It surprises people how many different professionals need to be at the table as we help you buy or sell a business. Besides your broker to facilitate the process, see the list below to start getting a sense of what we are talking about: Attorney with acquisition experience (Buyer and Seller) Tax Attorney (Seller) Accountant […]
State by state, city by city, there are licensing requirements that need to be investigated before getting too far into a deal. For example, if your plan was to buy multiple liquor stores in Kansas, you should know that only one license per individual is allowed. What this means is that you would need a […]
We have relationships with hundreds of potential buyers for a new business. When we get a new engagement, we communicate the particulars of the business to these potential buyers. This usually creates a buzz and some excitement around the newly listed business. Our seller gets excited, because we have 4 or 5 serious buyers interested. […]
It might seem like common sense, but you should not quit your current job before you are absolutely sure that your deal is complete. People get excited about starting in the new business and give their notice and order new business cards too soon. We had a buyer give notice, but he had not yet […]
In the last 12 months, we have seen five deals fail to close because the bookkeeper was embezzling funds from the company being sold. Through the process of preparing the business to be ready to sell, we discovered inconsistencies in the financials that led us to the problems. In one of the larger deals, the […]
The simple truth is that you have to trust your business broker if you want to get the best deal done. Sometimes it feels like we are playing cards with our buyers. They will tell us that they have $100,000 to invest in a business. They don’t mention the fact that they have an additional […]
From time to time, we see business owners with the “White Knight” mentality. This mentality assumes that a buyer is going to be happy to come in and give the owner a bunch of money, even when the financials don’t support their emotional value for their business. People will read the Wall Street Journal’s Mergers […]
A woman, we’ll call her “Jane”, contacted us to sell a business. We gave her our proposal to sell her business. She chose to go with a lower cost broker that is a solo operation. Since then, she has called us repeatedly to ask for advice on how to handle the buyer, how to handle […]
Historically, we have always had to be involved in financing options for acquisitions. We needed to know the parties involved and what kinds of deals banks are interested in funding. Today, it is even more critical because of the banking crisis. More banks have exited the banking market, they are more critical of any opportunity […]
Here is an interesting story for you to consider… especially if you are married and thinking about buying a business. We had a buyer looking for a business for months and his wife told him she was on board with everything. He found a business that he wanted to buy and did his due diligence. […]
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