Who We Are
Morgan & Westfield, Business Brokers of Beaumont, Texas. If you are selling a business in or around Jefferson County, Texas, then our business brokers at the Beaumont, Texas, office of Morgan & Westfield are here to help. Our business brokers have more than 100 years of combined experience in facilitating business sales in this area of Southeastern Texas. We work with business owners in this area every day and we understand the unique marketplace of Southeast Texas. If you are selling a business in the Jefferson County area and you want to work with a qualified local business broker, contact the Beaumont, Texas, office of Morgan & Westfield.
Common Questions About Business Sales
As a business owner, you might not have experience actually selling a business (understandably so). And given that the process of selling a business can be very complicated, you are likely to have questions. For this reason, in addition to providing services to complete each step in the process of selling your business, we also provide continuous guidance as you go through each step. Our business brokers will be there for you throughout the entire process to answer your questions and provide you with advice to help you avoid common mistakes. Some of the frequently asked questions that our business brokers answer include:
- How long will it take to sell my business? The sale usually takes from six months to a year. But this time frame varies based on the market, your business type, the asking price, the state of your business, financing and many other factors.
- Can I open another business? Most business sales include a non-compete agreement. The terms of this agreement will determine when and where another business can be opened. But you are unlikely to be able to open another business in competition with the business that you are selling.
- How do I determine my asking price? You can determine your asking price based on your business appraisal and the fair market value. At Morgan & Westfield, our business brokers will assist you in determining a reasonable asking price.
- Can I sell my business on my own? You can technically sell your business privately. However, businesses sold by their owners almost always sell for below market value, take longer to sell and have problems with the closing. In some cases, these deals are structured so incorrectly that they end up in court (costing more money) or are rejected entirely. Selling your business through our business brokers at the Beaumont, Texas, office of Morgan & Westfield can prevent this from happening.
- What contingencies are commonly listed in a contract to purchase a business? Most buyers will contractually require certain terms in exchange for purchasing your business. Common contingencies include requiring you to sign a non-compete agreement, requiring that you train the new owner, and transferring all property associated with your business. When you work with Morgan & Westfield, our business brokers will assist you in managing all contractual obligations.
In addition to answering these questions, some of the common pieces of advice that we offer include:
- Sell your business discreetly: Keeping the sale of your business as discreet as possible will significantly reduce the stress of selling your business. It will also protect the value of your business from the vulnerability that can be created during a sale.
- Understand the negotiation process: Be ready to negotiate with potential buyers. Never expect to receive your full asking price in the first offer. Understand that both sides are trying to get the best price possible and that you should never take negotiations personally. Remember that the only deal that will close is the negotiated deal, so that is the only deal that ultimately matters.
- Be friendly to potential buyers: This will make buyers feel that they can trust you and put them at ease.
- Consult with industry professionals: In addition to our business brokers, consult with lawyers, bankers and tax professionals throughout the process of selling your business. These people can help you overcome or avoid any obstacles and ease the process for you.
Sell Your Business With the Business Brokers of Morgan & Westfield, Beaumont, Texas
When you contact the Beaumont, Texas, office of Morgan & Westfield, we will schedule a free initial consultation with you. This meeting will serve as an opportunity for us to get to know each other. Our business brokers will discuss Morgan & Westfield, the services that we use to facilitate business sales, our qualifications and the overall process of selling your business. We will also discuss your specific business and how we can help you sell it. Our business brokers will explain the costs associated with selling your business and exactly what you can expect from the process. If you are selling a business in the area of Jefferson County, then contact the Beaumont, Texas, office of Morgan & Westfield. Schedule a free initial consultation and learn more about how our business brokers can facilitate the sale of your business.