Seller Business FAQ
Why Use a Business Broker?
These are some of the important things that a Business Broker may check and perform in the course of a Business Sale (note: The MKL Team offers all these services):
- Counter Offer Formats
- Notice to Creditors of Bulk Sale
- Security Agreement
- Bulk Sales Waiver
- Corporate Resolution
- Personal Guarantee
- Assignment of Lease
- Earn Out Methods
- Credit Check Authorization
- SBA 413
- IRS 4506
- DBA Application
- DBA Abandonment
- UCC-1 Financing Statement
- UCC-2
- ABC Notice
- EDD Release
- SBE Release
- Escrow Fees
- SS4 EIN Number
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Why The MKL Team?
- A Leader in Sales, Mergers, and Acquisitions of Business Opportunities
- Strict Confidentiality
- No Upfront Charges… you only pay when we perform!
- We help you Evaluate your business (free evaluation!)
- We have pools of Buyers looking for businesses like yours!
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Can I sell my business without my employees, my customers and my suppliers knowledge?
Absolutely. Everything we do at The MKL Team is done to protect you and your business from anyone finding out that you have decided to market your business.
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What is a Business Evaluation?
A business evaluation is a process that you should go through as part of your strategic plan that will help you maximize the value of the business you are selling. Unlike real estate valuations that are fairly straightforward due to the availability of information on comparable transactions, assessed values, etc., business valuations have many more variables and components to determine their value. The five major components that influence the value of a business are:
- Financials
- Industry
- Outside influences
- Structure of the business
- Benchmarking
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What does Confidentiality mean?
Confidentiality is the most important item of concern when Selling or Buying a business. Sellers don't want to alert their employees, customers, suppliers or competitors that their business is for sale and want to be insulated from potential buyers until those buyers are proven to be "real".
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How do I determine a price for my business?
By working with a qualified Business Broker you gain the advantage of years of their experience and knowledge from the real world of owning, operating and selling businesses. The price of a business is ultimately determined by what a buyer will pay, however each industry has a "multiple" that is used in conjunction with the net income the owner of the business receives on an annual basis. What that "multiple" is depends on many factors that vary greatly from business to business and industry to industry. A business evaluation will give you a better idea of what an approximate value your business would have to a buyer.
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Will I have to worry about me being personally liable after a Buyer takes over? Depending on how you structure the sale of your business, you may or may not have any liability after the close of escrow. There are two ways to sell: Asset Sale or Stock Sale. Each has its advantages and disadvantages. You should consult with your attorney or accountant to determine what method of sale is appropriate for you.
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What is the process like?
The MKL Team meets with the business owners and asks a multitude of questions and combines this with their experience and research designed to allow TMT to get to the answer of this one important question:
1. Is this business saleable; and if so, at what price?
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Do I have to deal with every potential interested Buyer?
Screening potential buyers is one of the most important benefits a Business Broker like The MKL Team can provide for you. Keep in mind that roughly 90 percent of those who respond to business-for-sale ads are either not serious buyers or are not financially qualified. By screening prospects, the business broker will contribute to confidentiality by limiting the exposure of the business to the most promising buyers instead of the merely curious time-wasters.
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How do I know the potential Buyer is qualified to buy my business?
Selling your business is not something that will happen overnight. This is a sensitive complex process that when done right not only finds you the RIGHT business buyer, but also protects you from worrying about the sale being disclosed to your employees, suppliers, customers, clients, patients and competitors prior to the time it is necessary for them to know. The MKL Team works hard to maintain your trust and does not waste your time with unqualified buyers.
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Who can I trust?
The MKL Team are experienced Business Brokers. As such we pride ourselves in our professionalism and performance. We honor your confidentiality and work hard at closing every deal. We will not accept an engagement (listing) unless we feel strongly that we can help you achieve your goal of selling your business at the price you want.
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What is the cost?
The MKL Team offers a number of innovative options that empower you to spend as little or as much as you want when selling your business.
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How long does it take?
Selling your business is not something that will happen overnight. This is a sensitive complex process that when done right not only finds you the RIGHT business buyer, but also protects you from worrying about the sale being disclosed to your employees, suppliers, customers, clients, patients and competitors prior to the time it is necessary for them to know. Let The MKL Team (TMT) help you achieve the biggest sale of your career! Call: (855) 343-5544
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