I've decided to sell my small manufacturing business without a broker. It's a niche product with steady revenue, but I have no idea where to find serious buyers. I've tried posting on a few marketplaces but mostly got tire-kickers. Anyone been through this? How did you actually find people who were ready to buy?
Trying to sell solo and finding buyers on my own
What industry are you in? That changes the answer a lot. If it's manufacturing, you might want to look at industry-specific trade publications or associations. Buyers there are often strategic, not just financial.
marketplaces are mostly a waste of time for lower mid-market deals. I sold a service business last year and got the best leads from a direct email to competitors and adjacent businesses. Took some digging but worth it.
I'm in a similar spot. Did you have any luck with LinkedIn outreach? I've been thinking about messaging owners in my space but worry it comes off as spam.
LinkedIn can work if you're specific. Don't send a generic "I'm selling" message. Reference their business and why it might fit. Still, response rates are low. Better to get an intro through a mutual contact if you can.
Hire a broker. I know you said solo, but the cost of a mistake is way higher than the commission. Especially if you've never done a deal before. Just my two cents.
Brokers can be useful but many won't take on smaller deals. And if you do find one, mkae sure they actually have buyer relationships in your industry. Some just list on the same marketplaces you already tried.
Have you considered reaching out to your suppliers or distributors? They sometimes want to vertically integrate. Or even a key employee who might want to take over. Not always realistic but Worth a conversation.
Employee buyers usually can't afford it unless you seller-finance. And that's a whole different risk profile.
Also, if you're doing this solo, get your financials in order before you talk to anyone. Clean books, tax returns, customer concentration. Buyers will ask. The ones who are serious will walk if it's a mess.
One more thing: be careful with NDAs and info sharing. It's easy to give away Too much too early. Serious buyers will understand a staged process.