How to Sell Your Company
If you have owned your company for a long time and are thinking of retiring, you may be wondering how to sell your company. You may have questions such as how do I sell my company confidentially? And, how do I get the best price when selling my company?
Synergy Business Brokers is an award-winning broker that offers a confidential consultation to answer your questions and make the process more comfortable for you. Any change in life takes an adjustment, and this is undoubtedly one of those times. It helps to have a company like Synergy Business Brokers that has over 15 years of experience to guide you through the process.
Whether your business will sell for $500,000 or $40 Million+ we have a database of over 30,000 potential buyers interested in companies in the following industries: distribution, construction, manufacturing, technology, healthcare, services, engineering, education, and transportation.
In addition to this we provide you with a comprehensive marketing program that uses Google, Facebook, LinkedIn, YouTube, Yahoo, Bing, Bizbuysell, Businessesforsale.com, BusinessBroker.net, and many other sites. We don't advertise the name of your company and protect your confidentiality by requiring potential buyers to sign a Non-Disclosure Agreement and provide us with information to make sure that they are qualified to purchase your business. We also utilize artificial intelligence, email marketing, and social media to get multiple buyers.
This allows you to get the best price for your company. We have Senior Experienced Advisors in NY, CT, NJ, TX, PA, LA, SC, NM, and MA and our buyers come from throughout the United States as well as overseas. There is no fee for our services until your Company is Sold.
If you would like a confidential consultation, please click on the button below for a very brief seller registration form. We'll contact you in confidence and discuss how we can be of assistance.
Who is the right buyer for your Company?
The advantage of having a Broker that has a broad reach is that we work with many different types of buyers. We find that its best to keep an open mind because sometimes the best offer comes from another company in your industry and sometimes it comes from a company outside your industry or a private investor.
Our job is to speak with as many potential buyers as possible so that we can narrow this down to the ones that are most qualified and most likely to give you a solid offer. Having multiple offers is always our goal, and this provides you with the most leverage to negotiate the best terms. It also allows you to get a buyer that you are comfortable with. One that will look after your employees and customers and provide the same level of service and commitment as they are accustomed to. We will also work with the buyer to provide them with financing options.
We can help you evaluate the offers and provide you with recommendations, but at the end of the day it’s your company, and only you get to decide who you will sell your company to. Typically you will be providing a transition so you want to make sure that it’s someone that you can get along with.
Sold Companies & Testimonials
You can see some of the companies that we have sold at Closed Deals, and you can read and listen to some of our testimonials at Testimonials. We look forward to speaking with you and finding out more about your unique company and how we can position it best to attract the right type of buyers. We take a collaborative approach in working with you because you know more about your company and we know more about the process of selling a company so working together we get the best results.
Hopefully, we have answered some of your questions regarding how to sell your company. For more information, please email us at [email protected] or call us at (888) 750-5950 for a confidential consultation. You can view our overview video below.
Our Full Comprehensive Guide To Selling Your Company
If you’re a business owner and wondering if the time is right to sell your company, you understand that selling something you have built from the ground up is not an easy decision. We often hear questions such as “How do I sell my company confidentially? How do I get the best price for my company? Will I know when the time is right to sell my company? What is the best way to sell my company?”
Whatever the reason you are considering selling, being fully prepared, and having a thorough understanding of the business sale process will not only give you peace of mind, it will ensure you receive the best price and save time and energy throughout the deal.
THINGS TO CONSIDER BEFORE SELLING YOUR COMPANY
For business owners, selling a company can be an emotional and stressful experience. Many owners have put their blood, sweat, and tears into an endeavor that they’ve worked tirelessly on for years. In some cases, businesses are family-owned, which means founders have worked side-by-side with loved ones to build their most valuable asset. When you decide to part ways with your business, it’s essential to understand the reasons behind your choices, so that you don’t face regrets down the road. There are several common reasons for seeking the sale of a business. They usually fall into one of these categories:
- Retirement – Running a company becomes a habit and part of a daily routine, and people have a hard time breaking habits. Most times, owners of a business are driven and passionate about their work, genuinely enjoying what they do. This means that some business owners work right up until the time that they physically can no longer do so. Retirement can happen unexpectedly, leading to a lack of a successor in place. When that happens, selling becomes the only option. In other cases, an owner has a well thought out plan to retire, and this helps to maximize your price and give you the ability to retire more peacefully and on your own terms.
