We begin with a confidential Introductory Call with our expert broker, Jim. This crucial step not only provides a way to begin knowing each other but also examines the potential for a successful partnership. If we agree that we’re a potential good match, then we’ll proceed to the Assessment Call where we’ll delve deeper into understanding your business. Now Jim can better assess whether our services are the most effective solution for you … or if another broker or timeline would yield better results. A critical aspect of Jim’s approach is the continuous forward-thinking strategy, which can identify potential obstacles so they can be overcome before they even manifest. This proactive planning has resulted in an impressive track record, with 90% of Jim’s listings being sold and very few deals falling through … while statistics indicate that nationally only 10-20% of businesses listed for sale actually do sell, and that 50% of deals under contract fall apart.

The insights gained from the Assessment Call also feed into the Broker’s Opinion of Value (BOV) analysis, setting us up for the next step of our journey together.

At this stage, we focus on establishing the Most Probable Selling Price (MPSP) of your business. This crucial task is carried out through a cooperative effort between Jim and Simon, a trusted business broker with an exclusive focus on supporting Jim’s deals. Simon is a highly accomplished veteran with seven years of experience in selling businesses, and his insight and expertise are invaluable in ensuring a precise and fair valuation of your business. He holds prestigious designations that include Certified Business Intermediary and Certified Mergers & Acquisitions Professional.

Jim and Simon will work together through the Broker’s Opinion of Value (BOV) process, which will provide a realistic selling price and proposed terms for the market. To ensure a comprehensive and accurate BOV we’ll need to collect some financial data from you, using a share file system that ensures bank level security so that your data remains confidential and secure.

Once we obtain your financial data, we will perform “add-backs” or “adjustments.” These range from depreciation to discretionary or non-essential operational expenses, and present a clearer image of the potential earnings a new owner could expect.

Next, we will compare your business to similar businesses in the industry that have sold, using comparable gross sales figures to establish the MPSP. To reinforce the accuracy of the valuation, Jim and Simon will pre-screen your business with qualified lenders, in order to ensure that lenders concur with the price and terms before we present them to potential buyers.

Upon completion, you’ll receive a detailed BOV report and Jim will explain how the MPSP was determined. He’ll also share his insights on his proven “Wave Theory” and how it could contribute to the successful sale of your business.

The BOV comes at no cost to you, and you are under no obligation to proceed with our services. If you decide to move forward, you and Jim will enter into an exclusive-right-to-sell listing agreement (below), with no upfront fees. We get paid only when your business is successfully sold … when you get paid.

Jim’s listing agreement is refreshingly simple, a one page document with clear, easy to understand language. While the industry standard among business brokers is typically a one year agreement, Jim opts for a six-month duration beginning with the listing date. This deviation from the norm is intentional.

First, Jim’s strategies and aggressive marketing approach have proved over and over that he is nearly always able to secure a contract within six months. On the rare occasion when a business fails to sell, it is usually due to something beyond his control … perhaps an unexpected drop in business sales or profitability during the listing period, or undisclosed issues that subsequently hinder the sale. Secondly, Jim believes in fair play; he feels that if he doesn’t manage to secure a contract for your business within six months, that you should no longer be obligated to use his services, though you may choose to do so.

Once the listing agreement is finalized, we’ll transition into the pre-market preparation phase, designed to ensure a successful launch. Rather than rushing to market your business within days of listing, as some brokers might, Jim, Simon, and Terra collaborate to take a more thoughtful and meticulous approach. This phase generally lasts around two to three weeks, an investment of time that lays the groundwork for selling your business at the best possible terms and price and in a shorter timespan than average.

This thorough process begins with a Discovery Call, during which Jim and Simon will engage in an in-depth interview with you. This two-hour conversation will enable us to thoroughly understand your business’s core components, so that we will be able to answer at least 95% of buyer inquiries and effectively communicate the exciting opportunities your business offers.

After the Discovery Call, a whole team will jump in to pool their talents, resulting in your custom Confidential Information Memorandum (CIM), that will later showcase your business to prospective buyers.

Our professional writer, Jonathan, who has extensive experience in business and finance writing, will create an engaging, compelling narrative about your company, highlighting key points to which we want to specifically draw attention.

Margarita, our very talented graphic designer, who had a successful career at the Walt Disney Company, will lay out the CIM itself … designing a custom eye catching product that perfectly showcases your business. Her outstanding artistic expertise will ensure that your business stands out in a crowded marketplace!

Terra, Jim’s dedicated listing manager of many years, will oversee the collection of additional information about your business that will be incorporated into the CIM for a comprehensive presentation. This includes such things as equipment lists, photographs, and any awards or recognitions your company has received.

Terra will also collaborate closely with Jim and Simon. Together, they will meticulously strategize the marketing approach and refine the message to be conveyed in order to produce maximum impact and aim for a successful sale at optimal terms and price . . . still with no upfront fees from you!

Now we’re ready to launch your business into the market! Our aim is to spark interest and excitement among potential buyers while ensuring absolute confidentiality. We understand the necessity of keeping the sale of your business discreet; your customers, clients, employees, vendors, competitors, and the public should not be privy to the sale.

We maintain and use an extensive database of potential individual buyers and private equity groups. In addition, we have a great relationship with other business brokers across the country (we believe in collaboration, not competition!), and cooperate with them to bring qualified potential buyers to the table. We strive to find not just one suitable buyer, but several, in order to create a demand that will secure the highest price and the
most favorable terms for your business.

