Most business owners know that there are a lot of people who would love to buy their business and become their own boss.
Yet, when the time comes to actually
sell your business, no one seems to be ready to buy, or it seems to take forever to finally sell. Of course, before selling a business, it’s important to ensure that the asset is fully ready for sale, and that you have all your ducks in a row beforehand.
While the time may not be right for people to buy a new business, the need to cash out of an existing one may be crucially necessary for a whole host of reasons. Regardless of what those reasons are, there is more than one way to sell your business. Of course you can choose traditional means; but below are 3 more creative ways of marketing your property that could bring swift and welcome results.
#1 Lottery Business Win
Instead of selling your business, why not put it up as a prize in a
business lottery? Once you have learned the valuation of your business and its true worth and appraised assets, you could sell a minimum number of tickets at a fixed price over a period of time. You must also ensure that ticket purchasers are actually qualified prospective buyers. Then advertise your drawing in an event gathering to announce the lucky winner.
#2 Offer Owner Financing
When money is tight and legitimate financing is not easy to come by, business owners should consider the possibility of offering an owner financing option to a CEO or company employee. This option offers owners the opportunity to be paid over time and for the new owner to work up the finances through growing the business.
#3 Partner Buy-Out
Don't sell the whole business right away, but rather take on a partner who can help carry the load now, relieve you of financial stress, and buy out the remainder of your interest at some future date. It might even work out so well, that you’ll no longer need or want to sell.
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