- Burnout – Fatigue, overworking, and burnout are substantial factors in many owners’ choices to sell. The ongoing decisions, stress, and daily grind of making a company successful begin to wear on those in leadership roles. Selling the business and enjoying the payout and freedom that come with it look very appealing in these scenarios.
- Boredom – The other side of burnout is boredom. Many owners find that they are simply no longer interested in the work. Some businesses naturally have a redundant model – for example, a small manufacturing facility that has limited production and no real growth opportunities that an owner wants to take on. In these cases, owners can find themselves bored and dissatisfied with work life. It’s common for company founders to want to innovate and try new things. This is why you hear the term “serial entrepreneur” in our industry. Some business owners decide it’s time to move on and into something more exciting.
- Illness, death, or divorce – Life is unpredictable, and the illness or death of a key company player or their family can cause business owners to sell. Business owners may need to become caretakers of a sick loved one, which leaves little time for running a business. Similarly, divorce is a common catalyst for selling – if married partners own the business jointly, a sale may be necessary to divide assets fairly. Family and health issues can sometimes trump business dealings, so companies faced with choosing might find selling to be the best option.
- Partnership disputes – Some business owners have a great idea, but not the capital to put it into practice. This is why partnership models can work in situations like this. However, over time, partners can begin to disagree about almost anything – from long-term goals to financial aspects to staff changes. Sometimes partners become so agitated with each other that a productive working relationship moving forward is virtually impossible. Selling allows the partners to separate from their company and part ways amicably, without dismantling what they spent so long creating.
- Competition is too prevalent – Technology has brought a whole new wave of entrepreneurs. The internet, along with an explosion in private business funding, has led to increased competition in many industries. Business operations that have been running for decades must innovate to stay relevant. When owners are unable to adapt to a rapidly evolving market and begin to see competition overtake them, the choices are to reinvest time and resources to compete better or to sell. This is a monumental decision for a business founder, but timing is critical. Selling when the company is doing well will yield a higher sales price than waiting for a “down-turn.” The importance of facing these realities in a timely manner cannot be overstated.
WEIGH THE PROS AND CONS OF SELLING YOUR BUSINESS
Once you have carefully considered the reason for wanting to sell your company, you can better align your process to the outcome you hope to achieve. As with any major decision – in business or in life – it’s important to have a thorough understanding of the positive and negative results that will come from your choices. Before asking yourself, “How do I sell my business?” you also want to ask yourself, “Is it the right time for me to sell my business?” The “pros” might be immediately apparent – but there are downsides to any transaction.
Advantages of selling your business include:
- Diversifying your personal finances
- Structuring a deal that allows a level of involvement you’re comfortable with
- Taking advantage of new opportunities by freeing up time and capital
- Providing new opportunities to others in your company
- Financial freedom and the ability to retire or move on to other ventures
On the other hand, some disadvantages that you should consider are:
- Engaging in highly complex transactions can require significant time and energy.
- You will most likely need to sign a non-compete, which would limit future opportunities in the same industry (usually for 5 years).
- Possibly financing part of the transaction, or paying legal fees.
- Facing uncertainty about your future
- Leaving the fate of your employees to new owners
If, after reviewing all of the items above, you’re not sure about selling your business, stop and consult with a professional business broker like Synergy Business Brokers.
If you know that you do want to move forward with selling your company, there is some groundwork that you can lay before beginning the technical process of putting your company on the market.
3 THINGS OWNERS CAN DO TO PREPARE TO SELL A COMPANY
To maximize your efforts and achieve the best results, you can get ahead in three areas.
- Address things that could scare potential buyers away – There are a few red flags that experienced financial buyers know to look for. Some of these are a high revenue concentration in a couple of customers, high customer churn, legal risk (for example, any outstanding lawsuits), or key person risk (depending too much on one person). In addition, you also want to deal with any excessive debt, employee turnover, or a high degree of sales cyclability. As a general rule, you need to be aware of your strengths and weaknesses. Perform a complete review of the business using as objective a lens as possible. Document a plan to improve what you can, and explain what you can’t. However, if you are motivated to sell now, your business can still be sold. It just may not receive quite as high of a price.
