Basics of Buying or Selling a Business

Here you will find some basic information for anyone thinking about buying or selling a business.  As with any transaction, knowledge is key.  The more information both buyer and seller have about the process of acquiring or selling a business, the easier the transaction will be.

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Are you a Serious Buyer?

If you are a serious buyer, you should have ready answers to the following questions:

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Considering selling your business?

Selling your business can be an emotional event.  "Seller's remorse" is one of the major reasons that sales aren’t made and deals don't close.  The business may have been in the family for many generations.  The owner may have bought it and turned it around or built it up from nothing but a great idea and a tremendous amount of work.  There are times, however, when selling is the best course of action.  Here are some of them:

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What Do Buyers Want to Know?

This may be a bit premature since you may not have decided to sell, but it may help in your decision-making process to understand not only who the buyer is, but also what he or she will want to know in order to buy your business. Here are some questions that you might be asked and should be prepared to answer:

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Selling a Business: How Long Does It Take?

A recent survey revealed that the average time between listing and sale was 9 months.
Why does it take so long to sell a business? Price and terms are the biggest reasons, but not the only ones.

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Plan ahead when selling your business

Owners are often asked, “do you think you will ever sell your business?” The answer varies from, “when I can get my price” to “never” to “I don’t really know” to everything in between.

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