It may seem counter-intuitive to think you might want to make an exit from your online business. It’s probably earning you money, either a little extra or even you main income stream. However there comes a point when you may consider moving on and selling the business.
You may be bored and want to free up cash or time for a new business venture. Perhaps you have built a profitable business and know it is worth a lot of money – money you want to put directly in your pocket.
Figuring out the best ways to find and approach buyers is critical to making the sale smoothly, and getting the most value out of it when you do sell. Usually the first offer you get isn’t the best one you’re going to get so you may need some patience.
The following advice will help you find the right buyer. This means you can exit from the business while still maximizing how much you make on the sale and earn yourself a pay day.

Reach Out To Specific Buyers

Every niche, market, and industry that you could possibly work in has competitors.
At least, if the industry is profitable, there is going to be competitors.These competitors can be your primary source of buyers if you’re looking to sell.
If you have worked with them in the past, or even taken note of who they are, you can easily reach out to them and let them know of your intentions to sell your business.
One of two things are going to happen when you do. Your competitor will either inquire further about how they can buy your business to remove you from the competitive landscape, or they’re going to let another investor purchase the business and remain their competition.
Taking the time to reach out to them to find out if they’re even interested can get the ball rolling quicker than you may have imagined.
You can also find businesses that are similar to yours, and then start reaching out to their competitors.
These similar businesses may not be in direct competition with you, but are closely related enough that acquiring your business could help them move into a new market and increase their own profitability.
Acquiring other, similar businesses is a way that corporations in the offline world regularly grow their market base and increase the amount of customers they can sell their products and services to.
For all you know, they could already be interested in trying to expand their market and are waiting for an offer like buying your business to come across their desk.
Definitely don’t neglect reaching out to your competition to find out if they may be interested in putting in an offer.
You can also work with a reputable broker to help get your offer in front of multiple buyers at the same time, so you have multiple different offers to evaluate. Brokers will get everything done for you but they will take a fee. The fee may be worth it if they can secure a higher price for your business. It’s something to consider.

Sell Out To Your Business Partner

If you’ve built your online business with a business partner, finding someone to buy the business from you may be closer than you think.
Your business partner or investor, if you have one, could be actively interested in making sure that the business doesn’t change hands just because you want to make an exit. Making them an offer to buy your share of the business could lead to a quick sale.
Your business partner or investor may feel some sort of resentment or bitterness because you’re wanting to get out, so they could take your offer as a betrayal to them. Be aware of this, particularly if your partner is a close friend or family member.
It’s not always going to be easy to approach them and let them know about your intentions to sell the business.
However, most times, they are going to be more interested in keeping the business in their hands rather than letting an outsiders who may come in and potentially change the way the business is run.
A smart business owner or investor that’s helped you build the business is going to understand how attractive the offer is when you make it to them. They will also understand the value of the business and are more likely to make a good offer.

Let Your Employees Purchase the Company

If your business is bigger and has a team of people working to help sustain its revenue, you may be able to work out a deal where they split the shares of the business and take it over.
In a situation like this, you may be able to cash out from the business, but you’re likely still going to end up being involved in some capacity. Certainly for a while and possibly in the longer term. This might not fit with your goals and plans.
Your employees will need to have a way to finance the business and structuring the deal is likely to be fairly complicated.
It could come down to a few of your team members, or even one single member hearing about your intentions and stepping up to the plate to take over the business for you.
If you’re strictly interested in the cashing out aspect of selling off your online business, this is an approach that you may not want to think about taking. It will probably take time and involve legal fees.
It’s worth considering though, depending on your circumstances and how the business runs.
List It on an Open Marketplace
If you really want to just make the sale, putting your business up for sale on an open marketplace could be one of the quickest strategies you can use. There are several online marketplaces out there.
You are likely to make a swift sale however it’s also going to be one of the lowest value ways to sell your business.
Running a “flash sale” of sorts, and listing your business for sale for 7 days, or even 30 days, will get someone to buy it, especially if it’s profitable.
However, the amount they’ll be willing to pay will be far lower than a buyer who has performed proper due diligence.
While you may sell your business quickly and get the cash in your pocket, open marketplaces aren’t the best way to maximize the value you get from the sale. They are one of the fastest and easiest ways to exit though.

Want to Get That Pay Day?

There are multiple different strategies you can use to sell your online business.
Each of these strategies has different downsides and potential upsides. The strategy you use ultimately comes down to how much work you’re willing to put in, how long you’re willing to wait to sell, your next business move and how much money you’re trying to get for your pay day.