- Be prepared for a business sale process that may take longer or go faster then what you planned on. On average, it takes between 6 and 10 months to sell a business. Sometimes things can happen quickly, and a company can be sold in a couple of months. On the other hand, if you price the business too high, things can move very slowly. Or, if you have a company that is in a small niche with limited numbers of potential buyers, that type of business can take time to sell unless you have a broker with experience in this niche. Companies that have a significant net income or a pool of more potential buyers will likely sell more quickly. Either way, it’s essential to be prepared for a variety of timelines. We suggest company owners have their ducks lined up should things move faster than what they originally anticipated.
- Build out your deal team. Initially, this team is simply you and a business broker. However, as the process progresses, you will need an accountant and a lawyer. It’s smart to have some thoughts on who these individuals will be before you’re at the contract signing stage. Put feelers out for individuals in your industry, and ask your Business Broker for guidance on trusted partners who can help you through the process.
UNDERSTANDING THE BUSINESS SALE PROCESS
The process of selling any business is unique in specific ways. It’s important that sellers understand that no advisor or Broker can commit to a precise schedule (so be wary of any that do). As discussed, we see timelines of approximately 6 to 10 months, but things could happen within only a few months, or take well into a year. This is based on a variety of factors having to do with your company, the industry you operate in, and the general market. For a more detailed analysis of the factors affecting a selling timeline, review our paper here. It’s also important to factor in a necessary transition period when the business is transferred over. No matter the differences in a particular transaction, you can expect to roughly follow certain steps.
What exactly is the process of selling a company? There are a lot of steps to selling a company; however, don’t be put off by that. Your Business Broker will handle most of this behind the scenes.
In fact, the first 9 steps can usually be done within 1 to 8 weeks.
- Confidential consultation – The very first step in selling your business is considering whether or not selling is, in fact, the right move for you. To help you navigate this tough decision, you should engage in a conversation with professional business brokers. To begin this dialogue, you don’t even have to have your mind made up that you’re selling. At this preliminary stage, you’ll just talk through options and get advice. A business broker will ask questions about your company to give you a ballpark price that it is likely to sell for. To make this meeting productive, they’ll need to know things like what type of business you own, what your involvement is, annual revenues and employees, and which way revenues are trending. From there, your business broker will be able to produce an estimate about what you might receive for your business. That tends to help owners make a final decision about whether or not to sell. Rest assured that all of this interaction will be kept confidential.
- Review financial information – Professional business brokers are happy to sign a confidentiality agreement before moving on to this step. In order to get more precise about where to value your business, they will need to dig into financial figures. You can expect to produce three years of tax statements and a profit and loss statement for the current year. It’s also important to understand what your total owner’s income is including your salary, benefits, perks, and net income. Other financial components that will need to be reviewed are things like inventory, equipment, etc.
- Receive a potential asking price – An essential part of developing a good selling price is understanding the business from a holistic standpoint. Brokers need to contemplate trends in your field, your competitors, what’s unique about your business, and what are the growth opportunities. Alongside the financial information you will have provided, brokers can put together comparables for what other such companies have sold for. This step entails presenting a possible asking price and obtaining the owner’s feedback. Is the number in line with what you would be willing to sell for? This is a good point in the process to do a “gut check” and decide whether or not you genuinely want to sell. Ask yourself, “Do I want to sell my business for X amount?” It’s also important to note that the right business broker will be honest about their ability to meet your needs. For example, at Synergy Business Brokers, we only get paid if we sell your business, so we work with companies where we are confident we can help them achieve their goals – and we’ll be transparent if we don’t think we are a good fit. If you feel good about the price we’ve discussed, it’s time to sign an Engagement Agreement.
