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Selling A Business: What You Put In is What You Get Out

You've put your blood, sweat and tears into building your business, and now it's time to sell a business. But potential buyers won't flock to your business if you simply put up a for sale sign, says Jim Chamberlain, a management counselor and financial expert with SCORE, a nonprofit organization that serves small businesses.

Selling a business requires a fair amount of legwork, including financial analysis, market research and sales savvy. The good news is that you probably have already developed these skills as a small-business owner.

Start Early

Selling a business takes at minimum several months – and that's if everything is already in order. Significant planning is involved: You will need to get your financials in order, figure out what your business is worth, evaluate the selling market, decide whether to use a broker, determine tax liabilities and work with potential buyers.

Have a Clear Reason to Sell A Business

If you've spent years building your business, made millions of dollars and want to enjoy retirement, you're probably in a good position to sell.

However, if you're burned out, running low on cash or simply bored, keep in mind that selling is not your only option. The Small Business Administration encourages business owners who want out to also consider the following alternatives: franchising, developing a partnership, merging with a similar company, going public, and absentee ownership or partial retirement.

Get Your Financials in Order

“I tell the owners, ‘Clean it up’,” Chamberlain says. “Restructure your financial statements so they're easy to read.” You should have the past three years of financial statements and tax returns available for the buyer. Take care of any outstanding issues with the Internal Revenue Service or lenders, as these could diminish the trust of potential buyers. Make sure that your cash flow figures are clear and kept separate from the extras in your business, such as nonessential travel. Personal expenses, possibly your salary, should also be left out because your buyer will not inherit those costs. A cloudy financial picture of your business “ruins the deal,” Chamberlain warns.

Build a Mini-Business Plan

Selling a business requires sales skills. Chamberlain says owners of small businesses should develop a business plan to sell to potential buyers. He calls this “your story,” and it includes your business' financials, sales, the business plan, industry projections, recent improvements and other important aspects of your business. Have you had employees for 20 years? That's a great selling point. You may also need to explain why you want out if your business is a great investment. For example, Chamberlain says, you can tell a potential buyer that you think the business would thrive with a sales representative, but you couldn't afford one.

Know Your Worth

Valuing your business is an arduous yet necessary task when you decide to sell. There isn't a single formula that can accurately determine the worth of your business. The best way to know your business valuation is to hire an appraiser, who can work through the technicalities of determining its value. But Chamberlain says this isn't necessary for many small businesses that have straightforward finances and business strategies.

From Tiare Rath

Get the Number You Want

The balance sheet doesn't tell the whole story. A successful valuation takes into account lots of intangibles--and they can add up. Here are five ways to boost the final figure:

By: Alison Stein Wellner

Hire a risk taker
An appraiser with a background as an entrepreneur or venture capitalist is less likely to be put off by risk and more inclined to assign value to a company's growth potential.

Know who's doing the valuing
Tailor your pitch to someone who's predisposed to understand your company. In other words, if you're in a sports business, look for an appraiser who's a sports fanatic.

Talk up your rivals
The ability to speak authoritatively--and positively--about your competition shows that you're realistic about the marketplace and a good manager. Better managers get better valuations.

Think about the context
You may get a higher number if your company is evaluated in the context of a potential merger or acquisition, since many appraisers will factor in the strategic value of the deal.

Get credit for your IP
If you've developed intellectual property, be sure that it's included in your appraisal. It may cost more, since the appraiser will have to do patent searches and so on, but it can boost the final number.

Published January 2006

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BT seeks to buy French business

The UK group is seeking to buy a lossmaking division of CS Communication & Systèmes, which manages communications networks and related IT systems for French companies and public sector bodies.

It should be the latest in a string of bolt-on acquisitions by BT Global Services, which has become the UK group's international growthengine by serving multinationals. BT Global Services has been expanding over the past three years through deals in Asia, Europe, the US and Latin America.

In Europe, BT Global Services' most important region, the UK group is a leading operator in Germany, Italy and Spain, as well as some of the Benelux countries.

However, BT has an underdeveloped presence in France and the proposed deal with CS Communication will more than double the UK group's workforce in the country.

BT said it had made a binding cash offer of up to €60m (£40.5m) to CS Communication for its missioncritical infrastructures division. The division generated €138m of revenue in 2006 and had an operating loss of €1.2m. It employs 1,400 people. BT Global Services generated revenues of €257m in France in 2006-07, a 14 per cent increase, and employs 900 people. Dominique Raviart, analyst at Ovum, a consulting firm, said BT should be able to secure revenue of €400m in France following the acquisition. He said the proposed €60m purchase price looked "very reasonable for BT to scale up its influence in the French market", but it "will need to demonstrate it can turn around the operation".

BT's proposed deal should intensify its battle for corporate customers with France Telecom, the country's former state monopoly.

Date created: 06.08.2007

Selling Smart When Selling Off

By: R. Wade Aust and Paul Colone
The champagne isn't flowing just yet, but the climate for mergers and acquisitions clearly looks a lot more appealing these days. There's more equity available from financiers, and bankers are more ready to lend than they have been in years. One result? Business owners who might like to sell have a far better shot at it now. Eighteen percent of last year's Inc.500 CEOs intend to do just that in the next five years.

