Century Business Brokers & Advisors, LLC

A Business Brokerage Firm, Connecting Business Buyers & Sellers
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FAQ
Business owners are entitled to the best professional service in selling their business. Our experienced professionals guide clients through the process of how to sell a business.
Below are some commonly asked questions that we receive from those interested in learning more about how to sell a business.
This information is designed to help you better understand the business sale process as well as to explain the advantages of using a professional broker to manage the sale. If you cannot find the information you are seeking, or if you have additional questions, please contact our office directly. We will be happy to help.
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Q: What are the steps of the selling process?
A: Below are the general steps your Century broker will guide you through when we sell your business:
1. Help you identify the goals you expect to meet with 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.
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 proceeding. 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 and terms.
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.
A more detailed outline of how to sell a business with Century will be provided.
Q: What Can I do to help sell my business?
A: As we begin the process of selling your business, there are certain things you can do to help us:
• 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 drop 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.
Q: How can Century guide me in valuing and asking price of my business?
A: Your Century broker will typically help you in determining the value of your business and establishing an asking price. Your broker will explain the costs and benefits of such valuations process during your initial meeting.
Century brokers typically adhere to a 10-step process in managing business sales transaction; however, we may modify this process based upon the nature of your business or local market conditions. When you meet with one of our brokers, he or she will be delighted to provide you with a detailed explanation of the entire marketing process.
 
We first market your business to our large database of qualified buyers. To sell a business, we advertise on the Internet, via several other business listing websites, giving your business exposure to thousands of potential buyers. Many buyers will relocate for the right business. We may run "blind" advertisements in the business opportunity section of the local newspaper. To ensure your confidentiality, all marketing excludes any specific identifying information on your business. Confidentiality is critical.
Q: What types of offers should I expect to receive when I sell my business? 
A: An astute buyer is going to structure the initial offer to ensure that they get the best possible price and terms from you. Therefore, you should expect to receive a low initial offer. 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. Our job will be to minimize the contingencies.