The ability to have multiple buyers compete for the acquisition of a business is in every business owner’s best interest. If you receive an unsolicited offer for your business, you may save a fee, but you have no idea if the offer is a good deal for you. A competitive bidding process (*) is the only way to ensure that you receive the best price and terms for the sale of your business.
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By TomThere is a well-known business adage that says “every company is for sale at the right price.” Whether you’re actively selling your business or just mildly interested, preparing your business for sale will help improve current efficiency and bottom-line profit by exposing ineffective processes and operational deficits.
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By TomTwo businesses can look identical, but have very different valuations. We look at 400 different qualitative aspects of the business, and provide a prioritized list of issues to make a better business.
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By TomSelling your business is a big decision and the process can be overwhelming to those who are unfamiliar with the market. Your first step, after deciding to sell your business, is to hire a business broker to assist you throughout the selling process.
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By TomI read a very informative article on ExitPromise recently, which addressed these four important topics: “Why Does a Business Need an Employment Agreement”, “Types of Employment Agreements”, “What Must Be Included in an Employment Agreement”, and “Are There Drawbacks?”
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By TomWhen it comes time to sell the company, a seller’s prime concern is one of confidentiality. Owners are afraid that “if the word gets out” they will lose employees, customers and suppliers. Not to downplay confidentiality, but these incidents seldom happen if the process is properly managed.
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By Tom“Many business owners are jumping on the bandwagon to sell their companies, trying to take advantage of the current hot market and frothy multiples being paid by buyers…Some sources estimate that 80% of small and middle market business owners who put their businesses up for sale never close the transaction. From years of observation, I have found that most deals fall apart (i.e., fail to close) for 10 basic reasons.
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By TomI recently had a situation that a lot of business brokers experience. A business owner contacted me about his interest in selling his company, so we spent some time talking about how he got into the business, why he wanted to sell the business now, what he planned to do after he sold the business, etc. I wanted to hear his responses to some of the soft questions that buyers ask.
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By TomMost business owners drastically underestimate how much time and energy it will take to strategically position their business [to sell]. Most view selling like a light switch – when they’re ready, they’ll simply enter the market, close a deal, and walk away with a pile of cash.
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By TomThere are a number of factors which must be considered when answering this question, including: (i) the sellability of the business – is it in a highly desirable industry, has the owner crafted the company to make himself indispensable?; (ii) the asking price for the business – is the price based upon what the market will pay, or is it based upon what the owner needs to receive in order to retire?; and (iii) what’s been the trajectory of the business during the past three years – are sales going up, down, or sideways, and has cash flow been going up, down, or sideways?
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By Tom