SELLING YOUR BUSINESS IS OUR BUSINESS.
What to expect during the business for sale process.
Preparation For Market
Once you reach the decision that it’s time to sell your business, as business brokers we will assist you in the gathering of all the required financial information, asset information, corporate identity, marketing materials, facility lease, franchise agreement, and any other supporting documentation that a buyer would need to objectively decide to purchase your company. We will review the provided information, recast the financials, and determine an approximate asking price so that you know ahead of time the general parameters of what your company could be sold for. Because Sunbelt Business Brokers of Western Colorado have been helping with the process of selling businesses since 1997 we will be able to walk you through every step of the process.
Comprehensive Sales And Marketing Campaign
We will then professionally produce a customized “Offering Memorandum”. Our administrative staff will work with you to create a comprehensive sales and marketing campaign that will allow buyers to preview your business without having to schedule onsite showings, thus saving hours of needless showings, and ensuring confidentiality. We’ll also include a video tour of the business and an interview so that prospective buyers can learn more about your business. The process of selling a business is an active one and involves not only us as business brokers, but also you helping to explain to prospective buyers why your business is valuable.
Buyer Management
We completely manage the buyer process so that you don‟t have to. Before a buyer can receive ANY information about your business, they must prove to us that they are qualified to buy your company. Each buyer must first complete a buyer profile and sign a non-disclosure statement proving that they have the skills and financial resources to purchase your business. These forms can be completed and submitted direct from our website! Once qualified buyers have submitted these forms, they will have access to both a video and a business profile. This is an imperative step when trying to maintain confidentiality. It also saves substantial time that would have otherwise been used showing your business to “tire kickers”- those buyers that cannot or will not buy your business, regardless of whether or not you show the business to them. Now, before an actual showing/tour is scheduled, we know that the buyer is 80-90% ready to put in an offer.
Offer Counter Offer Process
Sunbelt Business Brokers of Western Colorado will work closely with both buyer and seller to make sure that the offer/counter process goes quickly and smoothly. We will provide, and help to prepare the forms required for every step of the sale process, including but not limited to: Letter Of Intent, Counter Offer, Earnest Money Receipt, Asset Purchase Agreement, Promissory Note, Security Agreement, Bill Of Sale, Shareholder Consent, Non-Competition Agreement, Closing Agreement, Settlement Sheets, and more. These forms are a necessity to ensure no steps are missed in the legal protection process. (We must advise you to have your primary business advisors review all documents before signing. However, the fees charged for legal review are substantially less than the initial creation of legal forms.)
Financing
Your buyer will almost always require some form of financing, whether it be a conventional loan, asset loan, SBA guaranteed loan, factoring, home-equity loan, or seller financing. We work with multiple lenders nationwide. As part of our business broker services, at no cost, we will introduce the buyer and seller to the most appropriate lender based on size of deal, industry, location, and whether the loan will be based mainly on hard assets or cash flow.
Closing
Once the offer has been accepted, the financing has been secured, and all other contingencies have been removed, we will coordinate a final closing schedule, either with a transaction attorney, or with an escrow agent.
Post-Sale Tax Planning
There are a number of tax free or tax deferred options available to you after the sale to offset the tax liability of your sale proceeds; including 1031 exchange (leverage your proceeds and buy a new business), donor advised funds (DAFs), investment market strategies, structured settlements, installment sales, and more!