Confidential Sales of Privately-Owned Businesses and Commercial Real Estate in Central Ohio
"Thank you for going beyond our expectations and proving to us that we chose the right professional broker." Client: Retail Bike Shop Seller
The Selling Process We Employ
Preparing Companies for Sale
Brokering Confidential Business Sales
Selling Commercial Real Estate
Coaching Business Sellers and Buyers
The following steps are usually required for the confidential sale of a privately owned business. This is the process I manage.
Assessing whether your company is ready to sell
Deciding on a selling price and terms that will make sense to you and a buyer
organizing your advisors (accountant, attorney, wealth manager, family members, and others) into a team that knows what will be needed for a successful sale
preparing high quality materials that describe your company and the opportunity it presents to a new owner, information every serious buyer will need
advertising to buyers using state-of-the-art media
screening buyer prospects to assure they are qualified to buy your company
managing the selling process from start to finish, including the buyer's due diligence and financing the sale
and doing all of this so that it remains confidential.
Teamwork is essential for success in selling businesses.
Not only do we have excellent talent that makes up our in-office team, we go out of our way to include the seller's trusted advisors in the sale of a company.
That includes the seller's attorney, accountant, banker, wealth manager, family members, and others who may need to be involved in a sale.
Our selling clients can rest assured that exceptional teamwork will be a hallmark of all our transactions, which increases our success and the success of our sellers and buyers.
NEWS About Business Sales: It's STILL a seller's market!
FROM THE 1ST QUARTER 2023 BIZBUYSELL NEWSLETTER
The increase in interest rates will continue to challenge buyers and sellers. However, as long as bank/SBA lenders continue to fund acquisition loans, the 2023 small business market should continue at the same pace as experienced in 2022. Buyers exiting from corporate jobs will continue to seek profitable companies with growth potential. Sellers will grow older and seek to retire.
Currently, 45% of owners say they are selling to retire. Furthermore, over 42% say we are already in a recession (vs 48% of buyers), while 33% of both owners and buyers believe we’ll enter one in 2023.
For sellers, businesses with strong financials are expected to continue being in high demand. This may be especially true for service businesses, fast-food restaurants, and other ‘recession-proof’ businesses.
Yet, higher rates may force some sellers to adjust prices and consider seller financing.
It's also important to remember that a typical sale can take 6-months to 1-year to complete. Those with a transition on the not so immediate horizon should still take care to begin preparing for their exit now, so they are ready to strike when the iron is hot.
With that said, just 53% of surveyed owners said they had an exit plan, and a slightly higher 58% knowing what their business is worth. That leaves nearly one out of every two owners unprepared should disaster strike instead.
It only takes a few minutes to call a local business broker now and save months to years of stress later. Many brokers offer free consultations, valuations, and other services to empower business owners with the tools for a future, profitable exit.
Hire a professional business intermediary that has the expertise to value and sell your business. If your financial books and records are not in good shape, get those cleaned up first. The business intermediary can advise you on what needs to be done for an easier sales process.
Understand that selling your business is not a quick or easy process and many pitfalls can be avoided when you get the right advice and have the right team on your side!