Where to Sell a Business: Top Platforms and Expert Tips

Deciding where to sell a business can be nerve-wracking. What if the platform you choose isn't ideal for your industry? What if you could make more money or sell faster on another platform?

In today's guide, we discuss various platforms on which you can list your online or offline business to reach an extensive network of qualified potential buyers.

At Exitwise, we believe the best decision you can make when selling a business is to hire the right experts to help you.

We help you find and work with the best M&A experts in your industry to ensure you sell your business on the best possible terms and at the highest price possible.

Consult with us today to maximize your exit!

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Strategies for Preparing Your Business for Sale

When selling a business, you'll want to maximize its value and improve its sellability score for a smoother, more successful exit.

Add the following to your ‘selling a business checklist’ to get all ready for the sale:

• Streamlining Operations: Analyze your business operations and find improvement areas to save money, time, and other resources. You can optimize workflows, reduce redundancies, or automate some tasks.
• Financial Preparation: Review and organize all your financial documents for the current year and the past 3-5 years. Be ready with accurate balance sheets, tax records, income statements, cash flow statements, and more.
• Legal Preparation and Compliance: Ensure all your contracts with suppliers, employees, customers, and other stakeholders are in order. If your business requires antitrust approvals, secure them before kickstarting the sale.  
• Maximize Profitability: Find ways to increase revenues while managing costs. Buyers want a profitable business that can pay off debts and other expenses comfortably.
• Get a Business Valuation: Secure a business valuation early on, including a detailed valuation report. A valuation helps you set a realistic sale price and identify improvement opportunities to maximize your business's value.
• Improve the Management Team: Ensure you have a strong team that can run the business efficiently after the sale and help the new buyer to settle.
• Hiring the Right Experts: Selling a business is not easy. You can hire professionals to help you with the sale, including getting the business ready.

Now, let’s look at the best places to sell your business.

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Where to Sell Your Business

You can sell your business across various places, depending on its financial health, industry, type, and other factors.

However, finding the best platform is just one cog in the wheel. Since most business selling platforms are mainly marketplaces, you'll need more than just selecting the best one to sell your business successfully.

You'll also need M&A experts to help you value the business, increase its value, market it to the right potential buyers, and manage the tax burden. They can also advise you on how to handle or invest the money from the sale.

The problem is that it can be difficult to find the best M&A experts on your own. That's where Exitwise steps in. We can help you find and work with the best industry-specific experts - M&A attorneys, investment bankers, financial accountants, and wealth advisors - to help you every step of the way.

We’ll even negotiate favorable fees and engagement terms with each professional on your behalf and manage the entire team for you throughout the selling process!

Schedule a chat with our team at Exitwise to find the best experts to market your business and sell it at the most favorable terms.

Now, let's take a quick look at some key business selling platforms:

1. Professional Business Brokers

Online or offline business brokers are agents who can help you get your business ready for sale, value it, and sell it. They have specialized sectoral expertise and experience.

You can also count on their databases of pre-qualified potential buyers, which can help you find a buyer sooner.

Business brokers typically serve businesses of different sizes, so you don't have to worry about not finding a suitable one to help sell your small or large business.

2. BizBuySell

BizBuySell is a leading marketplace for businesses across various sectors looking to sell. It boldly claims to show your business to over three million visitors monthly.

Your business-for-sale listing appears on the platform's wide network, including BizBuySell, BizQuest, AllBusiness.com, The Wall Street Journal, and LoopNet. These multiple showings increase your chances of finding the best buyer sooner.

3. BusinessesForSale

BusinessesForSale is an international platform that lists both online and offline businesses across sectors like hospitality, agriculture, the great outdoors, and more.

Besides selling a business, you can also use the platform to sell franchises.

4. BuySellEmpire

BuySellEmpire is a top private online marketplace that connects buyers and sellers of internet businesses, such as Amazon FBA, content sites, SaaS, Amazon Associates, and Chrome extensions.

The platform uses a tiered fee system, payable by the sell-side upon a successful sale. You can expect to pay 4% to 7% of the sale price.

5. Acquire

Acquire focuses largely on bootstrapped SaaS startups but also helps with selling content businesses, agencies, and e-commerce businesses.

The platform boasts over 500k potential buyers with over $2 billion in verified financial buying muscle, meaning you can sell your business faster with the right listing.

6. FE International

FE International reports having a 94.1% success rate in selling businesses to its network of over 80,000 qualified buyers.

The firm serves technology businesses, helping founders sell their businesses on their own terms.

7. Empire Flippers

With Empire Flippers, you can expect a personalized approach to selling your online business or website. They handle all communications between you and the buyer so you can focus on managing and growing your business.

The platform guarantees qualified, serious buyers and faster sales with the lowest exclusivity period.

You are allowed to de-list your business or list it on other platforms simultaneously if it doesn’t sell within two months.

