First Business Resources, Inc. recognizes that the process of Selling a Business is not familiar to most business owners. Most business owners sell a business only once in their lifetime. Although each business has its unique set of circumstances and each business owner has specific reasons for considering a potential sale of their business, the questions business owners ask First Business Resources, Inc. about the process of selling a business are very consistent.
Listed below, are the top most frequently asked questions. We are pleased to answer all questions you may wish to explore. Please do not hesitate to telephone or register on the Contact form regarding your specific needs as they relate to your business disposition plans.
1. When should I develop an exit strategy?
The sooner the better. The ideal time to develop an Exit Strategy for your business is when you start or purchase the business. However, industry statistics indicate that 85% of all business owners do not have a defined exit strategy although, on average 75% of their net worth is tied up in their business.
2. Is my company ready for sale?
The company’s financial records and operations must be evaluated and analyzed to determine the strengths and weaknesses of the company. Proper planning will help you address and "hopefully" minimize any operational or financial weaknesses of the company before launching the marketing phase of the disposition process.
3. How long will it take to sell my company?
The industry average for selling a business is 6-12 months. The size of the transaction, the pricing structure, and specific marketing strategy will directly affect how long it will take to sell your company.
4. How do I maintain confidentiality in the marketing process?
Confidentiality in dealing with internal personnel and external sources is strongly encouraged and is critical to achieve a successful transaction. For the Seller's protection, First Business Resources, Inc. requires a Buyer's Confidentiality Agreement to be signed by the potential buyer before the release of proprietary company information.
5. Does First Business Resources, Inc. have buyers for my company?
Yes, First Business Resources, Inc.’s extensive buyer database includes high net worth individuals, corporations, and private equity groups. First Business Resources, Inc. will also perform a customized marketing plan to target qualified buyers for your company.
6. Who will be my contact person at First Business Resources, Inc.?
One of First Business Resources, Inc.’s principals will serve as your primary contact and will "guide" you through the entire disposition process. Personalized 24/7 service is a trademark of First Business Resources, Inc.
7. What is First Business Resources, Inc.’s fee structure?
The fees and expenses of First Business Resources, Inc. are specific to the services required for the engagement and the size of the business. We are available, at your convenience, to speak with you by phone or we offer a complimentary in-person consultation to determine the level of service required to accomplish your goals and objectives.
8. Exclusive representation?
It has been our experience, that to serve our clients effectively, a team approach is best. We recommend that we are your exclusive Disposition advisor. We will work in concert with your attorney, CPA, and other key advisors.
9. Geographical representation of First Business Resources, Inc.?
First Business Resources, Inc. typically represents business owners in the south central United States; however, we market and sell to regional, national, and international buyers.