Making the first move in business sales often puts you at a slight disadvantage.
Initiating a sale can reveal just how eager you are to part with your business.
Instead, it’s always more advantageous to be approached by potential acquirers rather than doing the approaching.
Luckily, the market conditions today are primed for unsolicited offers.
With low interest rates and soaring stock markets, large companies are actively seeking to invest in promising smaller businesses.
But how do you ensure your business stands out and catches the eye of acquirers?
Here are five impactful strategies to get noticed by potential buyers:
1. Win an Award
Recognition in your industry can significantly elevate your business’s visibility. Winning an award such as “Widget Maker of the Year” from the Widget Makers Association positions you as a top-performing business. Awards signal to acquirers that your company is a leader in its field, making it more attractive for acquisition.
2. Hire a PR Professional
Engaging a public relations expert can be a game-changer. A PR professional can craft compelling narratives about your business and share them with both mainstream and industry-specific media. This increased visibility can attract attention from potential buyers who are always on the lookout for thriving businesses.
3. Host an Industry Event
Organizing a conference, tradeshow, or summit for your industry is another powerful strategy. By hosting an event, you position yourself as a thought leader and innovator. Inviting representatives from potential acquirers to your event gives them a firsthand look at your influence and capabilities, increasing their interest in your business.
4. Join a Board
Consider joining a board of directors where an executive from a potential buyer serves. This strategic move allows you to showcase your value and leadership skills without directly expressing your intent to sell. It’s a subtle yet effective way to get on the radar of influential industry players.
5. Grab Lunch
A casual lunch meeting with a senior executive from a potential acquirer can provide valuable insights and spark interest. Discussing industry trends and sharing your vision over a meal can build rapport and highlight your business’s strengths in an informal setting.
What’s Your Next Step?
Selling your business is a delicate dance, and being courted by buyers puts you in a stronger negotiating position. Acquirers are actively seeking new opportunities, and these strategies will help ensure your business catches their attention. When it’s time to sit down at the negotiation table, you’ll be in a prime position to secure the best deal.
To dive deeper into making your business attractive to potential buyers, check out the Succession Stories Podcast hosted by Laurie Barkman. Hear how marketing entrepreneur Nelson Anderson acquired companies to create a larger platform printing business. Learn practical ideas to enhance your business’ marketability.
Selling your business is one of the most significant transactions of your life. With the right strategies and preparation, you can ensure your business is noticed by the right buyers and secure a successful and profitable sale.
If you’re a business owner considering how to create a sellable asset or transition your company, we invite to you a 30-minute strategy call.