The process of pre-screening potential buyers is of utmost importance to us and we do not take this lightly. All potential buyers are obligated to sign a confidentiality agreement upfront and must also provide certain information necessary in order to protect you, your company, and the confidentiality of the sale process. Only then do we begin the actual pre-screening process.

Our very thorough screening considers several crucial things. First, we need to know that potential buyers are financially capable of acquiring the business and that their funds are readily accessible. In addition, it’s essential that their experiences and backgrounds align with the operations of your business in order to ensure its ongoing success, for the benefit of your employees, clients, and vendors. Moreover, we seek to understand prospective buyers’ motivations for wanting to acquire the business and validate their identities.

Only those who pass our rigorous checks will receive the custom-written and-designed Confidential Information Memorandum (CIM) for your business. We handle any follow-up questions the buyers may have, ensuring that they are the right fit for your business.

Throughout all of this, we’ll ensure that your interactions are only with potential buyers who have been vetted and qualified, because we want you to remain focused on running your business and maintaining its success.

Next, either Jim or Simon will monitor an introductory call between you and the prospective buyer. This should be a relaxed event, with the two of you getting to know each other. You’ll learn first hand about the buyer and whether they are a suitable potential new owner of your business. They will learn about you, too, and assess whether your business is a good fit for them.

If you both wish to move forward after this initial call, we can arrange for an in-person meeting, possibly with a tour of your facility during non-business hours.

These calls and meetings are very valuable and a precursor to offers. We will educate you on how to best handle these calls and meetings, in order to achieve the best results for both sides. It is essential to discuss the weaknesses, as well as the strengths, of your business, including both the physical and financial aspects. Not only is this the ethical thing to do, but it can help to hold a contract together by avoiding potential future pitfalls.

These calls and meetings are never the time to negotiate. In fact, you and the buyer should never negotiate directly as that could potentially cause ill-will on the part of one or both parties.

Negotiating the contract is a pivotal step in the process of selling your business, and this is where Jim’s expertise truly shines. His objective is to reach an agreement that not only matches your financial expectations but also acknowledges the valuable legacy you’ve built.

Negotiating final terms and conditions of the deal is just as important as settling on a sale price. These include payment time frame, training and transition period, non-compete clauses, and more.

Jim will personally undertake the negotiation of the price and terms of the deal with the prospective buyer. He goes beyond the tangible assets of your business, weaving in the value of your goodwill, relationships, and standing in the community, while striving to secure an agreement that satisfies both parties.

This stage can be emotional for business owners. That’s why Jim manages negotiations for you, mitigating stress and allowing you to concentrate on running your business until the final transition. By trusting Jim with this process, you are ensuring a smoother and more successful negotiation phase.

Closing a business deal is a complex journey that requires skilled guidance and careful coordination. In this stage, Jim and his very experienced closing coordinator, Stephanie, will expertly manage every aspect of this intricate procedure.

Stephanie will serve as a central nexus, coordinating with lenders, CPAs, attorneys, and other relevant parties. She will meticulously oversee the finalization of sales documents, communicating with legal teams to ensure the accuracy of the sales agreement, and serving as a conduit of information between all parties, thereby smoothing the transition process.

Jim will maintain a vigilant oversight throughout the procedure, regularly consulting with Stephanie. His experience and knack for foreseeing potential complications means he’s always prepared to step in and navigate any previously unforeseen issues that might surface during the process.

What sets Jim’s team apart is its commitment to promoting clear and open communication between you and the buyer. While some intermediaries may suggest keeping the buyer and seller separate during this process, Jim and Stephanie advocate for transparency through regular conference calls involving all parties – Jim, Stephanie, the buyer, and you, the seller.

This collaborative approach ensures a free flow of information, keeping all parties comfortable and informed at every stage of the process. The ultimate goal is a smooth and efficient closing process that successfully transitions the ownership of the business, allowing the buyer to carry forward the good name and legacy of your business.

Perhaps the seller’s most important task after closing is conducting a training period for the new owner, which usually lasts between 2-4 weeks (if longer, then usually the seller will receive additional compensation), depending on the business’s complexity. This ensures that the new owner is knowledgeable about the business’s operations and processes.

In addition, there are many administrative tasks that need to be handled post closing, including the transfer or cancellation of business licenses, permits, insurance policies, and vendor or client agreements. The new owner may also request your continued involvement in the business in the form of an extended engagement period, compensated separately from the sale price. Alternatively, they may ask you to act as a consultant following the initial training period, offering your expertise and advice as required.

Post-closing, there will also be financial and tax implications that need attention. Jim and his team can put you in touch with specialist CPAs and tax attorneys who will help manage post-sale tax liabilities, offering strategies to minimize your tax obligations and ensure compliance with tax laws. If you are interested in this, you should address this at the time of listing.

The completion of the sale need not be the end of your journey with Jim and his team. Even after your business is sold, you will continue to have a supportive team by your side. It will remain available as long as you need it, to address any concerns, provide advice, and assist with any post-closing challenges. Jim values the relationships he builds during the sale process and often maintains long term contact with past sellers.

As you venture into this new phase of life, whether it’s retirement, a new business endeavor, or pursuing long-held passions, it’s time to fully enjoy the fruits of your labor. The sale of your business is a significant accomplishment, and it’s your moment to bask in the success resulting from all your hard work.