Business Brokers of Little Rock, Arkansas
At the Little Rock, Arkansas, office of Morgan & Westfield, we provide our business brokerage services exclusively to the business owners of our local Central Arkansas communities. Our business brokers have hundreds of years of combined experience in facilitating business sales in this region of Arkansas. We are particularly experienced in the communities of:
Little Rock, Sherwood, Jacksonville, Cammack Village, Maumelle, Pinnacle, Roland, Hensley, Redfield, Jefferson, Pine Bluff, Wright, Tucker, Sherrill, Altheimer, England, Coy, Humnoke, Stuttgart, Keo, Scott, Hamilton, South Bend, Lonoke, Carlisle, Woodlawn, Butlerville, Cabot, Austin, Ward, Beebe, Otto, Antioch, El Paso, Mayflower, Conway, Bigelow, Plumerville, Morrilton, Cherry Hill, Perryville, Paron, Avilla, Crows, Hot Springs, Salem, Alexander, Benton, Sheridan, Tull and Malvern.
In addition to these specific communities, our business brokers also have experience in facilitating business sales in many of the other communities in and around Central Arkansas’ Pulaski County area.
Each year, our business brokers facilitate hundreds of successful business sales throughout Central Arkansas. These include companies of all sizes, with values ranging from $50,000 to more than $75 million.
Our sales also include companies in nearly every industry. We have even worked with franchises for franchise sales and franchise resales. So, irrespective of the size or type of business you are selling, our business brokers at the Little Rock, Arkansas, office of Morgan & Westfield have the experience to facilitate your sale.
Common Seller Questions
In addition to providing services that are designed to help you complete each step in the sales process, we also provide guidance as you navigate the process. One of the most common things that our business brokers find when we speak to business owners is that many of them have questions about the sales process. This is because selling a business is unlike selling anything else, and most owners have never sold a business before. Some of the most common questions that our brokers answer include:
- How do I find a buyer? Our business brokers create a marketing campaign to advertise your business to potential buyers. We will also utilize our proprietary database of potential buyers to connect you to those who are already in the Morgan & Westfield system. All buyers interested in purchasing your business are screened and asked to sign a confidentiality agreement. They will then be connected to you to begin negotiations.
- How do I determine an asking price? At Morgan & Westfield, we provide you with a business valuation. We will consider factors — both internal and external — to your business and give you an estimate of your company’s value. You will also be provided with an estimate of your most probable selling price and a recommendation for a range of asking prices.
- What do I need to do to prepare for my sale? To prepare for your sale, you should make sure that your business is in the best possible condition both physically and in terms of its reputation and operations. You should also prepare your business’s financial statements and any other paperwork that you can provide to buyers to showcase your company’s performance.
- What should I do while my business is being sold? The most important thing that you can do during the sales process is to continue running your business normally.
- When should I notify my employees about the sale? You should not notify your employees about the sale until the sale has been closed. Any employees who are aware of the sale before this point should be asked to sign a confidentiality agreement to maintain a confidential sale.
- Do I need to tell buyers everything about my business? Yes, you should not try to hide any information from your buyers. Failure to disclose unfavorable information during the due diligence process is always a bad idea. A quality buyer will do research, and this information will be discovered. When a buyer discovers that you knowingly hid information or misled him or her, he or she may back out of the deal, or your relationship with your buyer may be compromised.
- What are the tax ramifications for selling my business? The tax implications of selling your business will vary based on many factors, including how your business was incorporated, how the sale was structured, if the sale was seller financed, among others. To learn more about your tax obligations, you should consult a tax professional (whom we can refer you to).
- Can I open another business? As part of your sale, you will be asked to sign a non-compete. This contract will outline when and where you can open another business.
- Do I need to finance my own sale? Seller financing is not a requirement for selling your business, but it is preferred by most buyers. Seller financing can also expedite your sale and allow you to command a higher price. So although it is not required, seller financing can be advantageous.
- Will my sale be public knowledge? At Morgan & Westfield, we do everything that we can to prevent your sale from becoming public knowledge. We require all buyers to sign non-disclosure agreements, and we even advise you on steps you can take to preserve your confidentiality. Our business brokers will do everything we can to ensure that your sale remains confidential.
- Can I sell my business without a broker? Business owners can sell their businesses on their own if they choose to. However, businesses that are directly sold by their owners tend to sell for lower prices and often feature poorly structured sales. These sales often result in non-payment and legal battles. So although you can sell your own business, you are better off selling through a professional business broker.
- What can a broker do for me? At the Little Rock, Arkansas, office of Morgan & Westfield, we offer the following services: exit planning, business appraisals, offering documents, marketing, buyer screening, negotiation facilitation, due diligence, closing services, and continuous support. These services will guide you through the entire sales process.
- What can’t a broker do? Our business brokers can guide you through the entire sales process, but there are a few things that we can only advise you on, including choosing your asking price, negotiating with a buyer, agreeing to sale terms, and fulfilling seller obligations. While our business brokers can provide advice on each of these tasks, you must complete them as the business’s owner.