For the owner who wants to expedite a sale, there are several things you can do to accelerate the sales and marketing process for your benefit:
- Look at your pricing for the business as objectively and market-based as possible. If you have a target for your proceeds, use market intelligence to measure that relative to your pricing range. You have many options, including waiting to build a stronger base for negotiating your desired price.
- Make sure your marketing package or “book” is well-organized, comprehensive, and clean. A good test is to have a professional not familiar with your marketplace read through it – what questions do they have after they review it?
- Even if you have a professional advisor or broker, try to identify potential buyers in your area. This can aid the advisor in accelerating marketing and lead to others not on your initial buyer radar screen.
- Be responsive to requests for follow-up information. Not infrequently, sellers take an extended time to respond, delaying or even scuttling a transaction. In one case, a potential buyer told me, “He must have something to hide” and terminated the agreement. The seller had little or nothing to hide, but the slow response was quite apparent.
In general, sellers improve their prospects for a good sales price through their organization, consistency and clarity of communication. While buyers may find a “hot” opportunity in a market, they can become quickly discouraged by seller disorganization, inconsistent responses, and poor communication.