Preparing for Your Sale
When you sell your business through Morgan & Westfield, we make it a point to always be there for you. From planning the sale of your business all the way through to closing , our team will be available to help you through all the stages of the sales process.
Before beginning the sales process, we will need to establish a plan for your sale. We will explain the available options to you and help you choose the one that best suits your specific needs. Our brokers will also assist you in collecting and preparing all of the necessary material for the sale of your business. Through utilizing our exit planning services, our brokers will work with you to ensure that you are prepared for your sale and the sale is properly planned.
Before your business is officially put up for sale, our business brokers will also assist you in determining an asking price. To do this, our team will formally appraise your company and research the dynamics of your specific marketplace. This research and our estimate of your company’s value will be provided to you in the form of a formal business valuation report. Our business brokers will use the information provided in this report to help you determine an asking price.
Putting Your Business on the Market
With a plan established and an asking price determined, you are now ready to sell your business. The next step is to make potential buyers aware of your business’s sale. But it is absolutely vital that the sale of your business remains discreet. In order to maintain your business’s anonymity, our business brokers provide confidential marketing services to advertise your sale to prospective buyers.
Your sale will be advertised on various websites and other platforms using only general information, including your company’s industry, general location, and size. For example, your business may be advertised as a medium-size company in the steel industry located in Central Alabama. This information is specific enough to attract potential buyers, but still general enough to protect your privacy. Buyers who are interested in your company based on the general information will then be prompted to contact us for further information.
What Happens When Buyers Contact Morgan & Westfield?
When interested buyers contact our office for more information, they will be interviewed as part of our screening process. These buyers will be screened based on their financial ability to purchase your business and their likely ability to successfully run the company. Screening in this way ensures that you are connected to only the most high-quality buyers. Thereby making a successful sale far more likely.
As part of the screening process, we ask the prospective buyers to sign a confidentiality agreement. Potential buyers must sign this agreement before any specific information about your company is shared with them. This ultimately helps to ensure a buyer’s seriousness and prevents any information leaks that may otherwise compromise your business’s confidentiality.
Negotiations and the Closing of Your Sale
Once buyers have been screened, only then will they be connected to you. Our advisors will then facilitate a due diligence process so that both you and your buyer can make informed decisions as you go forward in the sales process. At this point, our business brokers will also begin preparing you for the negotiation process. We will advise you on negotiation techniques and help you plan for the negotiation process.
As you discuss the sale with your buyer and begin negotiations, our advisors will provide continuous support and advice to ensure that the negotiations go smoothly. We will also assist you in determining financing terms and ultimately structuring your sale.
Once a deal is reached that is mutually beneficial for both you and your buyer, our brokers will begin the closing process. We will go through all of the terms of your sale and make sure that everything is properly structured and addressed so that your company can be sold successfully. We will also create a sales contract that outlines all of the terms of the sale so that both you and your buyer can officially close the sale. After this contract is signed by both parties, our brokers will make sure that all of the necessary paperwork is completed to officially transfer ownership of your company.
Selling Your Business Through Morgan & Westfield
At Morgan & Westfield, our team of advisors provides a variety of services to facilitate the sales process. Our team serves the business owners of the Central Alabama area, including business owners in and around the communities of:
Birmingham, Fultondale, Kimberly, Warrior, Colony, Hayden, Dodge City, Hanceville, Bremen, Nectar, Cleveland, Highland Lake, Locust Fork, Curry, Ardell, Manchester, Jasper, Empire, Sumiton, Sipsey, Cordova, Dora, Graysville, West Jefferson, Praco, Toadvine, Midfield, Fairfield, Hueytown, Adger, McCalla, Bessemer, Homewood, Vestavia Hills, Hoover, Vance, Northport, Tuscaloosa, Brookwood, Pelham, Alabaster, Calera, Chelsea, Harpersville, Vincent, Vandiver, Talladega, Moody, Odenville, Lincoln, Pell City, Argo, Ragland, Ashville, Center Point, Clay, Pinson and Trussville.
By choosing to only serve these communities, our advisors are able to keep their finger on the pulse of the local marketplace. We are able to keep a constant awareness of the dynamics of your marketplace and use this information to adjust our approach to your business’s sale. Thus enabling us to better advise you and ensure that your business is being sold with the best possible strategy based on current market dynamics. If you are a business owner in the Central Alabama area and you want to learn more about the various ways that our business brokers can make the sales process easier for you, contact the Birmingham, Alabama, office of Morgan & Westfield today.