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The Basics About Your Business

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As the seller of a business, it is in your best interest to highlight and share as much information as you can with potential buyers. This allows the Otonomy platform to properly highlight your business to buyers and allows buyers to understand what kind of business you are selling.

The main portion of the Listing Details page for a listed business highlights the following information:

Company Name

The full legal name of your business.

Note: If this is a confidential sale we recommend that you use your headline in this field. This will ensure that your business name is not visible to potential buyers.

Address

The address of your business.

Note: If this is a confidential sale we recommend that you enter the city and province only. This will allow potential buyers to find your listing without revealing the exact location.

Headline

An eye-catching, short sentence describing the business being sold.

Description

In the seller’s own words, a more detailed description of the business. We recommend that you include the following information:

  • A two or three sentence overview of what your business does and where it operates.
  • A simple explanation of your business structure.
  • The timeline you are looking at in regards to when you want to sell.
  • Anything else you would like potential buyers to know about your business.

Please do not include your contact information or any other sensitive information in the description field. This field will be visible to all visitors to Otonomy.ca. Instead, we recommend that you use the Otonomy messaging system to communicate initially with potential buyers. This will ensure that you hear from serious potential buyers who have taken the time to create a profile and achieve the Otonomy essentials badge.

Selling Price

The amount you are selling your business for. This price can be determined in a number of different ways depending on the circumstances of your business. We highly recommend that Small Business Sellers reach out to a professional valuator to determine the best price to set.

Photos

Photos showcasing your business. The first photo uploaded will be the cover photo for the listing and will be visible to all visitors to Otonomy.ca. As a result, we recommend that your first photo not include details that can be used to identify your business.

Listing Status

Otonomy listings have four statuses:

  • Active: The business is for sale and the seller is actively looking for a buyer.
  • Offer Pending: The seller has received one or more offers for the business, yet the sale has not been finalized.
  • Sold: The business has been sold to a new owner!
  • Make Me Sell: The business is not actively for sale, yet the owner is still open to having discussions with potential buyers if the price and terms are right.

Sales Representative

Otonomy is the platform for both businesses for-sale-by-owner and for businesses that are being sold through a representative such as as a Business Broker. We ask that all listings posted properly reflect who is heading up the sale so that potential buyers know who they are communicating with.

Business Structure

The legal structure of the business for sale.

Year Founded

The first year of operation for the business.

Industry

The industry that your business operates in. If your specific industry is not listed please choose the closest match and contact us so we can update our list.

Number of Employees

The total number of employees the business has including the owner.

Website URL

The website address for the business. If your business does not have a website you can also place a link to your Facebook page here.

Reason for Selling

One of the first questions a potential buyer will ask is why a business is for sale. This field gives you the opportunity to preemptively explain. Perhaps you are retiring, moving, or its time for you to try something new. Whatever the reason we recommend that you share if you are comfortable doing so.

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