However, selling your business easily is not the same thing as selling your business at the best possible price. To reach that goal, it's crucial to keep emotions running high - but not your emotions. Here's why.

While many business owners are serial acquirers - and 14% of 2003 Inc.500 CEOs expect to acquire this year - far fewer are experienced at divesting all or part of a business. Of those who try, many end up negotiating with very few prospects - perhaps only one. For many entrepreneurs, their personal feelings for the business they've created can cloud their judgment about rational price targets. The consequences go beyond failure to realize the highest sale price. Improperly handled, a sale process can easily collapse with little or no fall-back to other potential buyers. And a seller can remain ensnared in contract conditions long after the deal has been signed.

In our experience, business owners who sell businesses at top prices and with few problems downstream have given their full attention to the business of selling. Far from dismissing a sale as a "disposal," they see it as an opportunity to create value and do not hesitate to devote resources, both internal and external, to maximizing that value. But that's simply the starting point. Successful sellers go on to apply the following five ideas, all of which foster a competitive atmosphere by invoking crucial emotional responses from potential buyers:

Focus on the positives.
Owners who are selling the business often get too focused on what is "wrong" with the firm - particularly if the operation they are selling has not performed to their standards. But successful sellers see their businesses in terms of their attractions to potential buyers. Why? Because they know a lot about the "for sale" business and about the companies that may bid for it. For example, we recently advised a food company that was looking to divest its non-core bakery division. Although the division recently lost a big customer, we were able to work with the managers to highlight the bakery's new product developments and its new accounts instead of focusing on the negatives. The key is to accentuate the positive, identify (acknowledge and don't hide) the negatives, and offer possible solutions for turning the negatives into positives.

Put emotion back into the sale process.
Emotions are supposed to be kept in control at work. But skilled sellers are masterful at putting emotion back into the process - in the hearts of prospective buyers. It's a simple idea, but one that few business owners utilize. After identifying all likely buyers - regardless of geography - and after due diligence has led to a shortlist of prospects, savvy sellers quickly get to know the prospects' motivations. Then, during negotiations, the seller works to get buyers' competitive juices flowing. (We think of it as bringing out business leaders' natural adrenaline.) It's important to get potential buyers thinking about "winning" the process.

Deliberately keeping several qualified candidates in play, the seller - or its independent advisor - paints a persuasive picture for each of them. With deep knowledge of what makes each one tick, the seller can present customized data showing how the acquisition could improve that buyer's profitability and market share. The scenario can also help buyers envision what happens if their top rival buys the business instead. The implication: "You'd be crazy to let your competitors get this one."

Working with a components company recently, we conducted the entire process with three bidders; the winner did not receive exclusivity until the signing of the purchase and sale agreement. They agreed to those conditions mainly because they were afraid they'd lose the company to another competitor.

The clock is ticking.
The idea here is to establish a tight timeframe for the sale process - on your timetable, not the buyer's - with multiple milestones clearly marked out. By compressing the cycle time for the sale, the seller creates greater urgency, which almost always boosts the value of the deal, or equally important, maintains a "full" valuation through the process. You want buyers to feel they're always in a race - that they always have to catch up. But you have to keep the timeframe practical - and be clear about setting expectations for potential buyers. It saves time on both ends when everyone knows up front what is expected.

"Film at 11:00."
The fourth element is tight control of the information process. Again, the idea is to keep competitive tensions high. Smart sellers give potential buyers only the information necessary for each stage; they make buyers eager for "film at 11:00." To preserve maximum value, the most sensitive information - such as sensitive customer-related and product pricing information - is kept until the final stages of negotiation with multiple buyers still in the process.

Representing a recent business for sale, we provided projections in the offering memorandum that were significantly better than the firm's previous year's results. We outlined very specific details on how the firm would achieve the numbers, breaking them out by customer, contract, products, etc. The detailed support for the projections heightened the buyers' interest and the final offers were 50% higher than initial bids.

Crucially, the best sellers never hide the truth. They take pains to put any bad news on the table early on. If they do not, the consequent loss of trust - and loss of time - sets the deal back when the facts come to light, taking control away from the sellers and potentially derailing the entire process. Similarly, it's vital to give all prospects the same information at each stage. Uneven information-sharing is counterproductive not only because it can erode trust but because it robs the seller of effective comparisons among buyers.

We recently represented a firm that had positive earnings in the year of the transaction, but had lost money in the prior year. Potential buyers bid based on the earlier negative numbers. Instead, we asked for bids based on the forecast, saying we would support our request in the management presentations using examples to show why the company would not slip back into the red. We asked that they trust us, and we showed that the forecast was achievable. The company sold for 30% higher than the initial bids.

A Matter of Trust
This fundamental emotional play relies on reasonable behavior and quick ways for the sellers to show they'll make good on their promises. Throughout the sale process, sellers must try to win and maintain the buyer's trust and promote fairness on both sides. There's a crucial point when the seller presents contract terms to the buyer. Let's say that a fair, mutually acceptable deal is represented by the middle of a football field. Rather than starting the deal at the 10-yard line, the seller picks a realistic start point - say the 40-yard line - by offering terms that accommodate what the buyer wants. This signals that the seller (a) wants to sell, and (b) is reasonable to deal with. A levelheaded "starting play" is encouraging to a likely buyer; it often elicits a reasonable response so less time is spent blocking and tackling to get to agreement.