- Develop marketing documents – Two marketing documents are necessary at this stage. The first one is sometimes called a Teaser because it’s designed to give an overview of your business, but not so much information that someone could guess what company is being offered for sale. The teaser is typically a one-page document. It will not contain the name of your company or a specific address. It will describe your business in overview terms and provide a general location. For an example of our teasers, you can visit our Businesses for sale page. For a Buyer to get the details on your company after they review the teaser, they will need to sign a Non-Disclosure Agreement and provide us with information on their background, skills, and financial capabilities. Once the buyer has shown that they are qualified, then we can provide them with a more detailed second document called a confidential information memorandum (CIM). This document will contain specific information about your business and will evolve as we get to know your company better. Though we are experts in creating these documents, it’s essential that business owners are part of the process. After all, who knows your own business better than you?
- Advertise and market your business – Now it’s time to promote the business! Many channels can be used to get maximum potential buyers. These include Google, Facebook, LinkedIn, Bizbuysell, Wall Street Journal’s website, Yahoo, Bing, YouTube, The NY Times website, BusinessBroker.net, IBBA.org, Businessesforsale.com, Dealstream, Bizquest, and our own website. The good news is that if you work with Synergy Business Brokers, we will utilize all of these sites and more. It’s helpful to choose a broker who specializes in your unique industry since they will have plenty of connections and also understand the most effective ways to market your business for sale. For example, Synergy Business Brokers focuses on technology, construction, manufacturing, distribution, healthcare, services, and engineering firms. In all of these categories, we have numerous buyers that we contact, including public and private companies, private equity groups, and wealthy entrepreneurs that are interested in buying businesses in these sectors. Synergy has companies in every one of these industries that are expanding through acquiring other firms. They are also involved in acquiring companies in related industries that they can leverage to grow their business. Often they can take the products or services that you have and bring them to a broader market with their sales and distribution network. The private equity groups usually look to combine one or more synergistic companies in these industries to leverage the strengths of the multiple companies that they acquire. The wealthy entrepreneurs will seek to acquire companies that they can grow by leveraging their skills, experience, and network of contacts.
- Buyers are contacted and sign confidentiality agreements – You can expect a number of potential buyers to be interested. Before providing them any details, they must sign a confidentiality agreement and also prove their credentials, so we know they are qualified. From there, we begin to narrow down the list so we can find the right buyer.
- Details are provided to potential buyers – A buyer must have the right skills, motivation, and desire to acquire your specific company. At this stage, we share more details to determine who is the best fit.
- Initial Q & A with buyers – At this phase, your Business Broker will work with interested parties to answer questions about your business. This is also an excellent time to understand their timing and motivation better. These conversations help us to continue to refine the list of interested buyers to one who is truly the right fit for your company.
- Buyer and seller introduction – This is an excellent opportunity to find out more information on both sides. It’s also an opportunity to see if you can view this person taking over your business. So while they are deciding whether they are interested, you can also make up your mind on the buyer as well. We’ll do our best to introduce people that we think you will be comfortable with, but at the end of the day, it is your decision. We offer the advice here of being open and honest about your business – the good and the bad. Naturally, you have a passion for your business and are likely optimistic about the future. To ensure the buyer understands what they are taking over, you should also be prepared to share areas for improvement. In these meetings, we encourage transparency from both sides so that the outcome is favorable to everyone involved. After all, no business is perfect, and buyers wouldn’t believe it if a company is portrayed that way.
- Buyers submit offers – Once buyers are adequately informed of all the details and feel comfortable with the business, the next step would be for them to submit an offer. We’ll go over each offer with you and discuss not just the price offered but other items such as the terms of the sale, due diligence requirements, and how likely we think the buyer is to close on the deal. We will take into account whether they need financing or not and their interest in moving quickly, and more.
- Offers are negotiated – Many companies receive more than one offer, and your Broker should help you narrow down the proposals to one or two where you will begin negotiating. Our focus is on working with the buyers that will be most likely to close on the deal, and on obtaining terms that are acceptable to you. Aside from just price, we will also consider negotiating items like how long of a transition period they want, what due diligence they will be performing, and their plans for running the company. Expect to get into details such as accounts receivables, payables, inventory, and assets.
