Business Sellers: Frequently Asked Questions (FAQ)
Prior to reading through the FAQs below, please visit “The Selling Process” page which usually answers most questions you may have. Also, please don’t forget you can always submit a chat request at any time. Thank you for visiting!
Q: How long will it take to sell my business and how long is your contract?
A: According to the Business Brokerage Press, the average time for the sale of a small business was 212 days from the date of listing to the day the seller received a check. At Central Business Brokers, some deals come together within 60 days, others take quite a bit longer. Due to these statistics our average contract runs from 6-12 months. Only a careful analysis of your company will allow us to more closely project the time required.
Q: Can I engage Central Business Brokers and still sell the business myself?
A: Due to issues of confidentiality, Central Business Brokers works with exclusive contracts only. If you have identified a potential buyer, we will arrange for a reduced success fee for that one particular buyer.
Q: How will you market my business while maintaining confidentiality?
A: VERY CAREFULLY…Central Business Brokers is a trade name NEVER used once you become our client. When we contact you via email, phone, or fax, it will be “Jay from SMC” or George & Company, our parent company. We will obtain and review very specific directions on communication with you and/or your trusted staff members with whom you have confided with.
One of our contemporaries once stated that our job was very difficult because our clients want to be sold right away but they don’t want us to tell anyone that they are for sale! Central Business Brokers has dozens of methods to introduce your opportunity into the buyer community without compromising confidentiality. First and foremost is tapping into our database of over 2,200 active, qualified buyers, updated regularly by dedicated staff. Blind postings (with very broad geographic range) on tens of web sites, trade publications, national financial publications, direct mail and countless other means are utilized and only after approval of the client.
Q: Do my employees need to know I am selling my business?
A: Each company has different needs but typically employees are not told of the sale until such time that the seller and buyer agree the time is right.
Q: Do I get to keep my cash on hand and accounts receivable?
A: Most business sales are asset sales where the business seller does keep all cash and receivables at closing. This is a negotiable issue that is discussed prior to bringing the company to market.
Q: Will I need my lawyer and accountant?
A: ABSOLUTELY….The success of any business transfer is directly related to the team effort put forth. Your attorney and accountant will be instrumental in creating a win/win deal and should be made part of the team as soon as possible. If your attorney is not experienced in business transfers, we are happy to provide a list of experienced M&A lawyers for you to choose from. Tax implications will be critical and your accountant should be conferred with early on in the process.
