Are You Ready to Sell a Business?
You must have a lot of questions right now about selling your business. We understand that the sales process could be stressful and overwhelming, especially if this is your first time to sell a business. But you don’t have to go through the process alone. Aside from offering technical services, our business brokers can also provide guidance and support to help you successfully sell your business. With our years of experience helping business sellers succeed, we learned that most business owners tend to ask the questions we outlined below. We have them answered for you.
Q: Do I need a business broker?
A: Selling a business requires strategies. Professional business brokers have the necessary experience to make the sales process easier, faster, and more strategic, thus ensuring a successful sale. Our business brokers at Morgan & Westfield have over 100 years of combined experience in facilitating business sales. We can connect you to quality buyers while maintaining confidentiality of the sale, conduct an appraisal of your company’s value, assist you with financing your sale, help you with structuring the sale, and eventually help you sell your business at the best price possible.
Q: Can you advertise my business and still keep the sale confidential?
A: Our business brokers use a ‘confidential marketing’ system that enables us to advertise your business while maintaining the confidentiality of the sale of your company. We screen potential buyers and require them to sign a non-disclosure agreement (NDA) to ensure your confidentiality.
Q: How do I know my company’s value?
A: At Morgan & Westfield, we provide formal business appraisals. Our brokers will research your company, your industry, your local market, and all of your business’s performance information. Our findings will be provided to you in a formal business valuation report that includes a recommendation for a most probable selling price. You can then use this recommendation to determine an asking price.
Q: Can I open another business post sale?
A: Buyers usually don’t want the sellers to be their competitors after the sale. You will be required to sign a non-compete contract as a condition of the sale. This contract will help you decide about opening another company in the future.
Q: Will I need to train the new ownership?
A: As a condition of the sale, most buyers will include a clause in the sales contract outlining a training period for your buyer. The exact terms of this clause may vary but you will most likely be required to train your buyer for some period of time.
Q: Do I need to finance my business’s sale?
A: As a seller, you are not required to finance your own sale. However, when you finance your own sale, you can usually command a higher price and close the sale more quickly. Also, seller financing is a great way to reduce your capital gains obligations, as capital gains will be assessed over the life of the note as opposed to in one lump sum. There are other incentives that make seller financing an attractive option. This aspect will require you to make an informed decision.
Q: When should I tell my employees about the sale?
A: The only time that you should tell your employees about the sale is when the sale has been closed. Any employee who is aware of the sale before this point should be asked to sign a non-disclosure agreement. You want the sale to be confidential so that your company’s value won’t suffer.
Q: What can I do to help make the sale successful?
A: Aside from completing the necessary steps, which our brokers could guide you through, the No. 1 thing that you can do is to keep running your business as usual. Buyers want to be assured that they are making a sound investment. Show them that your business is profitable. Keep running your business while the sales process is ongoing. It will help expedite the sale of your company.
Q: How long does the sales process take?
A: Business sales typically take six months to a year. Selling a business is a process. A lot of factors can significantly impact the length of the sale, so there is no single answer to this question.
Q: What types of offers should I expect?
A: Initial offers are typically low. Buyers expect you to negotiate. To get the best price for your company, you need to consider low offers as an opportunity to go to the negotiation table with the buyers.
Where in Northwestern Florida do we offer our services?
We exclusively serve the business owners from the local Northwestern Florida communities. This enables our business brokers to provide a high-quality, personalized service to company owners like you. Operating locally allows our brokers to focus more on your sale and address your specific needs by providing more accurate advice so that you can make an informed decision.
Our business brokers have hundreds of years of combined experience in facilitating business sales throughout Northwestern Florida. We are particularly experienced in the Leon County, Gadsden County, Wakulla County, Liberty County, and Jefferson County areas. Our business brokers also have experience in the Southern Georgia counties of Grady County and Thomas County. We serve each of these specific communities:
- Leon County: Tallahassee, Woodville, Fort Braden, Perkins, Capitola, Bradfordville, Centerville, Felkel, Miccosukee, Meridian, Iamonia, and Ochlockonee.
- Gadsden County: Midway, Wetumpka, Sawdust, Scotland, Havana, Hinson, and Quincy.
- Liberty County: Telogia and Hosford.
- Wakulla County: Hillardville, Wakulla Springs, Shadeville, Newport, St Marks, Port Leon, Crawfordville, and Medart.
- Jefferson County: Cody, Wacissa, Capps, Lloyd, Drifton, and Monticello.
- Grady County Georgia: Calvary and Cairo.
- Thomas County Georgia: Metcalf, Boston, and Thomasville.
Contact Tallahassee, Florida, Morgan & Westfield
With our unique business model and our hundreds of years of combined experience, you are assured that your success is our commitment. Let our business brokers facilitate the successful sale of your business and give you the necessary support and guidance you need.
Whether you’re ready to sell or still thinking about selling your business, now is the time to pick up the phone and call us. Take advantage of our free consultation. Learn more about us and how we customize our services for you while we help you make that important decision in your life. Contact the Morgan & Westfield office in Tallahassee, Florida today.