- Letter of intent is signed – Once negotiations are complete and the terms are agreeable to everyone, a letter of intent (LOI) is signed. The buyer will usually have a period of 60 to 90 days to complete due diligence. A signed letter of intent will stipulate whether the buyer has an exclusive period during this time where only they can pursue the business while both of you are investing time in the due diligence process.
- Due diligence – The amount of due diligence that each buyer requests varies depending on the size of the deal, the buyer’s background, and the information available. If there is bank financing involved, then the bank will also require due diligence information. Usually, the buyer will have their accountant request and review information from the seller and their accountant. In addition to the financial information, they will want their lawyer to view any contracts that the seller’s business has with suppliers, customers, and employees. Due diligence is designed to confirm that the company is what was stated to the potential buyer from the seller and Business Broker. Also, new buyers want to see if there are things that could cause problems for them at some point, such as pending lawsuits or a large customer that has canceled their contract. During the review process, the buyer and their attorney and accountant will have questions. When the information is reviewed, and the questions are answered to the satisfaction of the buyer, the next step in the business sale process is for the attorneys to negotiate the purchase agreement. However, the purchase agreement can be negotiated at the beginning of due diligence, depending on whether both sides want to invest in attorneys at that point.
- Negotiate purchase agreement – Typically, it’s the seller’s attorney that will draw up the contract and send it to the buyer’s attorney for their review. Buyers and Sellers should expect some give and take throughout the process of negotiating final terms. Sometimes attorneys come to an impasse, and that is where an experienced business broker can be beneficial. They can host a meeting with all parties where issues can be mediated and resolved. Their goal is to keep the sales process moving forward. The conclusion is documenting a closing date.
- Closing and transition – This final step in the process can happen in a variety of ways. Usually, the Purchase Agreement has been signed before the closing, but sometimes everything is agreed to, and then a closing date is set with the plan of signing the agreement at the closing. Often the closing takes place at the buyer or seller’s attorney’s office with all parties present to finalize the deal and exchange payment. However, sometimes the closing is handled virtually with an electronic copy signed, and the funds are paid via wire transfer to a seller’s bank account. Virtual closings have become more common during the COVID-19 pandemic.
Congratulations – if you made it through these parts of the process, the deal is closed! What’s next?
WHAT IS THE BEST WAY TO TRANSITION AFTER SELLING MY COMPANY?
After you sell your company, there is a transition period when you will still be involved in the business to some degree. This can vary from business to business, and the final arrangements will be negotiated as part of the selling process. How a business is transitioned can have a serious impact on the success of the company going forward. It’s very rare for a seller to simply hand over the keys and say, “good luck!’. There’s a good reason for that. If the new buyer doesn’t receive a proper transition, there will be a disappointment for all concerned if things don’t go well. No matter how you plan to exit the business, there are some general best practices to keep in mind for a smooth transition period:
- Consider phasing your involvement out – Often, after the business sale, the previous owner will continue working full time without any change in roles or responsibilities. This gives the new owner a chance to observe and learn the true day-to-day nature of the business. In the next phase, the owner might become more of an advisor, present in the company but defer to the new owner on strategy and decision-making. Eventually, the seller might go down to part-time and then move on to only being available by phone or email. Regardless of the phased approach you choose, buyers and sellers should plan this out and make it part of their planning early on.
- Remember, communication is key – No matter what sort of business you have, it’s essential to keep the sale seamless and worry-free from a customer perspective. To ensure proper communication after a sale, start with your internal staff. Remember that if they are worried about the future, morale could take a hit, and productivity could decrease. It’s essential to keep a pulse on the mood of everyone in the organization as you move through the transition process. New ownership should meet with employees and let them know what they can expect from leadership, and in the days to come. Be honest and transparent from the beginning. Next, communicate with suppliers, partners, and vendors. Not all suppliers need to be informed so you can make decisions on which ones should be. Keep them informed of the changes, and for particularly critical partners, you may want to set up meetings with the buyer to make a personal introduction. Don’t forget customers. The same thing holds true with customers. You may or may not need to inform customers of a change. But if you do, then send clear communications letting them know what they can expect under new management. This is also a great time to solicit feedback and see where improvements can be made across the business.
