Today has proven to be most definitely a buyers market as the economy is still quite rocky to most of us. Buyers have more power than sellers as they are only buying products that are absolutely needed by them and their family, rather than going out and impulse shopping or shopping their “want” list. So how does a seller sell in the middle of a buyers market? Look below for some great tips on selling your business that I came across on Entrepreneur.com.
Always remember to price your business accordingly. This is probably the most important tip on selling in a buyer’s market. You have to remember that you no longer have the upper hand at the moment, meaning you do not have the luxury of marking up your prices to suit your needs 100%. Find the happy medium on this one. Pricing too high will obviously keep buyer’s from buying, where as pricing too low will make your customers think something is wrong with your business, this is where trial and error comes in to play.
Try offering some sort of financing for buying your business. In this economy it may very well be necessary to share some of the buyer’s burden by offering them sellers financing.
Offer a road map to success. Though the numbers point to a market heavily favoring the buyer, buyers are still tentative. This economy presents several challenging scenarios that can cause a potential buyer to have second thoughts about purchasing a company.