• By Daren Leng, Senior Business Broker, ABC Business Sales

Business owners often worry about others discovering their intention to sell.

Concerns may involve customers, suppliers, staff, and competitors.

A good business broker will assess the business, identify any sensitive areas, and recommend the best approach to market it.

There are several methods for doing this, which can be a staged process, and tailored to suit the owner’s preferences.

Marketing plan: Utilising the broker’s company website, TradeMe, and social media platforms to reach potential buyers.

A good marketing plan will have buyers enquiring, without them being able to identify the business.

Naming the business: Unless the brand has significant value, avoid naming the business initially to manage interest and questions.

Database: Reach the right audience by using the brokerage company database and the broker’s list, gaining approval before approaching industry contacts specifically.

Background checks: Before sharing information, ensure buyers have signed confidentiality agreements and evaluate their suitability and financial capability.

I will often use Linkedin, Companies records, Google and Facebook before contacting a buyer.

Sharing information: Manage the timing and amount of information shared to protect the business, particularly important when dealing with buyers from the industry.

Constant communication with the vendor is paramount.

• For expert advice, contact Daren Leng, Senior Business Broker at ABC Business Sales. Your Business Broker of Choice. Ph 021 0278 6045 or email darenl@abcbusiness.co.nz.