Are you contemplating the sale
of your company? What are the key
attributes you should look for in your transaction team? The sale and transfer of a privately held business
is complex and can be stressful and emotional as well. As the business owner, you have poured your
life and soul into trying to make your business successful, taking time away
from friends, family and personal pursuits.
So when it comes time for you to move on to the next chapter of your
life, you may be worried exactly how and what steps to take, or how to get the
best deal for yourself and for your employees.
Most business owners have never
sold a business before and are not sure what to ask when researching
brokers. The following questions should
be asked of all candidates:
·
Can you determine if I’m ready to sell…if so,
how will you do so?
·
How will you value my business? Would you order a business valuation or is it
just an educated guess?
·
Will you advise me of tax implications of the
sale?
·
Will you screen buyers for financial and
operational fit or would I have to deal with tire-kickers?
·
Will you maintain my confidentiality?
·
Will you help me determine if my business is
bankable?
·
Will you provide a technically written
confidential Offering Memorandum?
·
Would you help me through due diligence, or am I
on my own?
·
Will you negotiate and structure the deal, or do
I have to pay an attorney to do so?
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