Used together, these five pieces of advice keep competitive tension high until the last moment. Deep research uncovers the candidates; further research woos them in, ideally to face off against each other. The rivalry almost invariably produces a favorable deal at the highest possible price.

Moreover, the funds can be in the seller's bank sooner. Typically, it takes at least five or six months to complete a sale. Following the concepts described, companies can shave two to three months off the typical timeline. And, even if the deal does not go through, following these tips leads to a positive alternative: another interested buyer who's ready to talk.

R.Wade Aust is a managing director and Paul Colone is a vice president of Downer & Company, a domestic and global investment bank based in Boston.

Published July 2004

Link to this post.

Selling A Business

Start Early

Selling a business takes at minimum several months – and that's if everything is already in order. Significant planning is involved: You will need to get your financials in order, figure out what your business is worth, evaluate the selling market, decide whether to use a broker, determine tax liabilities and work with potential buyers.

Have a Clear Reason to Sell A Business

If you've spent years building your business, made millions of dollars and want to enjoy retirement, you're probably in a good position to sell.

However, if you're burned out, running low on cash or simply bored, keep in mind that selling is not your only option. The Small Business Administration encourages business owners who want out to also consider the following alternatives: franchising, developing a partnership, merging with a similar company, going public, and absentee ownership or partial retirement.

Get Your Financials in Order

“I tell the owners, ‘Clean it up’,” Chamberlain says. “Restructure your financial statements so they're easy to read.” You should have the past three years of financial statements and tax returns available for the buyer. Take care of any outstanding issues with the Internal Revenue Service or lenders, as these could diminish the trust of potential buyers. Make sure that your cash flow figures are clear and kept separate from the extras in your business, such as nonessential travel. Personal expenses, possibly your salary, should also be left out because your buyer will not inherit those costs. A cloudy financial picture of your business “ruins the deal,” Chamberlain warns.

Build a Mini-Business Plan

Selling a business requires sales skills. Chamberlain says owners of small businesses should develop a business plan to sell to potential buyers. He calls this “your story,” and it includes your business' financials, sales, the business plan, industry projections, recent improvements and other important aspects of your business. Have you had employees for 20 years? That's a great selling point. You may also need to explain why you want out if your business is a great investment. For example, Chamberlain says, you can tell a potential buyer that you think the business would thrive with a sales representative, but you couldn't afford one.

Know Your Worth

Valuing your business is an arduous yet necessary task when you decide to sell. There isn't a single formula that can accurately determine the worth of your business. The best way to know your business valuation is to hire an appraiser, who can work through the technicalities of determining its value. But Chamberlain says this isn't necessary for many small businesses that have straightforward finances and business strategies.

From Tiare Rath

Link to this page

Find a Qualified Buyer for Your Business

OK, you've decided to sell your business. But how do you find a buyer, one who will pay you what your business is worth? Selling a business is much like selling any other product, and you have to think of your business this way.

Here are some pointers for finding a qualified buyer:

Develop a marketing plan. Determine what media outlets you will use, such as trade and consumer publications. Make a list of all your friends and contacts who may either be interested in buying a business or know someone who is. Determine if you will use a business broker or sell the business yourself. Without a plan, you will be simply spinning your wheels, so write down all the steps you will take to find a buyer.
Join business organizations and associations. Contact local business and networking organizations that can help get the word out. In addition, consider joining trade associations that offer free advertising to their members. The members of these associations may also be a pool of potential buyers.
Create a selling memorandum. This is one of the key tools for promoting your business. The memorandum should start with an executive summary that tells potential buyers the key elements of your business. Provide a list of your products or services and an overview of the industry. Be sure to list all assets and financial information, including projections of future earnings. Finally, the memorandum must address the issue of why you are selling the business. Be sure to put positive spin on why you are getting out.
Be aware of the types of buyers. People buy businesses for different reasons, and this will affect how you pitch your business to them. Strategic buyers consider how buying your business might fit into their long-range plans. They are often larger businesses that want to enter a new market or offer a new product. If you have what they want, they will generally pay more than other types of buyers. Financial buyers are more interested in your company's profitability and stability. Some want a more or less turnkey operation that will take little oversight. Others may specialize in quick turnarounds; that is, they buy a business, tweak it, and then sell it for a profit.
Explore the option of selling to employees. Your employees may also be potential buyers. There are pros and cons in selling to them. Employees may be willing to pay more than a financial buyer would because they understand the business and their risk is reduced; however, they might not have the money to buy your business outright. This means you may have to finance the sale yourself or arrange third-party financing.
Advertise to the general public. Although you may reach more potential buyers, this approach can be risky. If employees know the business is for sale (to someone other than them), they may be less motivated and the quality of their work can suffer. Also, key employees may leave. Your customers may look for other suppliers and your vendors may cut off your credit. Any of these events can negatively impact the perceived and real value of your business.
Consider using a broker. Selling a business is much more difficult than selling a home, and it has more legal issues. A qualified commercial real estate broker or business broker can help you avoid costly problems. He or she can also contact people looking for a business opportunity, including your customers and competitors, without disclosing the name of the business until an interested party is found. Using a broker will help you avoid the dangers of advertising and free up your time to make your business more profitable and appealing to buyers.