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How to Choose the Best Platform to Sell Your Business Fast

Whether you are selling a small business or a large one, choosing the best platform can help you sell sooner and more effectively.

However, the task can be overwhelming if you don't know the main factors to consider while choosing the platform.

Here's a quick overview to guide you:

• Quality of Reach: While a platform may have a significant national or international reach, it can help sell a business better if it reaches relevant buyers. Look for a platform with an active industry-specific user base of pre-vetted and pre-qualified potential buyers.
• Ease of Creating a Listing: You should be able to make a listing easily. Choose a platform that allows you to add as much information as possible to attract serious buyers. You should also be able to add your financial details, operational data, and ownership information, among other aspects.
• Platform's Reputation: Ensure the platform has a proven track record of successfully selling businesses. You can check online reviews and testimonials or ask for recommendations from former business owners.
• Focus on Your Industry: A platform that focuses on your niche can help you find a targeted buyer faster.
• Available Marketing Tools or Options: You are more likely to sell faster if the platform provides the right tools or options for marketing your business to the right prospective buyers. Look for options such as email marketing, SEO, and social media marketing to promote your listing.
• Fees for Selling on the Platform: Most platforms charge listing fees and commission rates. Check if you can afford these charges before and after the sale.

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Factors to Consider for Successfully Selling Your Business

The process of selling a business relies on many dynamics, and it can be challenging to monitor all these factors.

Here are the key aspects to consider to increase your chances of success:

• Timing the Sale: You must determine the right time to sell your business. Sell at a time when the business is doing well financially, when you are psychologically ready to sell, or when the market conditions are favorable.
• Choosing the Right Buyer: Finding a strategic buyer is one of the best ways to sell a business. You'll want one that aligns with your business values, long-term vision, and goals. The buyer’s financial capability and industry experience or expertise are also important.
• Maintaining Business Performance: If you let business performance decline during the M&A process, its value and sellability may reduce. You should maintain high levels of operational, managerial, and financial performance.
• Business Value: Understanding your business's worth helps you set the right asking price. If it's too much, you risk discouraging potential buyers. A low asking price would mean leaving money on the table.
• Your Involvement During and After the Sale: Most business owners make the mistake of disconnecting themselves from the sale process, yet they are the ones who know their business the best. Ensure you or your top management remain on top of the process for a smoother sale. Depending on the buyer, you may also have to be supportive during the transition and integration.

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Should I Hire a Broker to Sell My Business?

While you can sell a business without a broker, working with one can help you sell faster as they usually have a broad network of prospective buyers.

Brokers know how to sell a business and have experience working with both buyers and sellers to smoothen the process.

However, they are typically generalized and lack specific industry expertise. They may also reduce your control over the process and not fully understand the nuances specific to your business. These shortcomings could make the selling experience less fulfilling for you.

The solution?

To maximize your exit, it’s better to hire M&A experts who specialize solely in your industry for a more rounded understanding of the sale.

We at Exitwise exist to help you find, recruit, and work with top-rated experts in your industry.

You can count on our proven three-step method, which includes an extensive initial consultation, connecting you with top M&A experts, and helping you work with them to actualize the sale.

We'll help you find the best finance accountants, wealth advisors, corporate lawyers, and investment bankers. Schedule a consultation with us today to achieve the exit you've always imagined.

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Frequently Asked Questions (FAQs)

Let's end with a few common questions about selling a small business:

How Much Do Brokers Charge to Sell a Business?

Business brokers' fees are usually in the form of commissions that typically average 10% but can be as much as 20%, depending on the industry.

Your broker may also have other charging methods, such as per-transaction fees, retainer fees, consultation fees, and success fees. The amounts can vary widely.

How Long Does It Take to Sell a Business?

The selling time typically ranges from one to 12 months, depending on the business, its financial health, and prevailing market conditions.

The duration can be over a year for larger businesses.

What Documents Are Required to Sell a Business?

Some key documents you need to sell a business include:

• Financial documents, like cash flow statements and tax records
• Organizational and operational documents, like standard operating procedures and workflows
• Major contracts and agreements with vendors, customers, or employees
• Legal documents, like binding LOIs and non-disclosure agreements
• Compliance and due diligence documents, like business valuation reports and licenses

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Conclusion - Where to Sell a Business

Determining where to sell a business doesn't have to be nerve-racking now that you know the key platforms to consider.

You'll need to choose the one that best aligns with your business goals, values, and expected outcome.

If you’re still unsure, you can enlist the help of top-notch M&A experts, like wealth advisors, investment bankers, and finance accountants, to reach the decision more easily.

At Exitwise, our proven three-stage process helps you find and collaborate with the best M&A experts in your industry to optimize the sale terms and price.

Connect with our team to make your dream of a successful exit come true.