Ask the Business Coach Joyce K. Reynolds is an expert Business Coach who works with CEOs, Sr. Execs, entrepreneurs and countless others providing knowledge, solutions, motivation and support that assist her clientele in successfully meeting workplace challenges. Find out more about Joyce's coaching practice. Selling a Business Question: I have an aesthetic salon in Scottsdale, Az that I am needing to sell. I have relocated to Il. with my family, and have had someone running/working my business. She recently told me that she does not want to buy the business because she wants to start a family, so now I'm stuck with how to market this wonderful business I have, without being there. I have put an ad in the paper, but my business is small, I'm just not sure how to go about this, and I don't have a ton of time to do this. Please Help! Susan Answer: Selling a business at a distance certainly adds to the challenge, but there are a number of things you can do to optimize your efforts. First, be certain you have honestly assessed the probability of interest in your business given the current state of the market and set a well-documented, appropriate price. Start your search for a buyer using traditional avenues such as local business associations – e.g. your Chamber Business or Economic Development Center. You can also make inquiry with local chapters of trade associations for women such as National Association for Women Business Owners and National Federation for Women Business Owners. Connect with business brokers in Scottsdale who have an existing portfolio of potential buyers in the small business category. Be sure to check their references and business standing with the Better Business Bureau before agreeing to do business with them. If your current manager has been entirely ruled out as a sole proprietor, you still might want to explore the possibility of a partnership with her or approach your employees to determine their possible interest in a group buy-out. Long-term employees who have really learned your business might have interest if you can structure a flexible buying package. In this case, you might consider remaining on as a business consultant during a turnover period. Another potential purchaser might be found in a complementary, non-competing business. Scan your industry to identify any possibilities in the general health and beauty industry. Get creative with this. While ‘there is nothing new under the sun’ – there are new combinations. Think of all the places that might, logically if not traditionally, house the type of business you are selling. Prepare to make contact with any such potential buyer by positioning the offer as complementary, highly creative and profitable. Of course, you’ll want to list your business for sale in all local publications and on the Internet where you might want to make a one-time investment to get the business-for-sale listed at the top of some of the key search engines. You can also make a one-time purchase of a targeted, direct mail list as a way of unearthing potential buyers. You might also get some viable leads through your vendors, asking if they might have any ideas of potential buyers. You will certainly not want to overlook your competitors in the search for a buyer. If your business has gained market share at their expense - one of them might be interested in acquiring your business, especially if the deal includes your customer base and a talented, proven staff that is willing to stay on with a new owner. Note: This possibility would hinge on the belief in the marketplace that your business will remain and thrive with or without you. If you are unable to find a full buyer for your salon, you might try one other long shot by attempting to sell to a qualified competitor your customer list for a fee per-name and, perhaps, a small percentage of on-going business for a limited period of time. Finally, you might want to consider returning to your location for an advertised open house for potential buyers. This would give you an opportunity to really present - and possibly sell - the business you have worked so hard to develop. Also see: • Ask Joyce your workplace questions • More questions • One-on-one business coaching Disclaimer: The information in this column is intended to provide the reader with general ideas or concepts to be used as part of a broader base of knowledge they collect to determine their own best course of action and solutions most suitable for solving their workplace challenges. The information in this column is not guaranteed to be the appropriate solution for each individual.