How to Prepare Your Business for Sale

Selling a business can be the largest and most important deal of an entrepreneur's career. Regardless of what prompts the sale, selling a business is a high-stakes transaction, with far-reaching financial and emotional consequences.

In the best of all worlds, the owner begins to prepare his or her business for sale at least one year in advance. Start by assessing financial books with an eye toward creating audited financial statements and projections that illustrate the company's revenue and growth potential.

Records should be formalized and clearly document all transactions. This way, potential buyers can easily evaluate the company, and a new manager can take over with minimal training.

Eliminate idiosyncrasies. The new owner will not want to face a customer who expects special treatment, nor will he want to be the ogre who cancels a long-standing verbal agreement with the company's oldest customer.

Examine all supplier and customer contracts. Make sure terms and conditions will not expire or require renegotiation just as a new owner steps in. Terminate contracts that might trouble a potential buyer or that drain the company financially or serve little purpose.

Start codifying company policies and procedures that exist as unwritten rules. If necessary, create a procedure manual that documents exactly how to best run the business; be sure to include your unspoken, undocumented techniques.

Review your real estate leases, especially if your business is tied to its location. Make sure the lease does not expire or require renegotiation within the time frame that you plan to sell the company. If the company's location will discourage buyers, consider moving the location before you place the business up for sale.

ENLIGN Business Brokers Sponsors Strike

RALEIGH – ENLIGN Business Brokers will again sponsor Strike For Survival, a local charity that supports The American Cancer Society.

ENLIGN is a Silver Sponsor for the event in Raleigh at the Pleasant Valley location on Glenwood Avenue.

“This is ENLIGN's second year as a sponsor,” said Jeff Snell. “In addition to helping fund cancer research we enjoy involvement of many local businesses that can sponsor and participate without having to make a tremendous financial commitment.”

“One of the goals of Strike for Survival is to create an opportunity for small business owners and individuals to get recognition for their efforts in supporting their communities and cancer research.” Says Bob Liddle – Chair of Strike For Survival

This year the event will be held in two locations, on Friday, September 21, 2007 at the AMF Glenwood location and Saturday, September 22, 2007 at the AMF Capital location. Last years event was completely sold out and received rave reviews from sponsors and participants.

Those interested in sponsoring Strike for Survival or registering as a bowler can do so at www.strikeforsurvival.com.

ABOUT ENLIGN Business Brokers:
ENLIGN Business Brokers provides seller and buyer services, professional negotiation, and valuation and marketing services to small and medium business sellers and buyers in the southeast region and nationally via the ENLIGN Business Brokers Affiliate program. ENLIGN, a member of the International Business Brokers Association (IBBA), M&A Source and the American Business Brokers Association (ABBA), requires that its agents and affiliates have owned a successful business of their own, hold an advanced degree and be members of the IBBA working towards or having completed the CBI (Certified Business Intermediary) accreditation. For more information about buying or selling a business or becoming an ENLIGN Affiliate broker visit www.enlign.com or contact Jeff Snell at jsnell@enlign.com

Business squeezed by tighter credit

By Jonathan Guthrie, Enterprise Editor

Published: September 19 2007 03:48 | Last updated: September 19 2007 03:48

The wholesale credit squeeze that triggered the run on Northern Rock is feeding through into tighter lending to businesses, credit brokers and one lender said on Tuesday. Accountants reported surging demand from banks commissioning health checks on borrowers they feared were vulnerable to financial collapse.

Commercial First, one of the UK’s largest independent commercial lenders, raised its key mortgage rate from 1.65 per cent to 2.65 per cent over the London Interbank Offered Rate, saying: “It is business as usual but we have to reflect the cost of funding.” The company has a £1.5bn book of loans made to companies backed by their property assets.

Before a sale, get your ship into shape

After 20 years of working for the same company as its president's right-hand man, John Allan Thom's final assignment sounded simple enough: sell the company.

But how to do it?

After all, it was Guildline Instruments Ltd.'s bankers who had urged a sale of the Canadian division. They were disenchanted with their loan exposure to the 50-year-old company, which had endured a string of lacklustre quarters and high inventory levels.

They weren't impressed by the fact the maker of high-end electrical testing equipment had just won a U.S. military contract worth several million dollars. The contract had, however, caught the eyes of would-be buyers south of the border
THERESA EBDEN
September 18, 2007

Flight School For PARTNERSHIP or SALE South Florida

Link to this page

Sunbelt Expands Into India

CLEVELAND, OH, November 21, 2006 – Sunbelt®, the place to go to buy or sell a business, is pleased to announce that an existing franchisee, Satish Patel, has recently purchased Master Franchise rights to expand operations into India. Mr. Patel, who currently owns eight territories in New England, will be opening offices in the Indian states of Maharashtra and Gujarat.

“As the largest business brokerage network in the world, Sunbelt routinely handles complex international transactions. This depth of experience benefits everyone connected to our network: buyers, sellers, franchisees and brokers,” stated Satish Patel. “I am eager to expand those capabilities and services into India.”
Sunbelt’s focus will compliment India’s growing business climate, comprised of industries such as financial services, healthcare, biotechnology and telecommunications.

