Once you’ve decided to sell, all attention turns to finding the best buyer…….
OLD Inc Business Brokers uses a proven confidential sales process to ensure a successful outcome. Here’s what we do for you during the sales process:
* Prepare a business valuation or Most Probable Selling Price (MPSP)
*Create a Confidential Business Profile (CBP) that identifies the benefits and potential of your company.
* Develop a marketing plan that identifies almost all possible buyers.
* Aggressively implement the marketing plan using our database, professional contacts and worldwide sources to notify prospects most likely to pay you full price.
* Qualify buyers to ensure your time is spent only on serious prospects.
* Negotiate price and terms. We deal with emotional issues without compromising your strength.
* Coordinate the closing, negotiating and expediting details with accountants, attorneys and other advisors, saving you and the buyer time and paving the way for a smooth closing with no surprises.
* Celebrate with you as you start a new life.
Many of our sellers are worried about CONFIDENTIALITY. Here is our promise:
OLD Inc Business Brokers maintains stringent practices for concealing your business’s name, location and other information that could compromise confidentiality.
As a matter of policy, we don’t reveal your company’s identity until just prior to physically showing it to a buyer. We disguise the company in ads, the prospectus and any other marketing communications. We never permit buyers to visit the business without our accompanying them. Buyers also appreciate the attention to confidentiality as they want to buy a healthy business, not one that is experiencing disruptions. These precautions protect your business and help you obtain the highest price.
In addition we advertise all of our listings confidentially by creating a series of blind, non-specific advertisements that appear in local newspapers and in some cases trade publications.
OLD Inc is developing a strong presence on the Internet and our business listings can be found on productive business sites such as www.bizbuysell.com , www.businessbroker.net , www.mergernetwork.com and www.bizquest.com which in turn feed into over 150 other websites including LinkedIn and IBBA.org. Our listings are also advertised in several publications including The Wall Street Journal Online, American City Business Journals and the New York Times online.
Locally, when appropriate, we advertise in the Birmingham Business Journal, the Montgomery Advertiser and the Opelika Auburn News, The Citizen, The Newnan Times Herald and The Atlanta Journal Constitution.
We only disclose information to buyers who have signed a Non Disclosure Agreement (NDA) so for comprehensive details on any of our listings please contact us at 334-456-8528 or email Rebecca at rwj@oldinc.net.
Why should I use a business broker?
A business broker can sell a business for a higher price than the owner can for two reasons: One, a broker is a professional who will identify more buyers and bridge the emotional issues that frequently kill deals. Second, owners, as the sales process becomes more consuming, are forced to stop paying attention to business operations –the very reason a buyer is interested–and can cause the business to lose value by the time of closing.
During the negotiating process is when brokers really earn their keep. They help both parties stay focused on the ultimate goal and smooth over problems.
Brokers know the latest laws and regulations affecting everything from licenses and permits to financing and escrow. They also know the most efficient ways to cut through red tape, which can slash months off the purchase process. Working with a broker reduces the risk that you’ll neglect some crucial form, fee or step in the process.
An experienced business broker knows what paperwork to file, and when. They also coordinate efforts between lawyers, CPAs, bankers, insurance agents and others.
A small business is often one of the biggest assets a business owner has, one which he or she has spent considerable time and money building. An experienced broker knows how to price a business and can brag about the business in a way you might not be able to. The buyer can ask the broker pointed questions that might be difficult to ask you directly and get the answers he or she needs. The broker can also help answer any questions or resolve any problems that develop during the course of the sale.
When it comes to choosing a business broker, make sure there’s good chemistry between you and your broker and that the two of you communicate well. You’re paying your broker to look out for your interests, negotiate successfully on your behalf, and complete the transaction in a timely and professional manner.
Be sure to find a broker who specializes in selling businesses, not simply selling real estate. Don’t let the broker list your business on a realtor’s multiple listing service. Apart from the issue of confidentiality, any broker who wants to do this isn’t willing to devote the time and work necessary to sell your business.
How are business brokers paid?
Business brokers usually work on a contingency fee basis. Most brokers, like CPAs and attorneys, also charge an initial engagement/retainer fee. Brokers’ fees generally range anywhere from 8 to 12 percent of the selling price of the business.
How long does it take to sell a business?
The average selling time for privately held business is approximately 8 months, according to statistics compiled by the International Business Brokers Association (IBBA).
So how do I get started?
OLD Inc is very pleased to be in a position to assist you as a business owner to further your ambitions including a sale of your business. In order for us to engage this process fully, we’ll ask you to assemble and provide to us at your earliest convenience the following documents or information:
• 3 Years Tax Returns.
• Year-to-date interim financial statements, either management prepared or accountant prepared.
• Copies of the lease for your premises, and any other leases or contracts for equipment, vehicles, etc.
• A list of furniture, fixtures and equipment (“FFE”) and its estimated current market value.
• Average level of your business inventory and any seasonal fluctuations we should be aware of.
You will formally engage OLD Inc to work with you in preparing your business for sale by signing our standard form of “Exclusive Listing Agreement”.
The Exclusive Listing Agreement:
We will collect a check from you at that point for the non-refundable Engagement Fee as per the following:
$2,500 for businesses in estimated value between $100,000 and $1M (For UK fees please contact Broker)
$4,500 for Businesses in estimated value of $1M to $5M (For UK fees please contact Broker)
These fees cover travel expenses, the cost of doing the MPSP Valuation, preparation of your Confidential Business Profile and advertising expenses for 12 months.
Upon successful closing we charge ten percent of the the selling price of the business (minimum commission of $10,000).
How will my business be advertised?:
We advertise all of our listings confidentially. We create a series of blind, non-specific advertisements that will appear in local newspapers and in some cases trade publications. OLD Inc is developing a strong presence on the Internet and your business will be on over 150 productive business sites for maximum multiple listing exposure. Your business will also be placed in several publications including The Wall Street Journal Online, American City Business Journals and the New York Times online.
Due diligence – What can I expect?:
During the period of time the business is on the market, it is important that the seller cooperate with the broker to prepare and maintain certain records and information that will be required during the “due diligence” phase of any potential sale.
Due diligence refers to the inspection and verification of information, documents and records that a potential buyer will undertake who has made an offer to purchase that has been accepted. OLD Inc Business Brokers will explain this and work with you to identify and collect the documents and information that will be part of this process.
Our commitment to you!
OLD Inc Business Brokers is committed to doing an outstanding and ethical job helping owners achieve their objectives through a timely and best-value sale of a business, and invests a lot of time and resources into bringing this about. By entering into an Exclusive Listing Agreement with us, a business owner ALSO makes a significant legal, financial and personal commitment. Old Inc recognizes and acknowledges this commitment, is grateful for the opportunity to work with owners in this process, and looks forward to getting started!
All information given will be treated in the strictest of confidence.
