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Is It Time To Think About Selling?
Is it time to start thinking about selling your business? You might have poured your time, money, and energy into building it, and it may represent the culmination of your life’s work. If you’re getting the sense that the timing is right to consider an exit strategy, it’s essential to seek the best professional guidance available. A qualified business broker can help you craft a plan to exit your business under the most favorable terms. You might not even be aware that there are potential buyers out there for a business like yours. In any case, gaining insight into what it takes to sell your business and the steps you can take today to improve your chances of selling it on the best terms is highly beneficial.
So, what is your business worth? That’s an excellent starting point. To assess and enhance the value of your business, you’ll need to consider several crucial metrics. It’s essential to evaluate the market conditions specific to your business type and the broader economic market conditions. We can collaborate with your team of financial and legal advisors to identify aspects of your business that can be enhanced to yield a better outcome.
NOW, LET'S WALK THROUGH THE PROCESS
INITIAL CONSULTATION
Think of this as a comprehensive business evaluation. During this phase, we’ll review critical documents that tell the story of your business, including:
- Three years of Profit and Loss (P&L) Statements.
- The latest fiscal year’s Balance Sheet.
- Three years of Tax Returns for the business.
- Statements of Cash Flow (if available).
- Operating manuals.
- Policy Manuals.
- A list of both owned and leased assets, including equipment and inventory.
- A list of loans in the business’s name.
- Copies of all management or franchise agreements.
- Copies of all equipment and property leases.
BUSINESS VALUATION
This step involves establishing a reasonable asking price for your business as you prepare to enter the market. Most buyers are willing to pay a fair price for a sound return. We will assess:
- Historical financial performance.
- Near-term financial prospects.
- Risks and opportunities.
PERFORMANCE EVALUATION AND COACHING
Think of this as the fiscal housekeeping crew. We’ll assess aspects of your business that can be improved to boost performance and develop a plan and timeline to execute these improvements effectively.
EXIT PLANNING
This phase is all about mapping out the future of your exit strategy. We’ll work together to develop a plan and timeline for bringing your business to market.
REAL ESTATE STRATEGY
Here, we’ll evaluate your real estate assets and obligations to create a win-win situation for both buyers and sellers. This includes assessing the real estate factors in your business and developing a plan to enhance your real estate position, which could involve a potential sale and leaseback or negotiating longer-term arrangements with your landlord.
SELLING YOUR BUSINESS
Finally, it’s time to hit the road and put your business on the market. We’ll help you develop a comprehensive sales strategy, create an advertising and marketing channel plan, screen inquiries from potential buyers, facilitate negotiations with vetted buyers, and oversee the due diligence process. We’ll also coordinate the closing activities involving the buyer, seller, and respective advisors to ensure a seamless transition.
With our support and guidance, you can navigate the process of selling your business with confidence and optimize your chances of achieving the best possible outcome.