9 Key Steps to Selling Your Business
We think your first step should be to engage Capital Business Brokers. Then, as follows:
- Price & Terms
- Buyer Qualification
- Introducing the Business
- Confidential Negotiations
- Structuring the Sale
The Critical Nature of Each Step
- Evaluation: Properly positioning your business for sale significantly increases the value of your business. The process of selling a business requires professional insights into evaluating your strengths, highlighting opportunities, and exploiting market trends. Your company will be in competition with other companies for sale. Understanding the value you bring to the marketplace and effectively communicating that value to potential buyers is essential.
- Price & Terms: Asking a price that is unrealistic is the number 1 reason businesses don’t sell. At the same time, we find owners often under-value their business, causing them to leave well-earned money on the table. Professional business brokers understand the process of determining a fair market value. Price must be logical and justifiable to potential buyers. Once price is agreed upon, Capital Business Brokers can help guide you to the most advantageous terms to help you achieve your goals.
- Marketing: Identifying and targeting likely buyers requires a high level of expertise. Employing our well-culled data base of potential candidates is a huge asset Capital Business Brokers brings to bear on your behalf. We produce a marketing “Book” or business information package positioning your company for sale. We then professionally and confidentially market your business on local, regional, and national levels. Our objective will be to create a competition amongst buyers.
- Buyer Qualification: We are trained to sort out serious buyers from curious “lookers.” Every effort is made to confirm the buyer’s financial qualifications and motivation before we introduce your business. To maintain confidentiality, we require buyers to sign a non-disclosure agreement. We work towards securing a formal Letter of Intent before moving the buyer to the next step in the process.
- Introducing the Business: The buyer must gain a “feel” for your business by viewing your operation. We understand and respect your need to keep your intentions confidential from your employees. We have developed ways in which we may introduce buyers to your business without prematurely giving away confidential or sensitive information.
- Negotiations: Many proposed business sales never close because of stalemates in negations. Because of our past experience we enhance the probability of bringing buyers and sellers to a mutually beneficial conclusion.
- Structuring the Sale: Of all the individual elements composing a business sale, structuring the transaction is the most difficult. We are specialists who will assist in determining the most favorable terms to meet the needs of both parties.
- Contracts: Capital Business Brokers team members employ the same success principles on a $100,000 sale as we do on a $10 million sale. We prepare clear, concise documents to protect the interest of both parties. Where needed, we work closely with both the seller’s and the purchaser’s attorneys to resolve any problems before they become obstacles to a successful sale.
- Closing: Following execution of the Purchase Agreement, we oversee the preparation of documentation required to closing the sale, arrange and supervise the closing meeting, and follow-up on all other post-closing procedures. Our liaison between parties saves you valuable time, dollars and energy.
We welcome the opportunity to just talk and explore the possibilities. We realize you may not be ready to sell your business, but we also know being prepared is the first step to an exciting journey and a successful outcome. Call now for a confidential consultation.
About Your Broker, Steven Moore
Steve is a senior-level sales and marketing professional with over 25 years of bringing buyers and sellers together. A life-long resident of Richmond, VA., Steve has amassed a broad and dynamic network of relationships with specialties in construction, publishing and healthcare. He possesses the know-how to get people and businesses moving in pursuit of goals.
Steve acquired the foundation of his business expertise while building a statewide publishing business as Founder and CEO of Target Communications, Inc. Over the past decade, Steve served as Employee-Owner of The Blue Book Building & Construction Network, a $90 million national on-line publishing company. In the role of Area General Manager, Steve honed his sales, marketing, and business management skills. He possesses keen insights in the challenges of running and selling a business.