Selling Your Business With a Professional Business Broker
At the Fullerton, California office of Morgan & Westfield, we do more than just complete some technical tasks for you. We also work to make the process of selling your business easier for you. This is achieved by simplifying the process, guiding you through it one step at a time, removing any ambiguity and addressing any area of confusion.
Our business brokers place a particular emphasis on making it easier for you to sell your business through educating you. We explain the process of selling your business, what needs to be done to complete each step, and how these steps can be completed utilizing our services.
Our business brokers will also provide you with advice and make you aware of potential challenges or mistakes to avoid. By providing you with all of this information, our business brokers are able to illuminate the process of selling your business for you, thereby eliminating confusion and making everything easier.
What to Expect When You Sell Your Business
The majority of business owners have never been through the process of selling a business before. So, when you work with our business brokers at the Fullerton, California office of Morgan & Westfield, one of the first things that we do is explain this process to you. We walk you through the entire process and answer all of your questions along the way.
Our business brokers also teach you about what to expect when you are selling your business. We will emphasize many of the things that are necessary for a successful business sale, but that most business owners are unaware of, including:
- You will be asked to sign a non-compete agreement: Most buyers will want you to sign a non-compete agreement as a condition for purchasing your business. You should be prepared to do this, as these agreements are standard sale conditions.
- You cannot tell people that you are selling your business: It is vital that you sell your business discreetly. If competitors, suppliers, or customers learn about the sale, then it can affect your company’s value. For this reason, you cannot tell people, including your employees, that you are selling your business. Anyone that you make aware of the sale should also be asked to sign a confidentiality agreement. Failure to maintain this secrecy can negatively impact the sale.
- There are tax ramifications for selling your business: There will be tax ramifications to selling your business. These are dependent on many factors and they should be discussed with a tax professional to prevent unwanted surprises.
- You will be asked to train the new owner: Sale terms almost always include training your buyer so that they can smoothly transition into their new role. You must be prepared to adequately train your buyer, as this is a standard aspect of any business sale.
- You cannot hide anything: Many owners believe that they can hide information that paints their business in an unfavorable light, this is never true. Eventually, a serious buyer will discover this information. So, you must be prepared to address any issues upfront.
- Your company’s price is market-dependent: Many owners believe that because they think their company is worth a certain price or someone tells them that it is worth a certain price, that is the price they will receive. This is not true. The bottom line is that the market will ultimately determine the value of your company. You should be aware of this and you should be prepared to consider this factor when you are considering any offer.
- The success of the sale depends on the success of your buyer: Most business sales are financed to some extent. This means that for the sale to be successful, the buyer must make all of their payments. In order to do this, the buyer will need to successfully operate the business to its fullest potential. For this reason, it is vital that you work with qualified buyers and provide them with adequate training.
Business Brokers of Fullerton, California, Morgan & Westfield
In addition to helping you complete all aspects of your business sale and teaching you about the process of selling your business, our business brokers also provide you with an unmatched level of local knowledge.
This knowledge can be extremely helpful in facilitating your business’s sales. We can use it to better communicate the advantages of your location to potential buyers, prepare you for challenges that you may face based on your location, and connect you with other local professionals that can prove helpful.
Our knowledge about the Orange County California area has been gained through our many years of facilitating business sales in this region of Southern California. The business brokers at our Fullerton, California office have over 100 years of accumulative experience in this region.
This extensive experience enables our business brokers to facilitate hundreds of business sales in Orange County California every year, particularly in:
Fullerton, Brea, La Habra, Buena Park, Cypress, Stanton, Yorba Linda, Placentia, El Modena, North Tustin, Tustin, Santa Ana, Westminster, Fountain Valley, Orange, Garden Grove and Anaheim.
Our experience in these communities enables us to better understand this local marketplace, further enabling our business brokers to ensure that your business is sold successfully.
Facilitating the successful sale of your business to make the process easier for you is our number one goal.
To learn more about how we will achieve that goal and help you to sell your business, contact the Fullerton, California office of Morgan & Westfield today.