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I am interested in selling my business… What is the selling process?

The following are the general steps we follow while selling your business. You can refer to your SunbeltNE broker for further details on the process of selling a business.
1 Help you identify the goals to be met through the sale of your business.
2 Market the sale of your business confidentially. Your employees, customers and competitors will be unaware that your business is for sale. SunbeltNE's brokers are highly experienced. Allow them to show you how to sell a business professionally and with discretion.
3 Screen potential buyers before presenting them to you.
4 Work with you to arrange meetings with potential buyers (this may include evenings and weekends).
5 Begin negotiations between you and the potential buyer when both parties feel comfortable. Your broker will also help you evaluate each offer when trying to sell a business with his or her knowledge of current market trends, financing matters and business law.
6 Manage the negotiations, keeping your interests in the forefront, until an acceptable deal is agreed upon and closing legalities are finalized.
7 Work towards your complete satisfaction in every facet of the successful sale of your business.
I am interested in selling my business… What is the selling process?

The following are the general steps we follow while selling your business. You can refer to your SunbeltNE broker for further details on the process of selling a business.
1 Help you identify the goals to be met through the sale of your business.
2 Market the sale of your business confidentially. Your employees, customers and competitors will be unaware that your business is for sale. SunbeltNE's brokers are highly experienced. Allow them to show you how to sell a business professionally and with discretion.
3 Screen potential buyers before presenting them to you.
4 Work with you to arrange meetings with potential buyers (this may include evenings and weekends).
5 Begin negotiations between you and the potential buyer when both parties feel comfortable. Your broker will also help you evaluate each offer when trying to sell a business with his or her knowledge of current market trends, financing matters and business law.
6 Manage the negotiations, keeping your interests in the forefront, until an acceptable deal is agreed upon and closing legalities are finalized.
7 Work towards your complete satisfaction in every facet of the successful sale of your business.
What can I do to help sell my business?

There are certain things you can do to help us sell your business. They are:
>> Keep normal working hours.
>> Make sure your financial records are an accurate reflection of revenues, business expenses and assets/liability levels.
>> Conduct business as usual. Do not let inventory levels dip below normal.
>> Keep the business clean and in good repair.
>> Remove equipment or furniture that is not part of the sale.
>> Provide us with required information in a timely manner.
>> Be as accommodating as possible in setting appointments to meet with buyers.
How can SunbeltNE assist me in determining the value of my business and establishing an asking price?

We normally recommend that you retain an independent valuation firm to assist you in determining the value of your business and establishing an asking price. Your broker will explain the costs and benefits of the independent valuation process during your initial meeting.
How does SunbeltNE market my business to potential buyers?

SunbeltNE has years of experience in developing an effective process to sell a business to prospective buyers, and is part of the largest business broker network in the world. SunbeltNE brokers typically adhere to a 10-step process in managing business sales transaction; however, your broker may modify this process based upon the nature of your business or local market conditions. When you meet with your SunbeltNE broker, he or she will be glad to provide you with a detailed explanation of the entire marketing process.

We first market your business to our large database of qualified buyers. As part of our process to sell a business, we advertise on the Internet, via the SunbeltNE website and several other business listing websites, giving your business exposure to thousands of potential buyers. Since SunbeltNE has access to the network of approximately 300 offices and more than 1,400 brokers worldwide, your business will have broad exposure. Many buyers will relocate for the right business. We may run "blind" advertisements in the classified section of the local newspaper. To ensure your confidentiality, all marketing excludes any specific identifying information on your business.
What types of offers should I expect to receive from buyers when I sell my business?

Any astute buyer normally offers a low price in order to ensure that they get the best possible price and terms from you. This is normally just an initial offer to "test the waters". It's the first step in the negotiation of an appropriate purchase price for your business. All offers will contain some important contingencies, including review of the financial books and records of the business, obtaining a satisfactory lease and agreement on training and transition periods. Other contingencies specific to your business may also be included. Contingencies are normal and provide the buyer with the opportunity to verify the information presented in the marketing materials.
How long will it take to sell my business?

Factors like the asking price, the buyer’s ability to secure financing for the purchase of the business, the business’ location, local economic conditions, the nature of the business etc. affect the time it takes to sell a business. Consequently, there are wide variations in the amount of time required to sell a business (in some cases weeks or years). That said, a selling period of six to nine months would be average.
Does SunbeltNE financially qualify the buyer when I sell my business?

No, we do not qualify the buyer financially. We usually ask for a personal financial statement from the buyer, but we do not verify whether the information submitted is correct or not. If you desire, we can run a credit report on the buyer, as long as the buyer consents and pays a modest fee. Other than the credit check, it is your responsibility to do whatever you feel is appropriate regarding qualifying the buyer. If you are financing a substantial part of the purchase price, you should verify income and asset and liability information as carefully as a bank would.
Will I be protected on the financing that I elect to provide to the buyer?

The closing escrow agent can prepare a promissory note, a security agreement which will protect the financing you provide to the buyer. The agent will then file a UCC-1 financing statement with the appropriate state and local agencies. It is much like financing a car – the lien can be recorded in the public records and the assets listed on the UCC-1 cannot be legally sold or refinanced without your permission.
Will the buyer pledge any additional collateral for my loan?

Buyers do not typically pledge additional collateral for your loan. When buyers buy a business, they do so based on the business being able to generate sufficient cash flow to pay your loan and provide them with an income to meet their needs. When you ask for additional collateral, you are sending a negative message: that the buyer has paid too much for your business and it will not generate enough cash flow to pay your loan and provide adequate cash flow to him/her.
How long is the training period for the buyer?

You will be expected to provide approximately two to four weeks of training in the business, with possibly equal time of telephone consultation. Remember, if you are financing any portion of the purchase price, you still have a financial interest in the business, so properly training the buyer is in your best interest.
Will I have to sign a non-compete agreement when I sell my business?

Depends. Generally, the non-compete agreement covers the area from which your current customers are generated and the time period commonly is one to two years.
What are SunbeltNE’s fees?

Typically, SunbeltNE broker’s commissions will be a percentage of the business’ sale price and will be contingent upon the successful sale of the business. You can discuss specific terms and conditions with your SunbeltNE broker.
I have decided to sell my business. Whom should I contact?

You can call us on 781-932-7355 or email us at dec@sunbeltne.com. You can also visit any of our offices at Woburn, Worcester, Stoughton or Boston. For further details, click on: http://www.sunbeltne.com/contactus.asp
 
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