THINGS YOU SHOULD KNOW WHEN WRITING SELLING YOUR BUSINESS ONLINE

Jan 5

13:30

2009

Garret Lloyd

You've probably heard that you only have one chance to make a first impression. No where is that more true than online. Even before you decide to sell, consider who the buyer may be, along with what he/she may want to know when considering buying your business.

STRONG HEADLINES

You've probably heard that you only have one chance to make a first impression. No where is that more true than online, where attention spans are brief and there are plenty of other ads vying for the browser's attention. You want a prospect to click your ad first; otherwise, they may go into another seller's details and never return to our screen. You need to target at least one exciting selling point in the headline. A headline like “grocery store” may not get many click-through. But “Gourmet grocer with upscale customers” tells a lot more, plus is better targets your buyers.Don't forget: you can edit your ad frequently on BizandBiz.com. Play with your headlines periodically to see what draws the most traffic.

CATEGORIZE YOUR BUSINESS

The headline needs to pinpoint the type of business you're selling to attract the best and most buyers. Saying “Established business for sale” doesn't specify whether you've got a franchise taco stand or a veterinary clinic. “Profitable Car Wash” will draw prospects who may be skimming through all SIC codes in a given area.

SHOULD YOU SPECIFY LOCATION?

Listing the city for your firm is often a good practice, especially in a large country or state with many ads. Some prospects searching the database only look at a given city and state, so they may miss your company if you just say “ Georgia .” If you're in a small town in a metropolitan area, it's probably better to list the city you are near in your basic listing, then name the actual town in your summary text. “Metro Atlanta ” will get more hits than “ Duluth ”. However, there may be times you would want to leave the city blank. If you think listing the city would endanger confidentiality – say, if you're the only Chinese restaurant in El Paso – then leave it out.

URGE THE BUYER TO ACT NOW

Advertising copywriters always end with a “call to action” – something that coaxes the observer to take the next step in the sales cycle. You might suggest they call immediately, or Email for more information. Always make it clear what you want them to do next!

ELIMINATE POOR PROSPECTS

Your ad should also steer serious buyers to contact you while discouraging those who may only be “just browsing.” Listing enough information to let prospects determine whether your opportunity fits with their needs is a great way to “pre-qualify” prospects. You don't want to give away so many details that you endanger confidentiality. But at the same time, the more details prospects have the better change you'll only be contacted by serious buyers.

Understanding the nature of Buyers

Buyers and sellers often share many of the same reasons for buying and selling businesses. The buyer must be as serious about the sale as the seller when it is time to make a transaction. Unless the buyer is serious, the sale will not close.

Buyers have a number of motivations for their purchases, including:

Have been or soon will be laid off, fired or transferred from their current position.
Taking early retirement – voluntary or otherwise.
Dissatisfied with current job.
Want more control over their lives, to “do my own thing.”

Snapshot of Typical Profile

The average individual considering buying a business often wants to replace a lost job or to exit an unfavorable work environment. Buyers are usually male, although a growing number of women are now becoming business owners. Nearly half have less than $100,000 to invest in buying a business. Often at least part of their financial comes from personal savings or family members. The typical buyer has never owned a business before. Frequently, he or she will not end up in the type of business they originally planned.

The typical buyer's main motivation for their purchase is changing their current life situation, such as underemployment, non-employment or job dissatisfaction. This person no longer wants to work for someone else, preferring to take charge of his or her own destiny. While a key concern, money is not their main concern, ranking possibly fourth or fifth overall. The purchaser is needs to make a "leap of faith" to risk of purchasing and operating their own firm. Those going into business just for money are not frequently realistic buyers for small businesses. A willing buyer demonstrates:

Desire to buy a business.
Need and urgency to become an owner.
Adequate financial resources.
Able to make one's own decisions.
Reasonable expectations of the results of owning a business.

Buyers' Questions

Even before you decide to sell, consider who the buyer may be, along with what he/she may want to know when considering buying your business. The following are typical questions you must be able to answer.