Social media has become a part of our everyday lives. There are not many businesses that don’t have some kind of social media presence. That’s why, when selling your business, social media can be a tempting option as a way to get the word out.
While social media can be a good tool but, if you have concerns about confidentiality, having a broker or a professional help you through the process is a good way to make sure that you use it well!
Confidentiality
When it comes to selling your business, confidentiality is often a priority. Keeping the sale of your business quiet so that you don’t worry employees or spook customers will be important to some businesses.
Posting about the sale of your business on social media will make the sale very public as your employees and customers are likely to follow you. If this is something that you are concerned about, using a broker will allow you to advertise on social media via their network.
A broker can also advertise to a network of potential buyers as well your customers (but without mentioning you). It is a good way of keeping the news from those close to your business.
A broker will generally have a wider network that they can advertise to and this will also give your social media posts more traction. Make sure that when you are choosing a broker, you consider the kind of reach that they have. For example, Business Partnership has a database of over 100k subscribers at Feb-19, as well as many more on its national and local partner social media channels. Such depth can provide excellent exposure nationwide.
You should also discuss the content you are happy to disclose with your broker. Your business can be advertised in detail or in more general terms that will keep the sale confidential.
Different platforms
The way that you advertise your business will be different depending on the type of platform that you are using. Make sure that you are familiar with how you should present your business depending on the social media platform that you are using.
A well thought out strategy that has continuity will attract the most buyers.
Should you advertise on an online platform, you will be given a link that can be shared easily across social media platforms.
Remember, when you are creating your social media strategy, that the audience you want to reach will not be the same as who you are targeting when you are promoting your business’s products or service. Your strategy will not be the same because your target audience is not the same (e.g. competitors instead of customers).
Social media is certainly an option for advertising your business. However, keep in mind that, in order to make sure it is a useful option, it will be important to approach it differently to how would approach selling your goods and services.
You will need to think through the strategy before you leap into using social media to sell your business.
By Matthew Hernon is an Account Manager at Dynamis looking after Business Transfer Agents and Franchises across BusinessesForSale.com and FranchiseSales.com.