Mr. Patel has over twenty years of diversified experience with building, acquiring and selling businesses. Prior to joining Sunbelt, Mr. Patel was instrumental in the international expansion of a software company, as well as engineering many merger and acquisition transactions. He also successfully built and sold a chain of twelve retail stores. Satish currently resides in the Boston area and owns several small businesses throughout New England.

Sunbelt specializes in helping individuals and companies buy and sell businesses in all four areas of the private business market: Main Street, Franchise Sales, Franchise Resales and Mergers & Acquisitions. Sunbelt is a wholly-owned subsidiary of Merrymeeting®, Inc. (MMI), a Cleveland-based investment firm specializing in the acquisition and development of franchised brands. MMI currently operates four franchise systems with more than 1,200 franchised locations worldwide. To learn more, please visit either www.sunbeltne.com or http://businessesforsale.sunbeltne.com

Sunbelt Business Advisors

Looking to have a business broker? Checkout the following business brokers.

http://satwik.jack.googlepages.com/

Don't start it, buy it!

Why should you buy a business versus starting your own? Here are ten solid reasons:
1) The success rate for businesses purchased is much higher than the success rate for a new business startup. Just ask your accountant.
2) An established customer base means immediate cash flow! Enough said.
3) It is much easier to find capital to buy an existing business than to start a new one. Why? See reason #2 above. Bankers are not dumb. They know the statistics. Bankers are much more willing to lend money when there is an identified source of repayment already in place.
4) Many sellers are willing to carry-back financing at very reasonable terms. Why? For income tax reasons. They would prefer to defer any gain over a longer period versus taking a gain all at once. And if a seller is willing to carry back any part of the purchase price, it tells you the seller believes that the business will continue to succeed under your management.
5) Projections for a startup are nothing more than an educated guess. Projections for existing businesses for sale are based on historical results. Which is more reliable?
6) Startups always, I repeat, ALWAYS cost more to start than expected. For the money you will end up spending to start that new business (which may or not succeed) you could have probably purchased an existing business with immediate cash flow.
7) You may actually need to come up with less cash for your down payment plus working capital when you buy an existing business than you would need if you started your own business. Why? With owner carry financing and a performing track record, your existing business purchase is very bankable. A new startup is not very bankable. The cash required to get the new business to a cash flow positive is unknown. And it eats cash.
8) An established web site presence. Although each business will vary, most businesses rely to some extent on a business web site. The longer a web site has been established, and the more traffic that web site receives, the more value search engines place on that site. This is important as your web site ranking determines your placement in search engine results. In other words, building a new web site is not enough. Customers still need to find it. A quality, established web site can be a real asset, something that a new startup will not have.
9) Many businesses listed for sale are actually very fairly priced. One can often find a business for sale that will sell for three to four times cash flow. Think about it. Four times cash flow equates to a 25% annual cash return on investment. 25% will usually cover all debt service and still leave a decent return for the investor.
10) Less brain damage. Just ask anyone who has been "wrung through the wringer" by starting their own business. Always wondering if customers would really come.
Think about it. It really is a pretty easy decision.
About the Author: Barry Jark is a Vice President for The Business Market, an online business-for-sale marketplace specializing in businesses for sale. Mr. Jark is a retired bank president and accomplished entrepreneur. His articles are known for their folksy, direct style to help him successfully convey business-related knowledge and lessons.
Written by Editor Choice Sunday, 16 September 2007

Businesses for Sale with Sunbelt

Selling A Business
What do I need to know when selling my business? Is this a good time to sell? How do I find a buyer without publicly announcing that my business is for sale? You'll find the answers to these and many other common questions here.

It's a Great Time to Sell!
If you've been considering an exit from your current business, we've got good news for you - now is a great time to sell. There are an unprecedented number of qualified buyers searching for existing businesses, so properly priced businesses are selling fast.
Business owners sell their businesses for many reasons - from retirement, to relocation, to just wanting a change. Whatever your goals may be, selling your business is a venture best handled by professionals.

Security & Confidentiality
Sunbelt can market your business without current employees, customers or competitors being aware that the business is for sale. All inquiries and meetings regarding the sale of your business are confidential and may be scheduled in the evenings or on weekends. Prior to the exchange of sensitive information, prospective buyers are required to sign a Confidentiality Agreement. This agreement binds the prospective buyer from disclosing any and all proprietary information on the operations of your business.

Saving Time & Money
Utilizing the services of a Sunbelt intermediary can speed up the selling process and save you frustration in dealing with the details. Information about your business is shared with all Sunbelt offices throughout the world, so that hundreds of Sunbelt intermediaries can present it to their qualified buyers. This type of exposure helps you sell your business for the maximum selling price possible. The Sunbelt Network, by its very nature, helps to ensure the quickest possible sale of your business.

Financing
Sunbelt intermediaries are highly experienced in the areas of business financing. Our expertise will be invaluable in negotiating an agreement that works for you. Through Sunbelt's collaboration with SBA lendors, your Sunbelt intermediary can begin to pre-qualify prospective buyers for financing as soon as an inquiry is initiated.

