There are those who say that selling and buying a business is a highly complex and arduous task. It is. So….let’s have some STRAIGHT TALK about it. In the beginning, selling and buying a business involves a lot of unknowns. There are many questions from sellers and buyers alike about confidentiality, business and equipment values; obtaining financing, worries about employees, suppliers, clients or customers leaving. All this plus a myriad of other questions and concerns not yet heard. Most often the buying or selling of a business usually represents the largest financial transactions a businessperson will ever make.
For Sellers, getting it right may mean being able to retire, purchase another business or simply the satisfaction of receiving a fair price for a lifetime of or years of work. When good, the experience is exhilarating; should it end badly it can represent living with years of remorse.
With Buyers, stakes are also high. Savings used as a down payment, or a home used to collateralize a loan are placed at risk. Family relationships can become strained. In truth, the financial stakes for all are on the line. Having owned and bought and sold businesses ourselves you empathize with buyers and sellers concerns. If you listen, you can almost hear what each are thinking. All parties are looking for a place of security and safety.
Anxieties are caused by fear. At Northwest Arkansas Business Brokers, we alleviate fear and concerns for the Seller and Buyer. Fear cannot survive with open records, a credible business valuation and honest straight talk between all parties. There are no perfect businesses. Approaching the purchase or sale of a business by knowing the upside and the down with eyes wide open, people can determine whether what they see is right for them.
Selling and buying a business is exciting, but not a journey to be taken alone, especially if you have a business to run. There is an enormous amount of work to do and to be successful, there are a series of actions and financial details needed throughout the process. After preparation we present the business to buyers and when found help them obtain financing if needed. If its funded by a bank and SBA, there is additional documentation required to get the transaction done. Each of these steps require a distinct set of skills,temperament and most importantly requires a definite plan to implement these steps in sequence. We know what is needed in each phase and it is our responsibility to guide buyers and sellers through each step with clarity of purpose and to eliminate surprises.
Let’s get started… Whether a new seller or buyer or seasoned veteran, everyone can still use a good Roadmap.
STRAIGHT TALK – No doubt, buying or selling a business is serious. Having personally started and owned businesses ourselves, trained other business owners to operate profitably and sold numerous privately held companies, we are uniquely qualified to state the following: When selling or buying a business Hope Is Not a Strategy, Fear Is Everyone’s Enemy, and You Don’t Get a Do Over.
Don and Carol Thanks to all of you at Northwest Arkansas Business Brokers for helping us facilitate this transaction. It will be a great addition to our other companies. Your work on the financials and the clarity of the marketing package made our due-diligence period much shorter. We give merit to your integrity, straight talk and marketing skills.
~S. Audrain & J. Smith (AVIATION INDUSTRY - GOVERNMENT SUPPORT FLYING SERVICE)
Don, Thanks for spending time with my accountant and having the foresight to prepare me for due diligence with the buyer. I thought I knew my business well and was amazed at the curveballs thrown. Even though the buyer was extremely analytical and took several hours and two meetings, you had me fully prepared for all questions that came up. I also had no idea what my business was worth and you have made my retirement dream come true. You hit this one out of the park! Thanks more than a million.
~L. Knox (DISTRIBUTION – ELECTRICAL WHOLESALE SUPPLY)
You are not only some of the nicest people I’ve ever met; your work is the best I’ve ever seen, no kidding! After 40 something years in the business and ready to retire, I spent more money than I care to mention with several companies trying unsuccessfully to sell my business. I was ready to close up shop and walk away. You got me a lot of money for my company and at a reasonable cost. The professional way you handled everything was great! Now I can retire fully satisfied. Thanks. By the way, I recommend you to everyone I hear about that wants to sell their business.
~M. Wilson, (CONSTRUCTION INDUSTRY - PLASTERING & SCAFFOLDING)