Step
3 of the selling process will take us from advertising
to find buyers, all the way up to the point were one or
more buyers are prepared to enter into a serious negotiation.
This
section and the next section on Structuring And Negotiating
The Sale are really the heart and soul of the selling
process . These next two sections are where the "rubber
meets the road": you locate and meet the buyer, you
present your business and demonstrate it's value and then
you negotiate and close the sale.
Specifically,
in this section we will cover:
• How
to write an effective online Business
For Sale Advertisement
• How
to Qualify
The Small Business Buyer who respond to your ad
and how to decide if they are a good enough prospect to
receive The
Selling Memorandum (which was discussed in The Preparation
Section)
• Dealing
With Buyer's Questions as they learn more about
your company (and how to manage the disclosure of sensitive
and confidential information)
• How
to set up and Conduct
A Tour of your business that will get the buyer
excited and motivated to submit a Letter Of Intent
Confidentiality
And The Business Buyer
But
first we will discuss the important topic of confidentiality.
Even if your company is very small and/or the employees
already know you are selling, confidentiality is still a
vitally important issue.
Confidentiality
isn't just keeping the sale a secret, but it is also about
managing the disclosure of sensitive information
and deciding when and with whom it will be shared.
You
don't want an unqualified buyer (or the competition)
getting hold of Financial Statements or tax returns. Any
proprietary or personal information you give to a prospect
will still be out there even if they don't buy your
business
Nor
do you want prospects talking to your employees or customers
behind your back. It could cost you a deal.
So regardless
of the situation, any discussion of finding and dealing
with potential buyers must start with confidentiality.
Sell
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NEXT
: The
Importance Of Confidentiality
