, prepare, list, and sell your business. Now you can get on with your next project or adventure.