Selling Your Business Discreetly
A couple of weeks ago I had the opportunity to meet Fazl Molana at a networking event. Fazl is a commercial leasing and investment specialist at Cubecom. He helps small to medium sized businesses find a perfect location to operate their business. After my presentation, Fazl came to me with very kind words about BizON and shared his opinion on how important a confidential, login community like BizON is for people trying to sell their business. I loved what he had to say, so I asked him to write a special feature for The Desk of BizON. Take a look at what he wrote, I think he has made some insightful points.
– NP
The Importance of Selling Discreetly
As a commercial leasing and investment specialist I frequently come across individuals looking to sell their business and one of the first questions I’m asked is if I plan on advertising publicly. This is a concern for business owners for two reasons:
First, business owners value their privacy and feel uncomfortable about making certain information about their business public (i.e. financial data, reason for selling etc..).
Second, the public typically reacts unfavourably towards the business as they see the pending sale as a sign of distress.
How do I know? First, I am a two time entrepreneur and most recently owned my own hand car wash in East York. After a decision by my partners to sell the business we attempted to sell quietly through various channels but ended up publicly advertising the sale. I noticed my sales drop by almost 30% within 6 months, almost to the day, of posting the business for sale publicly. Prepaid car wash voucher sales decreased and employee turnover increased as my employees became concerned about job security and how they would get along with the new management team.
I hear this same statistic being echoed by my clients. One King Street salon owner cited the very same statistic when he tried selling his business along with the building several years ago. He didn’t end up selling at that time but is reconsidering now as he is closer to retirement today and real estate prices have steadily increased.
If you’re considering selling your business, please keep discretion in mind – it’s the best way to ensure that you don’t end up creating more headaches for yourself at a time that’s already stressful enough. In that regard, BizON is a great resource as it operates on a subscription based system to ensure that the highest number of the right type of people see your business for sale, without compromising discretion.
Fazl Molana is a commercial leasing and investment specialist and helps with small to medium sized businesses find the perfect location to operate their business. Whether it’s office space, a retail storefront or investment property, he will find a site that meets your business’s short-term needs and long-term growth plans. Please feel free to email him if you’d like some more information or have any questions at fmolana@cubecom.ca
From The Desk of BizON
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