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Thinking of Selling your Business?
Selling a business involves knowledge and expertise in a wide range of areas including researching various industries, analyzing financial statements, business valuation, evaluating or creating commercial leases, marketing a business, vetting buyers, negotiations, managing due diligence, preparing contracts, compliance, structuring financing, managing processes and more. Our Advisors manage the entire process to accomplish a successful closing for all parties involved. This is done in a proprietary and professional way to ensure confidentiality and allows the business owner to focus on running their business, and to reduce the risk of business erosion during the sale process.
Our Advisors understand that selling a business can be a complex, intimidating and time-consuming process. We are committed to making this process a smooth, fair and successful experience for all parties involved. Contact one of our Advisors near you from the list of business brokerage and M&A offices for a complimentary consultation.
The Is it time to sell? Selling your business is a major decision! You have devoted your time, money, and energy into building, running, and operating your business. It may well represent your life's work. If you have already decided that now is the right time to sell, you want the very best professional guidance you can get. This is when working in tandem with a professional business broker can make the difference between just getting rid of the business and selling a business for the very best price and terms!Following are some of the most common topics and questions frequently brought up by sellers. If you have any questions that we have not covered, please don't hesitate to contact us.If you've gone this far, then selling your business has aroused enough curiosity that you are taking the first step. You don't have to make a commitment at this point; you are just getting informed about what is necessary to successfully sell a business. This section should answer a lot of your questions and help you through the maze of the process itself.
The first question almost every seller asks is: "How do I determine the value of a business?" Quite frankly, if we were selling our business, that is the first thing we would want to know. However, we're going to put this very important issue off for a bit and cover some of the things you need to know before you get to that point. Before you ask that question, you have to be ready to sell for what the market is willing to pay. If money is the only reason you want to sell a business, then you're not really ready to sell.
The second question you have to consider is: "Do you really want to sell this business?" If you're really serious and have a solid reason (or reasons) why you want to sell a business, it will most likely happen. You can increase your chances of selling if you can answer yes to the second part of this question: "Do you have reasonable expectations?" A yes answer to these two questions means you are serious about selling.
Okay, let’s assume that you have decided to at least take the first few steps to actually sell a business. Before you even think about placing your business for sale, there are some things you should do first.The first thing you have to do is to gather information about the business.
Here’s a checklist of the items you should get together:
Three years’ profit and loss statementsFederal Income Tax returns for the businessList of fixtures and equipmentThe lease and lease-related documentsA list of the loans against the business (amounts and payment schedule)Copies of any equipment leasesA copy of the franchise agreement, if applicableAn approximate amount of the inventory on hand, if applicableThe names of any outside advisorsThis may be a bit premature if you have not decided to sell, but it may help in your decision-making process to understand not only who the buyer is, but also what he or she will want to know in order to buy your business. Here are some questions that you might be asked – and should be prepared to answer:
How much money is required to buy the business?What is the annual increase in sales?How much is the inventory?What is the debt?Will the seller train and stay on for awhile?What makes the business different/special/unique?What further defines the product or service? Bid work? Repeat business?What can be done to grow the business?What can the buyer do to add value?What is the profit picture in bad times as well as good?Let’s discuss your goals and challenges—no pressure, just clear, honest guidance toward the best direction.
