Business buyer client: “It’s a great little business and what’s really nice about it is they do no marketing.”
Me: “Every business that is or has ever been for sale does no marketing. If you believe the seller or their broker, customers just fall from the sky.”
I learned almost 20 years ago the three most common lines one hears about a business for sale are:
- “We don’t do any marketing and a buyer who knows how to market will do great.”
- “This business has so much potential.”
- “I (the owner) don’t work too much, the business really doesn’t need me.”
Business buyers tend to be a skeptical lot and you can understand why when you realize how often they hear the above statements, and similar.
It’s why I coach owners to:
- Do some marketing to show it works and you can grow the business.
- Build a management team, a real team, let them do their thing, and concentrate on the strategic side of the business.
- Have great financial systems and accurate statements to prove the prior two points.