Sell Your Business
Is it time to sell?
Selling your business is a major decision! You have devoted your time, money, and energy to building, running, and operating your business. It may well represent your life's work. You may have already decided that now is the right time to sell, and you want the very best professional guidance you can get. This is when working in tandem with a professional from American Business Finders can make the difference between just getting rid of the business and selling it for the very best price and terms!
The decision to sell a business is often a difficult one because of the profound personal and financial impact. Many different influences bring business owners to this decision, including:
- Time to Retire
- Health, serious illness or disability
- Divorce or dissolving of partnership
- Lack of sufficient working capital
- Secure the future by cashing out
- Worrisome exposure to business risks
- Pursue other business interests
Sell Your Minnesota or Midwest Business
Confidential Business Sales
Sound working relations with employees, customers, suppliers, and bankers are important factors to a company. Any premature indication of a possible change in ownership could disrupt these relations and weaken the company's competitive position. For these reasons, and many others, confidentiality is critically important at all stages. With the proper procedures, it is possible to minimize the risk of an untimely disclosure. Using us to sell your business ensures that a professional business broker will be handling your transaction under strict confidentiality. We discreetly find sellers and connect them with qualified buyers. We sell businesses with a strict code of ethics.
We have and will find qualified buyers for your business. We use every resource at our disposal - including our very own Business Finders Pipeline that you may have seen on our home page. Many businesses sold will come through our buyer pool and we have new buyers enrolling every day.
Protecting the confidentiality of your business for sale is Priority # 1
The importance of confidentiality at all times during the sales process is the most important ingredient in the successful sale of an existing business. This IS NOT a real estate transaction where real estate is posted on public MLS services for everyone to find. This is a business with employees, customers, competition and possibly landlords and creditors. By making a business for sale public, all of the above mentioned entities associated with the business for sale will be thrown into a “cause and effect“ flow that will permanently harm the business being sold.
In order to prepare a business for sale, you should gather all the information that a potential Buyer will ask for and rely on when making a buying decision.
Buyers will want to review several items during due diligence. The following is a list of what most buyers want to see:
- Up to 3 years of Accountant prepared financials - including P&L statements if available
- Up to 3 years of balance sheets
- Up to 3 years tax returns
- Payables - trade or otherwise
- Vehicle list / titles to vehicles
- Vendor list, Inventory list, Equipment list, Customer list
- Franchise or licensing agreements
- Employment contracts
- Equipment list & value of equipment at current market value (used)
- Value of inventory at your cost (not retail)
- Value of real property (if included in the sale)
- Copy of the lease if business is on leased real property
Here is what you DO NOT want to do...
- Tell anyone that you are going to sell – confidentiality is of utmost importance
- Change the business models or daily operations
- Take cash out of the business that will alter subsequent financial statements
Undertake a thorough review of the company books, and other corporate records and ensure that all are complete and up to date. Similarly, make sure that all tax returns and other government filings, and licenses have been completed, filed and are current.