The Biz Sellers
An independent contractor of Horizon Brokerage 100 Old Plantation Way Baltimore, MD 21208
We understand business owners concerns about selling their business. We provide you with answers to the basic questions all Sellers will ask.
Deciding to sell a business is the easy part. How you go about selling it is another matter altogether. Setting a price, preparing to sell, advertising, negotiating with a prospective Buyer, and a host of legal and financial details need to be addressed. We can provide you with the knowledge and experience needed to guide you through the selling process. We help you to maximize the value of your business when selling by showing its true earning capacity and potential.
Confidentiality is vitally important when working with any broker during the selling process. The Biz Sellers protects information about the business for sale from being presented to unqualified Buyers. In addition, we require potential Buyers to provide proof of their financial ability to acquire your business.
Business financing options are also available through our complete network of lenders to qualified buyers. Sellers get cash at settlement in many transactions.
1. Meeting and Interview
We’d like to get to know you and your needs for selling your business by personally meeting with you. While meeting we will have the opportunity to explain the process in more detail.
2. Collect Data
We will gather the past 3-5 years of financial data including Tax Returns, P&Ls, and Balance Sheets. We will also need copies of your current lease, inventory and equipment. All of this information is necessary to be able to determining the fair market value of your business.
3. Value the Business
With the financial information provided and searching comps across the nation we will determine the value and asking price of the business. To see what your business is worth and get a valuation click here.
4. List the Business
After we have agreed on the price of the business we will sign a Listing/Sales Agreement and start to market the sale of your business.
5. Market your Business
We will place your business for sale on innovative and popular websites among other nationally searched sites and publications.
6. Interview Prospective Buyers
We will meet and qualify Buyers to see if your business is what they are looking for, if they can manage your business and if they can afford your business. We will assist them with financing if needed.
7. Showing the Business
Once we have identified what may be the best business opportunity for the Buyer, we further discuss the possibility by meeting with you and the owner, and answering any financial and operational questions that they might have.
8. Offer or Letter of Intent
This stage is when an initial offer to buy the business is made. There may be some back and forth negotiations that take place until all the general terms of the purchase are agreed to by all of the parties concerned.
9. Due Diligence
This phase is the most important aspect of the purchase for the Buyer. They are asked to study the business in as much detail as possible in order to satisfy themselves and their advisers that the business is what they expected. This is also a time for you as a Seller to see if the Buyer will be qualified and able to run your business as you have. You will be able to judge if they have the ability to operate the business. Typically businesses are sold with the Seller holding financing for a Buyer, this shows your good faith in the business, so you will want to pay close attention and offer any help they made need in understanding the business during their due diligence. You want to have enough faith in the Buyer that they will be able to manage the business and be profitable to continue the business’s success and pay your loan.
The settlement is the final process in the business purchase phase. An attorney or attorneys for the buying and selling parties draw up and complete the documents necessary for finalizing the purchase. When all terms are agreed to and a lease is approved through the landlord of the property (if applicable), the business is transferred at a formal closing.
To see what your business is worth and get a valuation click here.
If you are unclear about something try our glossary of terms.
If you have any questions please contact us.