Curious if anyone has actually sold a local business (like a coffee shop, auto repair, etc.) through an online forum or marketplace? Not talking about business brokers, but direct forum deals. Did it work? Any scams or weird experiences?
Selling
Has anyone sold a local business through an online forum?
Sold a small HVAC company on a regional Facebook group last year. Took 4 months of tire kickers. Buyer turned out to be a competitor who just wanted the customer list. Worked out but had to lawyer up for the asset purchase agreement, though.
Define 'online forum' – like Reddit? Craigslist? I looked at BizBuySell but that's not really a forum. Following though.
I tried selling my landscaping biz on a locall subreddit. Got one serious inquiry out of 20. The rest were 'how much for just the mowers' or lowball offers. Ended up using a broker. Not worth the headache.
The problem is anonymity. On a forum, nobody trusts a seller with financials. You need a track record or a broker to vouch. Unless it's a tiny biz under $50k, forums are a waste.
Sold a laundromat on a coin-op forum back in 2019. Buyer was a regular poster who knew the industry. No broker, just a handshake and a UCC filing. Still get Christmas cards from him. So it can work if it's a niche community.
Old_greg that's the exception. Niche forums are different. But the OP said 'local business' – most local biz owners aren't on forums like that.
I almost bought a food truck through a Facebook group. Turned out the seller was hiding a lien. Forum deals are the wild west. Do yoru due diligence or get burned.
Honestly, if you're selling a real business with real revenue, forums are bottom of the barrel. You'll attract bargain hunters and time wasters. Just my 2 cents.