10 Commandments of an Online Business-For-Sale Listing

What you include in an online business-for-sale listing could be the difference between a quick sale and a long, painful one. Here's how to do it right.

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With nine out of ten prospective buyers shopping online for acquisition opportunities, about the only reason not to list your business with online sites is if you have a specific buyer in mind and you don't want to deal with other interested parties. For everyone else, here's what to know about how online ads work and what makes them work well:

1. Include key financials

Include annual revenue and annual cash flow or seller's discretionary earnings. Without this, it's difficult for a potential buyer to know if your business fits his/her lifestyle/income needs and investment capability. Also, if your business listing doesn't provide this information but other similar business listings to provide it, buyer will be much more likely to respond to competitive ads.

2. Include geographic location

While listing sites allow you to keep location (county) information confidential, don't. Most buyers search locations at least to the county level, which your listing should reveal. If a buyer is searching for a florist in Dade County Florida and your businesses location is confidential, they WILL NOT see your listing in their search results. If you desire to keep your sale confidential, you can still do so by providing broad, but not specific (street, neighborhood) geographic information.

3. Include a strong headline

In any type of ad, most people read only the headline. And they read more only if the headline grabs their attention and inspires their interest. Write a headline that presents what's great about your business. Is it the location? The great business space? The distinct and highly desirable products or services? The strong brand name and reputation? Ask: What would make you want to buy your business? Write a headline that conveys your answer. Keep in mind that when buyers first see listing results during an internet search, they are often comparing the prices and headlines for several businesses that meet their search criteria. You want YOURS to stand out.

4. Present the right contact information

Buyers want to see a phone number, but to protect your business identity, don't present your business phone number or a personal number. Direct calls to your broker's number, if you're using one, or to an unlisted number that can't be traced to you personally or to your business. Also, offer an email address that reaches an account you establish specifically for sale purposes. This separate email account will protect your established accounts from spam, maintain confidentiality, and make monitoring ad responses quick and easy. Then commit to checking for responses frequently and responding promptly, (within a day or two maximum). The quickest way to kill buyer interest is with lack of response.

5. List your business in two categories

Most online listing sites allow you to select a "best matching business type" and a "next best-matching business type." For maximum exposure, choose a category for each option. For instance, "Gas Stations/Service Stations" and "Auto Service/Repair."

Mike Handelsman is group general manager for BizBuySell.com and BizQuest.com, the Internet's largest and most heavily trafficked business-for-sale marketplaces. @BizBuySell