The Role of the Seller in the Process

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Being prepared will help streamline the process of selling your business.

What should you anticipate? Prepare the business for the sale well in advance. The Seller must be able to substantiate, at least to the buyer’s satisfaction, the earnings of the business. Be sure your records are complete for several years back and do all pertinent legal or accounting “housecleaning” – as well as a literal sprucing-up of the property.  

Involve your advisors when necessary.  Have your accountant review and prepare your books, your attorney review your contracts, lease etc., tax professional to review possible tax implications of the sale. 

Prepare yourself and your family for life after the business sells.  What are your plans after the sale? What will you do with the free time that used to be devoted to running your business? 

Engage expert Brokers to ensure confidentiality. A breach of confidentiality surrounding the sale of a business can change the course of the transaction as well as make customers or employees nervous.  

Be reasonable in pricing your business.  Placing a reasonable price on your business is imperative because an inflated figure will either turn off or slow down potential buyers. Buyers have to be able to make the payments while still making a living from the business. Work with your business broker to arrive at the best “win-win” price.

Carry on “business as usual.” A business broker will do the marketing, showing, and negotiating for you with potential buyers so that your attention can be on day-to-day demands, maintaining sales, costs, and profits. The selling process could take as long as a year and a potential buyer needs to keep seeing a healthy business.

Anticipate information the buyer may request. In order to obtain financing, the buyer will usually need appraisals on all assets as well as information to satisfy environmental regulations (when real estate is concerned).

Be flexible on terms. As a Seller it is important to understand that almost all businesses are purchased with at least some seller-financing.

Depend upon the advice of your brokers – their knowledge of the market, financing, and tax implications – to keep the deal sweet and negotiations moving forward.

Keep the momentum up. Work with your broker to be sure that potential buyers stay on a time schedule and that offers move in a timely fashion.

Be willing to stay involved with the business after the sale. Even if you are experiencing burnout, realize that the buyer may want you to stay within arm’s reach for a while for training or consulting purposes.

Consult with your brokers to determine how you can best effect a smooth transition.

For additional information on how we can assist you in selling your business, contact us today.

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Testimonials

“Working with N.H. Business Sales was a great experience. Our advisor was very helpful throughout the entire selling process. N.H. Business Sales helped me to determine the value and asking price for my business, they were able to find potential buyers for my niche business very quickly, and they helped me to navigate the entire negotiation and sales process. I was comfortable and confident with their guidance and representation of my interests. I have recommended them to other business owners looking to sell. I feel it is important to have a group with the experience of valuing and selling businesses (not just real-estate) if you want to reach the right potential buyers and to get a fair value for your business.”

Ana- Health Food Store Owner

“Leon, it’s hard for me to put it into words, how much I’ve appreciated the way you stuck through this with me… Patience is one thing that a lot of people don’t have, but you are blessed with it. Thanks again for everything, but most of all, for not throwing in the towel on this one. If you ever come across anyone that isn’t sure that you’re the right person to sell their property, give them my number, I’ll straighten them out. Thanks again for taking a Big Load off my shoulders.”

Jerry

“When we decided to sell our store we met with Leon & Stan and were impressed by their professionalism. With their guidance, we were able to have a speedy sale with few glitches and are now enjoying our quieter lifestyle. Thank you!”

Dale & Jill

“Working with N.H. Business Sales was a great experience. He was very helpful throughout the entire selling process. N.H. Business Sales helped me to determine the value and asking price for my business, they were able to find potential buyers for my niche business very quickly, and they helped me to navigate the entire negotiation and sales process. I was comfortable and confident with their guidance and representation of my interests. I have recommended them to other business owners looking to sell. I feel it is important to have a group with the experience of valuing and selling businesses (not just real-estate) if you want to reach the right potential buyers and to get a fair value for your business.”

Specialty Shop Owner

Protect the Value of Your Business

Let an experienced business broker help you sell your business with confidence. With Associates’ offices located throughout the state, NHBS is well positioned to effectively serve NH business owners.

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