Bringing Buyers and Sellers Together is Just the Beginning
The 80-10-10 split
When thinking about selling a business, many Sellers don’t know where to begin. There are many pieces to the puzzle, including knowing what your business is worth, finding a Buyer, and understanding the lending and legal aspects of the transaction. Continuing to run a business day-to-day while putting the puzzle together, can be both daunting and overwhelming. Engaging a Business Broker to facilitate sale process alleviates much of the stress and allows a Seller to continue to focus on their business.
The professionals of The Firm Business Brokerage understand that there are three parts to the sale process, referred to the 80-10-10 split, and ensures that all three of its divisions are working for you and the business you are selling. The first step, creating a Business Valuation, involves individuals from both the Operations and the Brokerage Divisions. This Business Valuation is both complimentary and completely confidential, and will be prepared within three to five business days. A review of the Business Valuation with the Seller provides insight into the fair market value of the individual business and the sale process as a whole. Creation of this Business Valuation, although quite detailed, represents about ten percent of the work performed for the Seller.
When a Listing Agreement is signed between the Seller and The Firm Business Brokerage, all three Divisions, Operations, Brokerage and Client Development, will develop and implement a strategy for the private placement of the business with qualified Buyers. Once a Buyer is identified, the preparation, negotiation and acceptance of a Contingent Offer to Purchase is facilitated. Once again, the process is very systematic and detailed, and represents another ten percent of the work performed for the Seller.
Once a Contingent Offer to Purchase is, the largest portion of our job, the remaining eighty percent, really begins. There are many tasks to complete, more than most Business Owners have the time or the expertise to complete on their own. The Operations Division assists with all aspects of the closing process, including referrals and introductions to legal, accounting and bank professionals. Both the Buyer and the Seller are supported throughout the time it takes to reach Closing, with each step, and the reason for it, fully explained.
The largest, and most involved, part of the job of a Business Broker really begins after a Buyer has been found. If a Business Owner is considering the current or future sale of a business, consulting a Business Broker is an important step. The process can seem overwhelming at times, but the professionals of The Firm Business Brokerage will assist throughout the process.
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