How do I Approach a Competitor to Buy My Business?

Selling your business to a competitor may sound like an odd idea. Why would you sell your business to your competitor? And why would your competitor consider buying your business? A novice entrepreneur won’t even think that idea. But don’t you know that seasoned entrepreneurs always do that?

There are many reasons why entrepreneurs would want to consider selling their business to competitors. But the decision depends on several factors such as:

  • The size of the business
  • Relationship with competitors (coopetition or friendly competitors)
  • Your personal connection with the competitors.

Selling your business is probably one of the last things you would want to do. More so, if you are going to sell it to your competitor. However, certain things come along the way that left you with no choice but to sell your business. If you have already decided to sell your business to a competitor, it would be a smart decision if you are going to use an intermediary. A broker specializing in selling a company would be a big help. You will have someone who approaches your competitor and at the same time, keep your identity anonymous.

Even though you are selling your company, it does not necessarily mean that you have to think only of yourself. You should also put yourself in your competitor’s shoes. Think about what your competitor wants and come up with an offer that your competitor will find it hard to refuse. Well, of course, you can always approach your competitor by yourself, but if you want to make sure that the process will be a smooth sailing one, then you should hire a brokerage firm.

Why should you hire the service of a brokerage firm when selling a business?

  • You will be able to sell your business anonymously – sometimes, pride just get in the way, that feeling that you have to sell your business, and much worse, to your competitor. You want to remain anonymous, and what a better way to do so is by selling your business through the help of a brokerage firm.
  • You will be able to sell your business the highest maximum value – Your business is your baby, and by the time you have to let it go, you would want to make sure you will be able to sell it the highest price possible. Brokerage firms are expert at highlighting the good stuff of your business to make it appealing to prospective buyers. The more appealing your business is, the higher the value will be.
  • You will be able to surpass any obstacle that may come along the way – Selling a business is not always a smooth sailing process. There are roadblocks along the way, and an experienced brokerage firm knows how to handle such roadblocks.

One of the highly reputed brokerage firms today is Freedom Factory. Selling your business through Freedom Factory is one of the best decisions you can ever make. Contact Robert Hirsch of Freedom Factory, and he will be more than willing to help.