Selling a Business

We at Westwood-Benson understand that business owners work hard to operate and manage their business. When it is time to consider selling a business it is important to handle the preparation and sale process properly to maximize the sale proceeds. Westwood-Benson advisors are business sale experts with the training and knowledge to be able to sell your business to achieve maximum business value. We have the experience and the right tools to professionally package and sell a company. We understand that most owners want to sell a business confidentially and your Westwood-Benson Business Broker will utilize our proven techniques designed to sell a company while maintaining confidentiality throughout the process.

Sell a Franchise

Westwood-Benson Business Brokers are experienced in selling a franchise business. Selling a franchise is a unique type of business sale and takes experience dealing with the franchise process. Our consultants have the know how to sell a business while complying with the franchise laws and experience in adhering to the individual franchise requirements required to transfer and sell a business.

Our Process to Sell a Business:

Business Valuation – The business sale process starts with an accurate business valuation. Determining the fair market value for your business is crucial to the seller receiving the highest proceeds when selling a company. If a business value is too high potential buyers will not be interested in the business, if the business value is too low the seller will not receive the full value he is entitled to. Our business brokers have the experience to take all relevant variables under consideration including your company’s strengths, historical financial performance, growth potential, tangible and intangible business asset value and the many factors to properly value a business to bring you the maximum possible sale price.

Representation Agreement – Our clients will engage us with a representation agreement that authorizes Westwood-Benson Business Brokers to market your business for sale and identify qualified prospective buyers for the business. The representation agreement allows our Business Brokers to discuss the business with qualified parties and to provide the company sale prospectus to potential buyers. We will always sell a company utilizing our confidential business sale procedures unless you instruct us otherwise. We will market and sell a business in a way that will prevent employees, competitors and other third parties from knowing about the business sale unless and until the owner elects to disclose the information. Westwood-Benson Business Brokers will advise and consult you on the proposed selling price, terms and conditions of the sale, and the structure of the transaction to minimize taxes.

Marketing Program – Once we have obtained all vital information on your company, we will prepare a business prospectus which will include the marketing information and documents that we will use for the presentations we make in the process of selling a business. A marketing program will be designed for your business that will include advertising using online media exposure, targeted media outlets and through our own database of qualified buyers. We will also keep in mind the level of confidentiality needed during this process to ensure the information goes only to those we want to know about the company sale.

Qualifying Potential Buyers – Our business brokers will conduct interviews with potential buyers to ascertain their interest level, ability to meet the financial requirements of the transaction and if the business is the right match for the buyer. If approved, we will ensure a non-disclosure agreement is signed by the potential buyer as a sign of commitment that the buyer is sincerely interested in the business, is financially qualified and understands and agrees to the confidentiality expected in the process of our selling a business.

Marketing Material – We will research your company, competition and industry when preparing a detailed company sale prospectus that will be provided to prospective buyers. The business sale prospectus will present a brief overview of the business, products and services, customer analysis, potential for growth and a financial performance summary. During this step your business broker will also answer any questions the buyer may have and possibly arrange a meeting so you can meet the potential buyer and the buyer can visit the business and ask any additional questions. In this step of selling a business we realize the meeting will need to be scheduled at the appropriate time and place so not to alert employees about the process of selling your company.

Letter of Intent/Offer to Purchase – When a prospective purchaser wishes to make an offer on your company, Westwood-Benson Business Brokers may obtain a Letter of Intent or an Offer to Purchase from the buyer. The offer will typically include the selling price, terms and conditions of the sale, and the structure of the business sale transaction. Your Westwood-Benson Business Broker will go over the offer with you and answer any questions regarding the offer and will also advise on making a counter offer or accepting the proposed offer.

Buyer’s Due Diligence – It is normal when you sell a business that the offer to purchase will include a provision for the business buyer and buyer’s professionals verifying the accuracy of the seller’s operational and financial performance and other items. Westwood-Benson Business Brokers, as your representative, will work with you, the buyer and any additional parties to identify and address any issues that arise in preparation for the closing date.

Purchase and Sale Agreement – Your Westwood-Benson Business Broker will prepare an asset purchase agreement for use in the transaction. The asset purchase agreement will include the selling price, terms and conditions of the sale, and the structure of the deal.

Final Closing – As the business sale is finalized, the closing date will take place when the Uniform Commercial Code Bulk Sale requirements are complete, the transfer of funds is made and the business is then legally transferred to the business buyer. After the company sale, a transition period is usually established to allow the new business owner to get familiarized with the daily operations and procedures of the business. This is an important step in selling a business and the time required will vary from business to business. You can be assured your Westwood-Benson Business Broker will be with you all the way through the process.