Why buyers buy – Part 2, attracting buyers

acquisition strategiesIn Part 1, we looked at the reasons buyers buy businesses and how it affects the way they value your business. In this article, we will look at how you can attract the attention of each kind of buyer.

 

When it comes to selling your business, you need more than one interested bidder to get the best price. If you can do a great job of catching buyers’ attention, you have a better chance of getting a really good deal.

 

Buyers who want what you have

Focus your marketing and PR teams on profile raising on your most desirable assets. If your customers are your main asset, look at case studies and new business win announcements. If you have innovative technology, look for reviews and profiles in industry publications. Enter awards and invest in advertising.

 

Buyers who want to take you out

Buying out a competitor is a well used strategy. The key to attracting these buyers is to annoy them as much as possible. The more they want you gone the more they will pay to take you over. Deploying strong competitive pricing tactics and focused advertising/PR campaigns are a few ways to remind them of your presence.

 

Buyers who are bargain hunting

Ideally you would avoid this type of buyer. Better to put a turnaround plan in place if your business is only going to be of interest to a bargain hunter.  If that’s not an option remember that no business wants to publicise inefficiency or distress so these buyers are best found through professional advisers such as insolvency and accountancy practices who will be well networked with cash-rich buyers.

 

Finding buyers is hard work and very time consuming so be prepared to invest in marketing your business as hard as you market your products. If you’re planning to undertake this yourself you’ll find some invaluable advice in “The 11 Commandments and 7 Cardinal Sins of Selling a Business”. You can find it on Amazon in printed and Kindle versions.

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