The VR Tampa/Apollo Beach Selling Process
For many people, selling a business is not an event that occurs often. It’s an intimidating process, and it’s important that it’s done correctly.
We will educate you in the process of selling your business as we lead you through it, working with you every step of the way towards your goal.
The VR Sales Process
1. Initial Meeting and Information Gathering
We like to meet all of our clients. It is in our name, Valued Representation means we want to get to know you and the business you built. We can meet you at your office, you can visit our offices, or we can arrange to meet at a neutral location of your choice. We want to know you and your goals. We want to understand what you want and to help you determine the long-term goals of the sale.
This will of course be done in strict confidence and we’ll only move ahead once we have your permission.
2. Business Valuation
The most important step in the early stages of selling your business is a confidential and accurate Business Valuation. The business sale process starts with knowing what your business is worth, and there is no need to guess. Our valuations take into account many different factors such as the financial performance of the business, the type of industry you’re in, the level of risk involved and also the type of buyer that would likely purchase your business.
VR Business Brokers Valuation Report will detail selling price, the terms of the sale you can expect and the type of buyer that would likely be interested in purchasing your business. We’ll also pre-screen the entire transaction, once we have come to an agreement to list your business for sale, with third-party lenders to find out if the sale can be financed.
3. Build Your Team of Advisors
There is a lot of work that goes into selling a business. VR Business Brokers will lead you step-by-step through the sales process – from offering tips on preparing your business for sale, to providing the necessary paperwork, to setting up due diligence, all the way through to helping structure, negotiate and close the deal. In addition, there are always issues that can arise during the selling process. Our business brokers are experts in quickly resolving problems, and we have extensive contacts with other professional advisors, such as attorneys, accountants, financial advisors, etc., that we can refer to you.
4. Marketing Your Business to Find Buyers
VR will put together a confidential business review (CBR) report for your approval. The CBR is how we intend to present your business to potential buyers. It will include a description of your business, provide financial summaries, and describe the markets and industries that your business operates in, identifies competition, highlights potential opportunities and details the operations and personnel of your business. The purpose is to provide enough information for your buyers to become interested in your business and pique their curiosity so that they’re willing to meet you, speak with you and tour your business before making an offer.
Once you approve the CBR VR Business Brokers will market your business without your current employees, customers, vendors, or competitors ever being aware that your business is for sale – ensuring that the selling process never impacts your business. All inquiries and meetings regarding the sale of your business are kept confidential and can be scheduled at your convenience, including in the evenings or on weekends. All prospective buyers will be required to sign a Non-Disclosure Agreement which prevents them by penalty of law from disclosing any and all information regarding the sale or operations of your business.
5. Pre-Screening Prospective Buyers
VR Business Brokers screens every prospective buyer to ensure that the buyer is ready to buy, is credit worthy, has the financial ability to buy, and truly understands and is capable of running the business that is for sale. Bottom line: the buyer has to be an excellent match for the business. We will not waste your valuable time if the buyer does not meet or exceed the above qualifications.
6. Buyer Meeting
After buyers successfully clear our pre-screening process and have proven that they are serious about purchasing your business, we will set-up an in-person meeting. We will work with you to present your offices, facilities and other assets in the best light to the visiting buyers. We will schedule these meetings after hours to keep the sale confidential and to avoid any possible productivity issues.
7. Offer to Purchase
Once the meeting has concluded, we follow-up with the potential buyers to encourage a serious offer for your business. We will assist in obtaining and explaining an asset purchase agreement (APA) or a non-binding letter of intent (LOI). Our expert team of brokers will discuss the offers with you and make recommendations on whether to accept or decline the offer, or even counter it.
8. Due Diligence
There are many ways to structure a deal. It’s not just a discussion of price, interest rate and number of years to pay. There are many accounting and tax-related issues that have to be considered. VR Business Brokers has the expertise, resources, and experience to help structure the deal so that it is right for you. We will guide you through the process of structuring a deal that is right for you. Also during this process, the buyer will request to verify all of the information in the confidential business review and other elements of your business. They will request to see documentation such as bank statements, tax returns, copies of leases, contracts with suppliers or customers. VR Brokers will ensure the buyer puts forward a due diligence list and that it is reasonable and appropriate before accepting it and passing it on to you.
Once both parties are satisfied and the due diligence is complete, we’ll introduce an experienced neutral closing attorney, to aide in putting together the legal documents required to close the deal. We will guide you through completing all relevant documents required to close the transaction. Our closing attorneys will not only implement the decisions that both parties have negotiated, they will give you piece of mind that they will mediate any disagreements that arise during the closing process.
Is this a right time to sell?
At VR Business Brokers, connecting sellers with qualified buyers is our only business. The VR Selling Process is designed to determine and maximize your goals.