We have developed a 2-step system that can be broken down into 5 main areas.
STEP 1- Advisory
a. Discovery/Goals- During this step we find out about your personal and business goals and why you are selling, we also learn about your business operations and gather the financial information about your business. We also discuss our process and the fees associated with each phase.
b. Preparation/documentation- During the discovery phase we gathered information about your business and its financial performance, we now take that information and prepare a business overview and determine a range of values for your business that a buyer is likely to pay, along with the likely buyer types for your business. We also work with you to complete a sellers disclosure statement that contains a lot of the information a buyer will want to know during the due diligence period.
We then meet with you and share our findings and opinions on the likely price and terms your business would bring in today’s market and compare that to your personal goals for your future. If you decide that you want to proceed with a sale, we would have you execute a separate marketing agreement giving us permission to put your business on the market.
If you decide that you do not want to sell, that is OK, and because of our 2-step system, your business was never put on the market and you have not signed a long term listing agreement. This also helps maintain your confidentiality, since your business was never advertised for sale, nobody needs to know that you were even thinking of selling. Up to this point, all of our services have been advisory in nature and covered by the initial retainer.
STEP 2- Selling
a. Marketing- If it is determined that you should sell at this time, we then work with you to develop a marketing plan and a fee structure. Whether you decide that you want to sell it yourself, need our help with part of the process, or if you want us to handle the entire process we are here to help.
b. Screening buyers and accepting offers-This is the time that buyers are screened and offers are submitted and analyzed. You then select the offer you feel is best for you.
c. Closing- This is where you wrap up all the loose ends, remove contingencies and get ready to transfer possession of the business to the buyer.