How long will it take to sell my business?
It can vary but typically it takes 6-12 months and is highly dependent upon the motivation of the parties, including any lenders that may be involved.
How do you find a buyer?
Most often it is through our existing network of clients. Having been in this business for many years, we have a fairly big data base of potential purchasers. We also have good relationships with lenders, franchisors, landlords and clients. We do some web advertising, and we frequently update our website in order to stay current. Finally, we will do print advertising when the situation warrants. We are always careful, however, to not provide a lot of information in print, as confidentiality remains an important part of what we do.
Why do people sell their businesses?
More often than not many feel it’s just time to try something new. Other times it’s retirement, or a new career that they have often wanted to try (or return to). Owning and operating a business isn’t for everyone. Surprisingly, it is seldom an economic decision. If a business isn’t making any money, it typically cannot be sold, so the Buyer’s worry is typically unfounded.
Are there lenders that will help with a business purchase?
Yes, there are many lenders that will be interested in financing a business purchase. It is very important, however, to pick the “right” lender. Depending on the size of the transaction, whether or not there is real estate included, if it is a franchise, and loan size (debt to equity ratios) all have a part in picking the “right” lender.
Can I operate this business absentee?
We would never recommend that a retail business be operated “absentee”. There are just to many variables that could cause problems. That is not to say that you would need to be present 50 hours a week, just that you should be available to supervise and oversee the activities of your employees.