In addition to using a business broker, there are specific steps you can take to increase the chance of a successful closing. Know why you want to sell your business. Before placing your business for sale, it is important that you both know why you want...
The Letter of Intent (LOI) is a pre-contractual written instrument prepared by the buyer for the seller, which is usually the preliminary understanding of both parties. The Letter of Intent can also be called Agreement in Principle or Memorandum of Understanding. They all have the...
Most individual company owners only sell one business in their lifetime. A corporate buyer, however, may have been involved in quite a few transactions – some that worked and some that did not. What does this mean for the seller? The acquirer may have an...
There are lots of reasons why the sale of a business falls apart. The reasons can be grouped into four major categories: those caused by the buyer; those caused by the seller; those caused by a third party; and those caused by “acts of fate”....
Business owners are often asked, “Do you think you will ever sell your business?” The answers vary from: “Only when I can get my price” to “Never” to a realistic “I don’t really know” with everything else in between. “When will you sell your business?”...
Here are some tasks business owners should consider completing before going to market to help their businesses sell. Remove any items not included in the sale. That family heirloom portrait behind the counter of Grandfather William, founder of the business, should be removed. Remove or repair any non-functioning...
Many experts say that the best time to sell is when the business is better than it’s ever been. This may be good advice, but few follow it. Why sell when business is good? You just suffered through a few not-so-great years and now the...
Confidentiality Agreement - A pact that forbids buyers, sellers, and their agents in a given business deal from disclosing information about the transaction to others. It is common practice for the seller, or his or her intermediary, to require a prospective buyer to sign a confidentiality...
…….What a "loaded" question you may think, but the reality is that almost no business owner and their business reach the qualifications of "Ready to Sell" without professional assistance from a qualified individual. Getting your business and yourself, as the business owner "ready to sell", takes...
Are you a Certified and Registered Broker/Intermediary? Are you affiliated with any business brokerage associations or trade groups? Will you provide any references? (Sellers, Attorneys, etc.) How will you determine how much I should ask for my business? Will you display my business on any Internet sites? If so,...