Services offered in Morgan & Westfield, Buffalo, New York Office
We provide a variety of business brokerage services that are designed to address each step in the sales process and ensure that each one is completed successfully. Specific services that our business brokers at the Buffalo, New York, office of Morgan & Westfield provide include:
- Exit Strategies: One of the best ways to ensure a smooth and successful sales process is to plan for your sale. We will guide you through the planning process and help you develop a clear sales strategy. Our brokers will also assist you in preparing all of the necessary paperwork that you will need later in the sales process.
- Business Valuations: It is vital that you set an asking price that is commensurate with your business’s market value. To help you objectively determine your business’s market value and set an asking price, our brokers will perform a formal appraisal of your company. Our findings will be outlined in a formal business valuation report that can then be used to assist you in setting a reasonable asking price.
- Marketing Campaigns: In order to sell your business, you will need to attract potential buyers, and the best way to attract potential buyers to your sale is through a marketing campaign. However, your sale must be marketed in a way that maintains your business’s confidentiality and allows for a discreet sale. At Morgan & Westfield, our business brokers will use a confidential marketing strategy in which your sale is advertised without using any information that is specific to your company. This strategy will both expose your sale to potential buyers and maintain your company’s anonymity.
- Buyer Screening: Buyers who are attracted to your sale through our marketing campaign will be prompted to contact Morgan & Westfield. Our business brokers will interview and screen all prospective buyers to ensure that you are only referred to qualified buyers.
- Offering Documents: Buyers who pass the screening process will be provided with an offering document. This 15-to-25-page document is a comprehensive overview of your company. It will be used to give potential buyers more information so they can make an informed purchasing decision.
- Negotiation Facilitation: Our business brokers will facilitate the negotiation process between you and your buyer. We will prepare you for negotiations and provide you with advice as you go through this process. Our brokers will also assist you in structuring all sale terms that are discussed throughout the negotiation process.
- Closing Services: Once a deal has been reached, the sale must be made official. Our brokers will draft a sales contract based on your agreed-upon terms and provide it to you and your buyer. We will also work to ensure that both you and your buyer complete all of the obligations that are outlined in the sales contract in a timely manner.
Preparing for Your Sale
At Morgan & Westfield, in addition to providing these services, our business brokers also provide you with advice about steps you can take to prepare for your sale, including:
- Make a list of all rented or leased property so it is clear what specifically is for sale.
- Have all of your business’s financial documents prepared professionally.
- Perform any maintenance on your company and remove any unusable equipment.
- Consult with a tax professional to learn the tax ramifications of your sale.
- To better understand your market and the factors that can impact your business’s value, research how comparable businesses are selling locally.
- Research other business sales in your industry to determine the best time to sell your business.
- To ensure that you are committed to the sales process, prepare yourself mentally to move on from your business.
- Require any employees or other personnel who will have knowledge of your sale to sign a confidentiality agreement.
- Consult a professional business broker.
Properly preparing for your sale by completing these tasks can set you on a path to a smooth and successful sales process and will allow you to focus on a more important task of running your business. Having these tasks accomplished ahead of time will also signal to buyers that you handle your responsibilities in a professional manner, ensuring that you have taken the same approach with the way you run your company.
Business Brokers of Western New York
By utilizing the services that we provide, hundreds of business owners throughout the Western New York area have successfully sold their businesses. We are particularly dedicated to providing our services to the business owners in and around the area of New York’s Erie County. Specific communities throughout this region that we serve include:
Buffalo, Cheektowaga, West Seneca, Hamburg, North Boston, Derby, North Collins, Lake Erie Beach, Irving, Gowanda, Springville, East Aurora, South Wales, Holland, Yorkshire, Delevan, Strykersville, North Java, Gainesville, Warsaw, Dale, Wyoming, Pavilion, Attica, Alexander, Darien, Stafford, Batavia, Corfu, Elba, Oakfield, Indian Falls, Basom, Alabama, Akron, Medina, Middleport, Lockport, South Lockport, Clarence Center, Ransomville, Model City, Sanborn, Grand Island, North Tonawanda and Williamsville.
If you are selling a business in one of these communities or a neighboring community in the Western New York area, our business brokers are here for you. To learn more about how you can utilize our services, contact the Buffalo, New York, office of Morgan & Westfield today.