Selling a Business with the Fairfield, New Jersey (NJ) Murphy Professionals
1. Determine What The Business Is Worth
We start by establishing what the business is worth. We will accomplish this by determining earnings, applying rules of thumb for that industry and then looking at what comparable businesses have sold for as well as what is currently on the market.
Our office has one of the area’s only Certified Business Appraisers. Thanks to being part of the Murphy family we also have access to a lot of data on businesses that are for sale, as well as those that have sold in the past several years – so you can be confident that our valuation will be accurate.
2. Prepare A Detailed Offering Portfolio
We will put together an attractive and informative offering portfolio that we will use to market your business to potential buyers – only after they’ve signed a confidentiality agreement.
The portfolio will include pertinent information about your business: Company history, manager profiles, financial statements, pictures and any other important information.
3. Develop A Marketing Plan To Sell The Business
Except in special cases, all of our listings go out to over 30 different websites where your business is advertised. Because Murphy is the largest brokerage firm in North America, we also have a large pool of buyers with which we work.
Depending on the type of business, we may also use a specialized approach. For example, we may do a mailing to other businesses of your type in the area that may be interested in acquiring your business for the purpose of expanding. Your business name and identifiable information is withheld until we are certain they are serious.
We are a creative team with lots of experience and are always finding new ways to find buyers!
4. Negotiate An Offer and Structure A Deal
We will be the go-between in the negotiation between the seller and buyer and will work diligently to ensure that everyone comes away happy.
Murphy Business & Financial has relationships with some of the premier loan brokerage firms in the country. These loan brokerage firms have relationships with hundreds of lenders and the expertise to know which ones to go to for which types of deals.
We are also knowledgeable and creative when it comes to structuring the deal so that the deal not only happens but again – all parties come away happy.
5. Perform Due Diligence
During the due diligence period, the buyer will make sure that everything is in order for the business. We will facilitate this happening, as well as be there to smooth over any hiccups that may come up to ensure that the deal happens.
6. Finalize Closing
Once due diligence has been performed and everything is in order – the buyer and seller will attend the closing where all necessary documents are signed and any loans are finalized.