What to expect when you sell your business
Selling a business isn’t like selling a building. When you sell a building, you typically connect with a real estate agent, put a sign in the yard, and tell everyone you know that it’s for sale. When you want to sell a profitable business – with or without a building – it requires a very different approach. Here is what it looks like:
- Don’t tell anyone! When people learn that your business is for sale they assume that something must be wrong with it. On average, your business will sell for 40% less if it’s widely known that it is for sale. So, keep it to yourself and keep more money when you sell it.
- Contact us (preferably 3-5 years in advance) to find out what your business is worth. This gives us time to fix minor issues before they become major problems in negotiations.
- Together we will determine the appropriate asking price and develop a marketing package that will promote your business to the most potential buyers.
- We will prepare both a blind listing that explains your business in very vague terms and a confidential memorandum that explains your business in great detail. Anyone can see the blind listing when they search for businesses for sale, but only those who sign a non-disclosure agreement will be able to see the confidential memorandum.
- We will pre-qualify buyers so that you don’t take time away from your business talking to tire-kickers. When we introduce you to a prospective buyer, you can be assured that they are capable of, and interested in, doing a deal.
- We present serious offers to you and help you negotiate the best deal that will maximize your proceeds and minimize your tax impact.
- Once a contract is in place, we guide you through the due diligence period. Never let an unsupervised buyer look “under the hood.”
- We close the deal. We can close at our office, at a title company, or often electronically.
Murphy Business is very selective about who they allow to broker businesses. We are former (and often current) business owners and C-Suite executives who understand the business owner’s point of view. Murphy Brokers also collaborate to match buyers and sellers throughout North America. This level of cooperation is unique to Murphy Business and greatly increases your chances of finding the right buyer.
Every Murphy Business broker goes through a rigorous training process and has the back office support we need to facilitate the sale of your business. For specific information about Jennifer’s background, experience, and credentials, click here.