Negotiations
A skilled business intermediary, with your best interests in mind, can help you overcome obstacles created by attorneys, accountants, landlords and buyers.

Buyer Satisfaction Holds Steady

Source: BUILDER Online News ServicePublication date: September 12, 2007
By Pat Curry
New-home buyer satisfaction held its own in 2006, despite the housing slump that began in earnest that year, according to the 11th annual new-home builder customer satisfaction survey, released this morning from J.D. Power and Associates. Nationally, the overall customer satisfaction index score remained virtually unchanged since last year.
Taken in the spring of 2007, the survey was based on responses from 50,399 consumers who moved into their newly built homes in 2006 and includes satisfaction ratings for builders in 34 markets nationwide. It identified nine factors driving customer satisfaction with home builders. In order of importance, they are: the builder's warranty/customer service (16 percent); the construction manager (15 percent); the builder's sales staff (13 percent); home readiness (13 percent); price/value (12 percent); workmanship/materials (10 percent); recreational facilities (8 percent); builder's design center (7 percent); and location (5 percent).
Dallas-based Centex Homes received J.D. Powers' Platinum Award for Excellence in Customer Satisfaction, ranking highest in 14 of the 34 markets, more than any other builder in 2007. Pulte Homes, including its Del Webb and DiVosta brands, ranked highest in 11 markets. To qualify for the Platinum Award, a builder must be included in at least half the markets surveyed for the study, achieve above market-average scores for each division of the corporation, and earn an average index score above the 90th percentile of the study average. To be included in the J.D. Power survey, builders must sell at least 150 homes in a market.
"I agree pretty emphatically with J.D. Power's top line," says Centex Homes spokesperson Eric Bruner. "Even in a tough housing market, people can buy a quality home from Centex and be supported by quality customer service. In these market conditions, it's easy to lose sight of the customer relationship. I'm very excited that our Centex teams on the ground in so many markets still focus on putting the customer first every day."
Peter Keane, senior vice president home builder operations for Bloomfield Hills, Mich.-based Pulte Homes, said the company was still assessing its results in the rankings. "Overall, we're pleased with this year's results," Keane says. "The awards help us continue to focus on the individual areas of the business."
Markets experiencing the largest customer satisfaction improvements include the Central Valley, Calif.; Jacksonville, Fla.; Minneapolis; and Nashville, Tenn. Four markets - Albuquerque, N.M.; San Antonio; Ft. Myers, Fla.; and Austin, Texas - saw satisfaction scores take a major hit, dropping by 16, 15, 13, and 11 points respectively. A drop of more than 10 points is significant, and in the current home builder market, could reflect builders pulling out of markets, laying off staff, or having inexperienced staff working with customers, says Paula Sonkin, vice president of real estate and construction for J.D. Power.
Impact for Builders
With home readiness as one of the top factors driving customer satisfaction, customers don't necessarily perceive an abundance of inventory homes as a bad thing, says Sonkin. "With inventories up, builders were worried about consumers not having a choice, but inventory homes are on time and complete," she says. "In terms of satisfaction, they're not hurting builders."
The key message for builders from the customer satisfaction survey is that the roles of construction managers and salespeople have shifted dramatically, Sonkin says.
"The down market tells an interesting story," she says. "Five years ago, a builder would never hire a construction manager with the intent of him talking to the consumer. They didn't want buyers on the site talking to the construction manager; now they want that. ... Salespeople used to be order takers, now they're more involved in selling and negotiating. [Builders] need to pay attention to that."
The fact that the top three drivers in customer satisfaction - warranty/customer service, the construction manager, and the sales staff - are about people instead of products should serve as a wake-up call to builders about the importance of providing a quality experience throughout the home buying process, says Bob Schultz, a nationally known sales trainer and author of The Official Handbook for New Home Salespeople.
"When I read that, I said, 'Five stars, kudos, you're right on target,'" Schultz says. "We've always said it's not about the house, it's about the whole experience. This study confirms how important that is."
One interesting finding that wasn't included in the news release to the public, Sonkin says, is that builders can opt to greatly limit the number of options or changes available to buyers and still have excellent customer satisfaction - as long as the builder sets the proper expectations from the start. "You can be DiVosta and not have to make a single change," she says. "People know what they're getting and as long as they get it, they're happy. But the word 'maybe' is a problem, because to customers, the word 'maybe' always means 'yes.' You can't follow 'maybe' by a 'no.'"
Three New Surveys
This year's survey also included three first-time, breakout surveys on new-home quality, new-home design, and builder mortgage origination.
The new-home quality study measured the occurrence and impact of construction problems as they relate to customer satisfaction. The index takes into account the number of problems that occur, the severity of the problems, and the size of the home. The four areas that detract most from home buyer satisfaction are: sidewalk, driveway, and foundation cracks; crooked walls; visible carpet seams; and landscaping.
The study's key findings report that overall, home quality went up last year. In the 2007 survey, the average new-home buyer reported 13 problems with their house, a 7 percent decrease from 2006. New-home buyers in Minneapolis reported the highest new-home quality levels, averaging only seven problems per home. Buyers in Washington, D.C., reported the lowest quality with an average of 19 problems per home.
The inaugural new-home design study measures customer experiences and satisfaction with design and aesthetic aspects of the house. Seven factors drive satisfaction. In order of importance, they are: flooring (22 percent); master/primary bathroom (17 percent); kitchen (14 percent); interior comfort/environment (13 percent); exterior architectural design (12 percent); floor plan/layout (12 percent); and windows and exterior doors (10 percent).
In reading the numbers, Sonkin says, it's important to understand that the question wasn't 'How important is this feature?' but how buyers rated their satisfaction with the overall experience. "People who rate flooring high rate their overall satisfaction high," she says. "Because flooring is so prevalent throughout the house, it's a huge part of the design. You see it wherever you go."
The final new survey for 2007 was for builder mortgage origination, which measures the experience of new-home owners who used a builder-owned mortgage company to originate their loan. The survey found that the vast majority of new-home buyers get a mortgage through their builder when it's offered because of competitive rates and ease of the process. The three factors that drive satisfaction with the builder mortgage origination, in order of importance, are the loan officer or representative (40 percent), the closing (33 percent), and the application/approval process (27 percent).
With the meltdown of the subprime mortgage market and the increase in foreclosures, several builders have come under scrutiny recently for their mortgage origination businesses. A typical adjustable rate mortgage doesn't reset for at least two years, so none of the respondents would have experienced a reset when this survey was taken.
CTX Mortgage, the mortgage origination branch of Centex Homes, ranked highest in satisfaction in 12 out of 17 markets studied in the survey.
"For it being the first year to take a look at mortgage operations, we're very pleased with that," Bruner says. "To me, the results are all the more impressive with the current headline environment builders are dealing with on a daily basis."
Pulte Homes came in a distant second, with top rankings in three of the 17 markets. "That surprised us," Keane says. "I think our mortgage company does a terrific job. We really weren't affected by a lot of the subprime and alt-A stuff. We'll want to look at that."

