Selling your firm is complex. Whether retiring or selling your firm to pursue other interests, there are many decisions to make when placing your business on the market.
Working with a Certified Business Intermediary (CBI) during the process will allow you to benefit from their knowledge and experience. Following are 5 reasons you should use a professional business broker when you are ready to sell your firm.
Confidentiality
Sellers express to us that confidentiality is their greatest concern when thinking about selling their firms. Will my employees find out I am selling and seek another job? Will my clients find out I am selling and find a new accountant or tax preparer? If you choose to sell your business on your own, you are making the choice to breach your own confidentiality. How so? Anyone you tell about the potential sale of your firm is not bound to keep your information confidential. Some of the risk can be mitigated though the use of non-disclosure agreements. Prior to obtaining any information about your practice, we require every buyer to execute a non-disclosure agreement. Buyers working with a broker, may look at your firm’s information, while not knowing “who” is for sale since the broker acts as a middleman in the process. This provides you with the greatest protection while still allowing your firm to be shown to good buyer prospects. We understand and respect your need for a confidential process and are here to help minimize your concerns.
Maximizing Firm Value
To maximize the value of a firm for sale, that firm must be exposed to as many potential buyers as possible. If you are selling your own firm in a “for sale by owner” setting, how will you find buyers? We have spent years developing a large database of buyers ready to purchase. We use numerous methods of advertising to give our sellers the greatest exposure to the open market. More buyers mean better offers, and that equals a better deal for you!
Negotiating
Through the years we have spoken to numerous people who have shared their stories about selling their own firms. Most reported some level of dissatisfaction with the price and terms of their deal. When a seller is dealing directly with the buyer without the assistance of an intermediary, chances are the seller will give up too much ground too early in the negotiating process. Negotiation is a skill. At Accounting Biz Brokers we possess the skills, knowledge and experience to help you navigate through this process and achieve the “win-win” deal you are looking for.
Financing
Many of the sellers we work with receive 100% of their sales price at closing. When financing becomes necessary, we can provide the buyer with contact information for industry specific lenders. In some cases, seller financing may be needed and there are ways to mitigate the risk. We work closely with sellers and buyers to help structure a deal that will be acceptable to all parties.
Transition
All parties want to achieve a smooth transfer of the business. Seeking to keep clients and employees happy is priority #1. Planning and preparation during the sales phase can result in a seamless transfer of the business. As questions or concerns arise, we are close by to help.
