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10 Steps to Selling Your Business with First Choice Business Brokers

  1. Before you do anything else, schedule an appointment to meet with a First Choice Business Broker today!
  2. After that, you’ll want to gather all the documents your Broker will need. Once you get in touch with us, we’ll go over a list with you.
  3. When you meet with us, we’ll ask you a bunch of important questions. We need to get to know you and your business so we can tailor our sales approach to your unique circumstances.
  4. We’ll help you look over your income, expenses and other features of your business to determine its Market Valuation/Price.
  5. Sign a Listing Agreement to allow First Choice Business Brokers to represent you.
  6. Pre-approve all potential terms as well as Listing Marketing/Advertising.
  7. We’ll manage any inquires that come in from potential Buyers and handle the pre-qualification process including Non-Disclosure Agreements.
  8. We’ll set up a meeting between you and the potential Buyer.
  9. Your First Choice Business Broker with help you handle contract negotiations and any offers that come in.
  10. We’ll manage the entire timeline through offer acceptance to transfer of ownership so you can be confident that your business sales experience is as professional and effective as possible.

If you still need answers, be sure to contact First Choice Business Brokers of Houston to get the help you need. And read through the following FAQs that other business Sellers have asked.

 

Sellers Frequently Asked Questions (FAQs)

 

Why should I use a Business Broker to sell my business?

Selling a business can be a long, stressful endeavor. And selling a business all on your own can pull your attention away from running your business, hurting your prospects overall. With a qualified, professional Business Broker on your side, you can remain focused on your business, taking it to the finish line while securing a larger number of better potential Buyers than you could find on your own.

 

Why should I choose First Choice Business Brokers?

We’ve been handling business sales since 1994. We know the Houston, TX, market. When you’re selling your business, you don’t just want any Broker. You want experts who know everything there is to know about business sales. That’s First Choice Business Brokers of Houston.

 

How is my business sales information kept confidential?

Selling a business isn’t like selling a house. We’re not going to pop a “for sale” sign in your window. We keep the sale of your business strictly confidential. All Buyers will sign a non-disclosure agreement before they receive any fine details about your sale. We believe in protecting you, your employees and everyone else who’s connected to your business. 

 

How will my business be advertised?

We have access to the highest rated sites and networking groups in the Houston area to advertise your business. We’ll also advertise nationally and even internationally if applicable. Depending on the type of business you’re selling, we may explore additional advertising mediums.

 

How do I know the value of my business?

First Choice Business Brokers have extensive experience in the field of business valuation and we employ proven methods to find the value of your business. When you contact us, we’ll work with you to determine what your business is worth in today’s market.

 

How long should I expect the sales process to take?

Some businesses, when properly priced and marketed, can sell in as little as 90 days. But it’s important to remember that each business is different and factors like sales terms and location can change that timeframe. Once your First Choice Business Broker has looked over your business, they’ll be able to give you a clearer idea of how long you should expect your business sale to take.

 

Will Buyers visit my business?

Buyers will want to see your business, and we’ll facilitate a meeting at a time that works for you. That meeting will take place only after the Buyer has reviewed the initial information you’ve provided and signed an NDA. 

 

How do Buyers write offers to buy my business?

Potential Buyers will be represented by a Business Broker. Your Broker will help them put together an offer complete with pricing, terms, contingencies and other information that they may request. We’ll then work with the Buyer to present the offer to you.

 

Who will handle sales inquiries about my business?

We’ll take care of every call that comes in. Our experienced professionals know how to spot a qualified lead and how to weed out the lookie-loos.

 

Who will handle the sales negotiations?

We’ll cover that too. We’re trained to handle business sales negotiations and can help you navigate the process. With First Choice Business Brokers, you’re never on your own.

 

How long will I have to train the person who buys my business?

This is something you can negotiate with your new Buyer, but we’ve found that 30 days is a good number for most Buyers. That gives them enough time to feel confident in their ability to run the business. Of course, this can vary by the type of business. If more training is needed you can always negotiate a consulting fee as part of the sale.  

 

After I sell my business, can I open another one?

You’ll likely have to sign a non-compete agreement that will prevent you from opening a similar business within a certain geographic area or time period.  

 

Will I need to finance part of the purchase price of the business?

This isn’t required, but it’s not uncommon for Buyers to ask Sellers to “carry paper” on their business. And doing so can open you up to a much larger selection of Buyers.

 

What should I tell my employees?

You probably have close relationships with your employees. They’ve helped you build your business and it’s hard to keep important information from them. But we’ve seen from our extensive experience in business sales that the best time to let your employees in on the sale is when they meet the new owners.

Some key employees may need to know beforehand, especially if they’re integral to the negotiation process and the Buyer wants to ensure they stay on after the sale. But in general we find it’s best to keep your employees out of the sales process. We’ll be there to help you find the right time to let everyone know.

 

Will you qualify the Buyer by checking their credit?

While we don’t perform credit checks on Buyers, you can request that they provide you with credit reports as a part of the offer and acceptance process. Typically, a landlord or property owner is the one who requests a credit report from a potential Buyer.