THE BUSINESS SELLING PROCESS
HOW TO SELL A BUSINESS
Selling businesses is our business; running your business should still be your business, even during the selling process. The business selling process for you as the owner should be free from disruption and distraction. After all, that is one reason why you have a business broker in the first place! At Five Star Business Brokers, it is our job to do all the legwork for you.
After the business evaluation is complete and you have decided to sell the business, your company will be CONFIDENTIALLY advertised for sale. Your ‘blind’ listing (not revealing your name or specific location) will be shown to an audience stretching across the globe to ensure you receive the highest possible price for your business. This includes paid online advertisements on many different websites, proactively seeking out potential strategic acquirers in your industry and a marketing blitz to our nationwide network of qualified buyers.
When prospects show serious interest, they are required to sign a non-disclosure agreement (which prohibits prospects from talking to your competitors, suppliers, customers, or employees) and show proof that they are financially qualified to purchase your business. Then they are given a professionally completed listing package. This process allows you to run your business without disruption and avoid the monotony of dealing with all the ‘tire-kickers’ that inevitably appear.
We then work to set up and coordinate a meeting between buyer and seller (being careful not to disturb or disrupt the seller’s business operations), assist with negotiating and structuring the deal, ensure all parties have all the information necessary so no unpleasant surprises turn up later, provide all the required documents and contracts to complete the sale, help transfer the lease (if necessary), supervise and coordinate the due diligence process, and many other tasks to ensure a successful closing.
If the buyer is getting SBA financing, we work closely with the lender to ensure they have all the information needed and that their appraisal is successfully concluded.
During the later stages of the selling process, unique tasks are often required depending on the industry. For example, regulatory licenses in the healthcare space must be properly transferred, inventory inspections must take place for many retail businesses, and different ways of conducting due diligence must be devised for companies that do not have regular financials.
No matter the challenge, Five Star Business Brokers of South Florida will be at your side from start to finish to ensure a successful closing while minimizing the disruption to your business.
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