Find out what your business is worth to buyer

Although many formulas and tools can help you determine the selling price for your small business, there is no magical solution that will come up with the correct price for every instance. The final price ultimately depends on how badly the buyer wants to buy and how strongly the seller wants to sell.
Yet there are a number of ways to value your company and determine your asking price. For example, find out the selling prices of similar businesses in your area and use them as a starting point.
Or contact the national trade association for your industry, when applicable. These organizations usually keep detailed statistics and are more than willing to provide information to members or potential members.
You can also hire a professional business appraiser. This may lend more credibility to your initial asking price and allow you to keep the reins on sale-price negotiations.
Common valuation methods include:
-- Market-based valuation. This method is frequently used by business brokers and is based on their past experiences selling similar businesses.
The broker may recommend an asking price based on the sale prices of similar businesses in your area and industry.
Although this is not a comprehensive valuation tool, it is common practice for the sale of small businesses because it is quick, inexpensive and makes sense to buyers.
-- Asset-based valuation. This takes into account figures such as the book value and liquidation value of the business.
These are considered bare minimums in business appraisals and are not generally used as the sole path to an asking price.
-- Earnings-based valuation. This method uses historical financial figures, including debt payments, cash flows (past, present and projected) and revenue.
Earnings-based valuations are often combined with asset-based valuations for a more-inclusive appraisal.
What to put in the selling memorandum
When preparing your business for sale, present the most accurate, up-to-date information for prospective buyers. A selling memorandum is a marketing piece designed to highlight all aspects of your business, including:
-- The products or services you provide
-- How you have fared in the industry
-- Your competition
-- Operational procedures
-- Management
-- Employees
-- Marketing materials
-- History of the business
Notify insurers after the sale
Once you've sold your business, notify your insurers. They will want to know about any liabilities that could arise once you're no longer in business. Don't gloss over the explanation too quickly; you'll want to provide an honest and comprehensive response.
You may need to return the original policy or sign a "policy release" or "lost policy release." But consult with your attorney before signing anything. You also will be responsible for paying any unearned premium.
AllBusiness.com provides information about products and services for entrepreneurs, small businesses and professionals to start, manage, finance and build a business.

Bookkeeping, Accounting, Tax and CFO Services by Analytix

Bookkeeping Services is the recording of a business's financial transactions. It is the first step of the accounting process, which also includes classifying, reporting and analyzing financial data.

Bookkeepers organize and tracking receipts, canceled checks and other records generated by financial transactions. They also chronologically record and reconcile all transactions such as cash disbursements, cash receipts, sales and purchases in a journal, and post the journal entries to a ledger of accounts, which are subsequently used by accountants to prepare financial statements and tax filings as a part of our accounting services.

Business owners regularly need an accurate financial picture to understand how to better manage a business. Financial statements provide owners with crucial information such as the business’s liabilities, assets, equity and profitability over a given period. An understanding of financial statements also helps owners better manage their revenues, customers and expenses.
Businesses also need accurate financial statements if they have or need a business loan or credit from a financial institution, such as a bank. Most lending institutions will require that businesses provide regular financial statements before and regularly after receiving a loan. For owners with franchises, the franchise also often requires specific financial information as part of their franchise agreement.

Selling your Business - What’s Involved

The statistics on businesses sold in California are well worth knowing. Over 70% of all businesses on the market, are not sold. Why is this?

