Is your business for sale listing staying on the market longer than you expected? There are a variety of reasons why a business listing isn’t getting any activity, but many of these are not insurmountable. While price reduction is a usual tactic when a listing goes stale, there are a few other ways you can revitalize your listing and attract strong offers.
Increase Your Listing’s Exposure. If you’re already listing your business on BizBuySell, there are a number of ways you can maximize your listing’s exposure. One of the most popular tools is sending a BuyerBlast email, which targets active buyers who have asked to receive alerts about businesses like yours. To learn about BuyerBlasts and other exposure enhancing tools, login to your BrokerWorks account and select Marketing Tools.
Leverage Social Media. There are several ways to increase your listing’s exposure via social media. Using your BrokerWorks account, you can access the listing distribution tool, which allows you to automatically distribute listings to your LinkedIn newsfeed, as well as your connections – some of which may be interested or know someone who is. You can also share each of your BizBuySell listings on social media by clicking the ‘Share’ button located above the listing description. Another way to quickly distribute your listings simultaneously to multiple social networks is by using a social media aggregator, such as Hootsuite.
Refresh Your Listing Information. Your listing may need a little updating. To attract buyers, start by writing a catchy headline; highlight the business’s unique features. The description should be succinct and to the point; it should include essential facts that would be important to the potential buyer. For more details on writing a great listing, read the BizBuySell Blog article, 5 Reasons Why Your Business for Sale Ad Isn’t Getting Any Responses.
Also, by gaining a better understanding of what buyers are looking for in the type of business you’re selling, you’ll be able to market your business more appropriately. It may be worth mentioning that the business has a certain type of popular feature, such as a mobile-friendly responsive website and an established digital presence. Many businesses are going green, so it may help to mention that the business has energy efficient appliances or a LEED certified office space.
Update Your Photos. Adding new photos can attract buyers who overlooked your ad the first time. Listings that include photos are much more likely to be noticed than listings without. Even if you have a confidential listing, you can use a visually appealing photo that represents what the business is about. Use stock photos if you need to. For example, if you’re selling a pizzeria, a mouth-watering photo of a slice of pizza could do the trick. If you’re taking your own photos using your cell phone camera, remember to shoot from different angles, use natural lighting to your advantage and get rid of any unnecessary clutter.
Monitor the Market. As a business broker, you already know best practices in determining a business’s value. An easy way to confirm that the market still supports your asking price is to use a BizBuySell Valuation Report, which gives you access to over 110,000 comparable sold and for sale businesses. You can also keep tabs on businesses that have recently hit the market by subscribing to BizBuySell BizAlerts, which are free emails that can be customized to alert you when a new business has been posted.
Have any great ideas on revitalizing a stale listing? Tell us your strategies and share your comments.