What Should I Do If I Can't Find a Buyer for My Company?

Selling a company is often a lengthy process that does not always lead to the desired outcome. If your sales process stalls and no new interested parties are in sight, you should critically review the following points and consider alternative approaches.

Is Your Company Even Saleable?

The first and most important question: Is your company attractive enough from a buyer’s perspective? A common mistake in self-assessment is neglecting a market-standard managing director’s salary.

To calculate saleability, you can apply the following formula:

1. Determine the average EBIT (earnings before interest and taxes) of the last 3 years
2. Subtract a market-standard managing director’s salary (depending on industry and company size, between €70,000 and €150,000)
3. The result is the “adjusted EBIT”

A simple example:

• EBIT: €200,000
• Market-standard managing director’s salary: €100,000
• Adjusted EBIT: €100,000

With a multiplier of 5 (industry-dependent), the company value would be approximately €500,000. If this value is too low for your expectations or even negative, your company may not be saleable.

Other factors influencing saleability include:

• High dependence on the owner (key person risk)
• Insufficient documentation of processes and knowledge
• Declining business figures or outdated business model
• High customer concentration on a few major clients

For more information on this topic, see our article on common mistakes in business valuation.

Have You Already Engaged Professional Help?

Many entrepreneurs initially try to sell their company on their own. Selling independently can work, but especially with more complex companies, it quickly becomes challenging:

• Lack of experience in structuring sales processes
• No professional preparation of sales documents
• Limited network of potential buyers
• Emotional involvement that complicates objective assessments

A specialized M&A advisor can provide decisive advantages here:

• Professional business valuation and sales documentation
• Larger network of pre-qualified buyers
• Experience in negotiation management
• Objective perspective on the company and realistic price expectations

The costs of an M&A advisor may seem daunting at first but often lead to a higher sale price and increased chances of success. Learn more about the benefits of an M&A advisor in our guide M&A advisors as strategic partners in sales.

Have All Marketing Channels Been Utilized?

A common mistake is insufficient marketing of the company. Have you already used all relevant platforms and channels?

• Specialized company sales platforms and exchanges
• Industry-specific networks and trade journals
• Direct approach to potential strategic buyers
• International buyer groups, if relevant for your company

Choosing the right platform is crucial. Our article Selling a company – where to advertise? provides helpful information on the various options.

Another interesting approach is searching for international buyers, who often apply different valuation standards or have strategic interests. More on this in the guide Finding international buyers: opportunities and challenges.

Alternative Options to a Complete Sale

If no suitable buyer can be found for your entire company, there are certainly alternatives:

1. Partial sale or gradual handover: You initially sell only part of the company and remain involved temporarily. This can be more attractive to buyers and reduces their risk.

2. Management Buy-Out (MBO): Sale to your own management team, often with special financing solutions. More information under Management Buy-Out.

3. Employee participation: Gradual transfer of shares to employees as an alternative succession solution; see Employee participation as a succession model in SMEs.

4. Restructuring before sale: Sometimes it makes sense to consolidate and reposition the company before attempting to sell again. Especially digital transformation as a value driver can significantly increase the company’s value.

Selling a company is rarely a sprint; it’s more of a marathon. Don’t give up too quickly—analyze the situation critically and involve experts if necessary. With the right strategy and some patience, a suitable buyer for your life’s work can usually still be found.