3. Be prepared to leave the business – Many previous owners find it difficult to transition away from the company they have been passionate about for so long. You may be asked to continue a formal relationship, such as holding a board seat or a consulting position. In these cases, ensure that you understand your decision-making power and what exactly is expected of you. It’s important to have thoughts about what the next phase of your life entails and have new endeavors to look forward to.
KEEP THE SALE OF THE BUSINESS CONFIDENTIAL
For most businesses, confidentiality is critical when it comes to selling. That’s because when customers, competitors, or creditors know a company is for sale, things can change. Relationships are likely to change; employees may catch wind of the process, and morale will dip, or they may find another job. Until a business sale is finalized, it’s in a business seller’s best interest to keep quiet about wanting to sell their business.
An experienced business broker can help you through the business sale process while still keeping the potential sale confidential. As discussed, they create a brief overview document, which doesn’t have the company name or specific location. This will be used to contact potential buyers and to advertise the company online, but prospective buyers will sign a confidentiality agreement before moving on to the next steps. The Broker will find out more details on the buyer to make sure they’re qualified. If the Broker and buyer feel the sale is a good fit, the seller will be looped in, and only if the seller also agrees that there is a fit will all parties meet to discuss the sale.
Throughout the entire business sale process, the Broker will act with discretion and the seller’s best interests in mind. There is a code of conduct that Synergy Business Brokers applies to every business sale. This is another reason it’s smart for owners considering selling to leverage a business broker rather than attempt to go it alone.
AVOID MISTAKES WHEN SELLING A BUSINESS
As with most things in business, there’s a right way and a wrong way to do something – and often a gray area in between. Doing your due diligence ahead of time, working with trusted business broker experts, and being proactive will go a long way in not only helping you to sell your business but to sell at a desirable price and with positive outcomes for all involved.
We’ve heard too many unhappy stories of successful business owners attempting to sell their business with disastrous results. Either they tried to sell the business themselves or used the wrong business broker and had: A Sale process that dragged on and didn’t close; Or regretting the sale, accepting a low price; or owners remaining more or less involved with the business longer than they’d hoped. These are all very real consequences of deals gone wrong. Though the transaction process comes with plenty of areas for missteps, the mistakes we usually see fall into five general categories (Don’t Make These Mistakes When Selling Your Business):
- Not recognizing the window of opportunity (or being unprepared when it comes) – So much of business comes down to timing. It’s a good idea for any company to have an exit strategy ahead of time. Proper planning is what leads some firms to sell at tremendous profits while others scrape by. A top Business Broker can help you with this. You never know when someone will be ready to make an offer on your business, so you should conduct operations accordingly. The best time to sell is when business is going great. Serious buyers will recognize companies with their ducks in a row. If you are unprepared when an offer comes in, or if you wait until your company is floundering, you’re unlikely to get the results you’re hoping for.
- Partnering with the wrong person to represent your business – As we mentioned, you’ll need an accountant and a lawyer eventually. But the person that makes the most difference in how much money a business owner is likely to walk away with is their business broker. Finding a trusted advisor who is experienced in your industry early on will make a difference in the time it takes to sell your business, your selling price, and the quality of the buyer and overall deal. You can read more about selecting the right business broker. Many companies have lost time or left money on the table by listing their company with the wrong Broker from the get-go. Contact Synergy Business Brokers for a confidential consultation when you want to discuss your options. We’ll let you know if we’re the right fit or refer you to another business broker that deals with businesses in your industry.
- Failing to market or promote the business adequately – The right Business Broker will work with you to develop a plan to market your business where you are working together proactively. The Broker will screen out the tire kickers, but once they get some well-qualified buyers, they will introduce them to you. No one knows your business better than you do. Likewise, no one will be as motivated or passionate about the results of a sale. Expect to really sell the positives of your business, and answer questions about why you’re selling. However, you also want to discuss how a new buyer can improve on what you have done. Everyone has different skill sets, so being honest about things you haven’t done can also be a plus for a new buyer to grow the business.
