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 and we 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.
3. Develop A Marketing Plan To Sell The Business
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.
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. We have 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.
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.
The experienced professionals at the Halifax, NS office will be with you each step of the way when answering the challenging questions of “how to sell a business.”
Murphy will be with you from the business valuation to preparing it for sale, then finding and qualifying prospective purchasers, and lastly managing the process to a successful closing.
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