If you’re considering selling your business, understanding the tools and platforms available is essential. In this comprehensive BIZBUYSELL review, we’ll explore the platform’s features, benefits, drawbacks, and alternatives to help you make an informed decision.
Selling a business is a complex process, and choosing the right platform can make all the difference. While BIZBUYSELL offers significant reach and a user-friendly marketplace, it’s important to determine if it aligns with your goals.
Overview of BIZBUYSELL
What is BIZBUYSELL?
Founded in 1996, BIZBUYSELL is one of the oldest and largest online marketplaces for buying and selling businesses. With over 45,000 active listings and 1.4 million monthly visitors, it provides significant exposure to sellers and a diverse inventory for buyers.
Key Features:
- Wide Variety of Listings: Includes eCommerce stores, brick-and-mortar businesses, franchises, and even assets like furniture and displays.
- Network of Brokers: Collaborates with independent brokers to increase opportunities for buyers and sellers.
- Valuation Tools: Offers multiple options to estimate the value of your business.
Why Consider BIZBUYSELL?
BIZBUYSELL’s vast reach makes it a compelling choice for sellers seeking exposure. However, its marketplace model may not provide the personalized touch of traditional brokers.
Types of Businesses Sold on BIZBUYSELL
One of BIZBUYSELL’s standout features is its diverse inventory. Unlike platforms that focus solely on digital businesses, BIZBUYSELL caters to:
- Brick-and-mortar businesses
- Online businesses (e.g., eCommerce, SaaS, and Amazon FBA)
- Franchises
- Business assets (e.g., equipment, real estate)
This variety attracts a broad audience but may lack the targeted buyer base offered by niche platforms.
Valuation Process
BIZBUYSELL provides three valuation options to help sellers determine their business’s worth:
BizWorth Calculator
The BizWorth Calculator is the quickest, least detailed valuation. There, you will provide a few details and will be given a ballpark value. This could be useful if you are just starting to think about selling. It can give you a quick idea of if you are ready or not.
Valuation Report
This report offers comparisons to similar businesses on the platform, providing more detailed insights. This information is incredibly valuable for the seller. It will give you an idea of where to start price-wise.
DealCoach Valuation
A comprehensive, one-on-one service with a broker, tailored specifically to your business. You will get one on one service and attention. With this valuable insight from a broker specifically tailored to your business, you can be more accurate. The secret to a successful business sale is knowing what you are worth.
Knowing your business’s value is crucial for setting the right price and maximizing your returns.
Sales Process
Getting Started:
Selling on BIZBUYSELL can be as simple as listing your business online. However, standing out among 45,000 listings requires preparation. The platform provides a free Guide to Selling Your Small Business, covering key topics like:
- Writing compelling copy for your listing
- Marketing strategies to attract buyers
- Preparing essential documents for the sale
Offers and Closing:
Once your listing is live, you can expect offers in the form of Letters of Intent (LOIs). These outline buyers’ plans and terms for purchasing your business. Evaluating these offers carefully is essential, especially if you’re concerned about preserving your business’s legacy.
Fees and Pricing
BIZBUYSELL’s pricing is transparent and affordable compared to traditional brokers. Here’s a 6-month term pricing:
- Basic Listings: $65.95/month
- Showcase Listings: $89.95/month
- Diamond Listings: $199.95/month
Higher listing levels offer more exposure and features, increasing buyer interest.
Shorter 3-month terms available at a higher monthly rate.
Pros and Cons of BIZBUYSELL
Pros:
- Ease of Use: Listings can go live within 24 hours, ideal for sellers seeking a quick sale.
- Affordability: Low-cost options are perfect for small and medium businesses.
- Diverse Listings: Supports a wide range of business types, including franchises and brick-and-mortar.
Cons:
- Limited Support: Personalized assistance from brokers requires additional fees.
- High Competition: With tens of thousands of listings, standing out can be challenging.
- Marketplace Model: Not a true brokerage service; sellers must handle much of the process themselves.
How to Maximize Success on BIZBUYSELL
- Prepare Thoroughly: Use valuation tools to set a competitive price and gather all necessary documents.
- Create an Engaging Listing: High-quality photos, detailed descriptions, and clear financials are essential.
- Leverage External Support: Consider hiring a broker for a more personalized experience.
- Market Your Listing: Share your BIZBUYSELL listing on social media, LinkedIn, and relevant industry forums to boost visibility.
Is BIZBUYSELL Right for You?
BIZBUYSELL is a powerful tool for selling a business, especially if you value exposure and affordability. However, its hands-off approach may not suit sellers who need extensive support or personalized services.
If you’re selling a startup, online business, or small retail operation, BIZBUYSELL’s ease and affordability make it an excellent choice. For larger or more complex sales, a specialized broker might be a better fit.
With the right preparation, BIZBUYSELL can help you achieve a successful sale. Evaluate your needs carefully and take advantage of their tools and resources to maximize your results.
