Everett, Washington Business Brokers | M&A Advisors

Business Broker and M&A Services in Everett, Washington

Common Questions About Selling a Business

When you are selling your business, it is always best to use a professional business broker. In doing so, you get more than just someone to assist you with the technical aspects of selling your business, you also get their professional experience. At Morgan & Westfield, our business brokers have hundreds of years of combined experience in facilitating business sales. We have assisted business owners with selling their businesses in all industries, and we have been involved in sales ranging from $50,000 to $50 million. This experience and proven record of success are what qualifies us to facilitate the sale of your business. But our experience does more than just qualify us to aid in the sale of your business, it also provides us with the expertise to answer any questions that you may have along the way. Some of the most common questions that our business brokers answer are:

• How long does it take to sell my business? The amount of time it takes to sell your business depends on many factors, including the industry, location, price, your willingness to finance the buyer and the state of your business. Generally speaking, the process can take anywhere from six months to a year.
• How much information will be given about my business? At Morgan & Westfield, we employ a system of confidential marketing in which we advertise the sale of your business without revealing any specific information publically. This prevents any information leaks and protects your privacy. Our business brokers also use this technique to find interested buyers. These buyers are then pre-screened and asked to sign a non-disclosure agreement before they are provided any information about your specific business.
• How do I know what my business is worth? Our professional business brokers will perform a formal business appraisal. When this is complete, you will be provided with an official business valuation report. This will explain your business’s fair market value and assist us in helping you to determine an asking price.
• How do I find a buyer? Our business brokers will advertise the sale of your business on a variety of platforms to attract potential buyers. We will then pre-screen these buyers to ensure that the potential buyers that we present to you have been properly vetted.
• What is a non-compete, and do I need to sign one? A non-compete agreement is a standard clause in most business sales. This assures the buyer of your business that you will be unable to open another business in competition with the business that you are selling. Generally, a buyer will require you to agree to sign a non-compete agreement as a condition of purchasing your business. However, this agreement does not normally prevent you from opening other businesses entirely. It instead specifies an industry, location and time frame in which you cannot operate another business.
• What can I do to help sell my business? As our business brokers work to facilitate the sale of your business, it is important that you continue to operate your business as you normally would. This helps to prevent people from learning that your business is for sale before you are ready, which also prevents competitors from seeing the impending sale of your business as an opportunity to increase their market share. Operating your business as usual also helps your business to maintain its value. If you do not operate as you normally would and you neglect your clients, allow inventory levels to drop or do not maintain your property, then the value of your business will suffer. So, as our business brokers facilitate the process of selling your business, it is important for you to focus on running your business.