What does a business broker do that I couldn’t do selling my business myself: Selling a business of any kind is a complicated transaction involving a number of variables and ‘moving parts.’ Selling on your own can be risky, because key issues may not end of being addressed and/or you may not end up receiving the selling price the market will bring. As a business brokerage that is intimately involved in business transactions, we are familiar with the common pitfalls that can come up during the process, how to overcome them, and how to ultimately bring about a successful win-win transaction that everyone will be happy with. We also market your business to a wider audience, bringing more exposure and more potential buyers.
How can you market my business for sale to a wide audience while maintaining its confidentiality: We understand that the stability of your business rests on your sale remaining confidential. Though we market to a wide network of publications where your target audience is likely to be (such as The Wall Street Journal and USA Today), we take very careful steps to protect your identity until a suitable buyer that has a strong interest in purchasing your business is found. Before revealing anything about your business, each prospective buyer must sign a strict confidentiality agreement as well as a non-compete/non-disclosure form. We also address any additional confidentiality needs you may have.
How do I get financing to purchase a business you have listed for sale: Full or partial financing is often available through the seller depending on the specific listing. It may be beneficial to have the seller at least partially involved in the financing so they have a vested interest in the continued success of the business. Financing may also be available from private lending institutions through the Small Business Administration (SBA).
How long does it usually take for the sale of a business to complete: Depending on the individual circumstances, business sales can take anywhere from several weeks to several months. Much of this depends on the steps taken by the seller beforehand to prepare for the sale.
How do I make sure my employees and clients are taken care of after I sell: The best way to ensure that your employees will still have jobs and your clients will continue to be served is to bring in as many prospective buyers as possible so you can be selective and sell to the one you are most comfortable handing over your life’s work to. It is also helpful to stay involved as a consultant or even working part time after the sale so your employees and clients are reassured that little is going to change under new ownership.
For questions not answered here, speak to a professional business intermediary for more information.