- Getting the price wrong (in either direction) – Price your business too high, and you’ll have trouble getting serious buyers interested. You may get some bottom feeders with low ball offers, but it’s tough to get many good buyers with a price that’s too high. Price it too low, and you’re likely to leave money on the table. It’s in your best interest to have a proper price valuation completed. A top business broker will know what other similar businesses sell for and how your business is likely to be perceived by potential buyers. When setting your listing price, our best advice is to be realistic. Don’t expect top dollar for a company that is currently trending downward. Also, accountants may have a business valuation theory, but they often don’t know what buyers are really willing to pay. Pricing is an area where someone who is not as close to the company can help provide an objective opinion. Many of the mistakes we see in a selling process revolve around pricing – so it’s crucial to get this area right.
- Accepting the wrong offer or selling to the wrong person. You’ve likely heard the phrase “a bird in the hand is worth two in the bush.” When you are able, it’s beneficial to make a clean break in discussions with the wrong buyers who will have a tough time getting financing or cannot provide enough money down. Consider the chances of the new owner’s success before signing any contracts with them. If you don’t get the right buyer, you can watch a new owner, run what was once your passion into the ground. Not only is that hard to watch, but it can be detrimental financially if the seller had financed through you. A top business broker can steer the right buyers to you and avoid the unqualified ones. Ideally, your business is priced right so that you can expect multiple buyers to come to the table. Savvy business brokers will have more than one option in mind when selling your company.
WHO SHOULD I CONTACT TO SELL MY COMPANY?
If you’re planning to sell your business, there are a few different options you can explore. You can try to conduct the business sale process yourself. There are times when this can be your best option. You can read about when to sell your business yourself and when to use a business broker. You can use a combination of a lawyer, accountant, or even a realtor to market your business. All of these options have been used, with varying success. However, there are questions you need to ask yourself:
- Do you want to sell your business for an excellent price?
- Is a confidential sale important?
- Would you like a buyer that will treat your employees and customers well?
Most likely, the answer to those questions is “yes.” In that case, you should consider working with someone who specializes in selling businesses like yours. Specialists in the sale of companies can be referred to by multiple names, which are often used interchangeably.
What do they do? Well, ultimately, a business sale broker helps you to sell your business. As we mentioned, no one knows your business better than you. On the other hand, a broker is an expert in the business of selling companies. This is why motivated business owners combined with experienced brokers are a powerful combination that is more likely to lead to desirable results than just working alone.
It can be hard to know which partner is right to sell your business. That being said, you must choose the right partner since doing so can make a difference in the selling price as well as the process leading up to it. Many business owners have left a lot of money on the table by collaborating with the wrong Broker. We recommend going through the following questions when narrowing down options for a broker to represent your business:
- Has their business brokerage company been in business for a long time?
- Do they have experience selling your type of business?
- How extensive is their database of potential buyers?
- Do they have Business Sale Brokers in multiple states?
- How are their reviews?
- Do they have an extensive marketing program?
- Are their Businesses for sale advertised without the name of the company?
- Do buyers need to sign a confidentiality agreement to get the details?
- Do they only collect a fee if they sell your company?
- Does your business broker communicate well?
PEACE OF MIND WHEN SELLING YOUR COMPANY WITH SYNERGY BUSINESS BROKERS
Synergy Business Brokers is the #1 Rated Business Broker in the Northeast and a top ten business broker in the United States. In fact, we are the number one rated virtual business broker in the US.
No matter the reason you’re considering selling – or how far down the path you might be – you can benefit from working with one of our trusted business sales experts. Our team of business brokers will ensure you get the best price possible while streamlining the business sale process and ensuring any agreement is favorable to you.
Contact Synergy Business Brokers today to get the merger process off to an excellent start and reach a deal that benefits you. We sell companies in NY, NJ, PA, CT, MA, TX, MD, VA, DC, TN, NH, LA, OH, and throughout most of the US.
We specialize in selling companies in distribution, technology, construction, manufacturing, healthcare, services, transportation, and engineering. Within these industries, we focus on selling companies with annual revenues of $700,000 to $70,000,000. To learn more about how we sell companies like yours, visit our resources for sellers, or check out frequently asked questions and view some of the testimonials from our customers.
Please call (888) 750-5950 or fill out our contact form.