The two strongest reasons for failure are lack of preparation and an unrealistic selling price. Valuing a business correctly tends to resolve the unrealistic selling price problem. Know when to hold the price and when to change the price also helps businesses sell quicker. But, what about the preparation points?

Lets discuss the various factors that can help you get fully prepared when selling your business.

The decision to sell – People decide to sell their businesses for many different reasons. My experience shows that the main reason is because of a failed goal or purpose, of some sort. Sellers are not happy when he or she has not been making it to their satisfaction or their original goal has not being achieved. Another truly legitimate reason is if a business owner’s health is going down hill. Lastly, sometimes it is just time to retire, and play golf or travel. Whatever your reason, it is important to identify exactly what the reason is that you want to sell your business, and to be totally honest with yourself and others on this point. The reason you might be selling does not adversely affect the selling price, but it may help the marketing activities, for the agent and make the final negotiations go easier. People really like to understand why a seller wants to get out, and they are perceptive if you are lying on that point.

How to sell it – The next part of being prepared, is to make the decision to “sell it yourself,” or use a business broker. The main advantage in selling the business yourself is that you save on the commission. Brokers, usually charge 10% of the sales price for businesses priced at less than $1 Million Dollars. This can seem like a lot of money but it isn’t. If you do the marketing yourself, you would have to cover all cost of advertising the business and take all the time necessary to talk to every inquiry. Have you looked at what an add costs in the Los Angeles Times? Imagine putting in an advertisement every week for 6 months. You could take your wife on a first class cruise around the world for that much money. (Sorry Norman Chandler.)

The advantages in using a broker are many. Brokers have established marketing lines that allow them to offer your business to lots of people, in a short period of time. They know the market and are well versed in all the potential pitfalls involved in selling a business. They handle all costs associated with marketing and packaging the business and they are only paid if and when the business sells. No legitimate brokerage asks for upfront fees. You need to decide, are you going to sell it yourself or use a competent broker? I did say a competent broker; there are both good and bad brokers as in any business.

Who you should not try selling it to – When people think about selling their business, they often think of selling it to their competitors or employees. This is actually not a good idea. A competitor’s value of your business is based entirely on advantages they would be achieving, if you were not in business and therefore not hindering the expansion of their business. They look at what the net effect would be if they owned your resources (clients, territories, inventories, etc.)

Also, competitors historically are only willing to buy a similar business, for 20-33% of the price that an outsider would pay for your business. This is because the insider knows the headaches of your business and discounts the price because of them. Also many competitors will appear to be interested in buying your business, as a way to find out trade secrets. Many times they never had any real interest in buying your business at all.

Employees, when buying a business from their employer do like the idea of all the perks of ownership, but in truth, they do not like the responsibilities and potential liabilities that come with ownership. A really big problem is when employees know that a business is for sale; they usually start looking around for a new employer. I really cannot say this strongly enough. When selling your business, it is not a good idea to go to your competitors and / or employees, as a starting point.

Things that will help with the sale – A part of being prepared is to have your accounting records up to date, available and complete. This will make it much easier to get started on selling the business and to close a deal quicker. Try to put together the following before you start;

a) 2 years of profit and loss statements for the business
b) The most recent twelve to eighteen months of sales – listed by month
c) List of all equipment, with estimated market value as used equipment in place, not at fire sale prices.
d) Current list of inventories – if any
e) Copies of any property lease, equipment leases and other business related documents, such as current health department certificate as in the case of a restaurant, or OSHA spray booth permit.
f) List of all perks you personally get out of the business (these, added back into the financial reports, increase the profit figures for the business, thereby making the business more valuable).
g) A brief description of the business; what it does; the area it covers and the future expansion possibilities.

Changing the way you keep your accounting records – If you are one of the few people who do not keep accurate books, then today is the day to change your record keeping. If you are writing off everything in the world against your business, you do not need to change that action in order to sell your business. Just be able to pick out those items that a buyer wouldn’t incur if they bought the business and be able to give this information to a buyer or broker. The more important change that is needed is to take 100% of all sales and services and get them deposited in the bank and recorded as sales. If you are unwilling to do this for tax reasons, I understand. This is critical to getting the highest price. Declaring all your income, also allows you to sleep better, knowing that you are keeping books that you can show any buyer or any government official. If you feel that recording all income will also raise your income taxes, then stop worrying. There are some very good accountants around who know how to save taxes legally. If you cannot find one, I will find one for you.

Negotiation and flexibility – One of the reasons some brokers are worth their weight in gold, is because they are very good at negotiation and know how to create win-win situations. They keep the parties talking and know how to work the offers until the business is sold. You should be prepared to be flexible while negotiating the sale of your business, also. Do not for example insist on ‘all-cash for the business and nothing else’. This sort of inflexible approach will usually kill a deal before it gets started. Also, let your broker do his or her job; do not discuss price and terms with prospective buyers directly. Let your broker know what points you are willing to negotiate and which you are not, in advance of getting offers. This will help to get more offers.

Most of all you want to do everything you can to make sure a deal to sell your business is concluded as quickly as possible. There is a law with regard to selling a business. “The more time that passes, the harder it is to sell a business, and the easier it is for a business deal to fall apart.” So, do what you can to expedite the sale of your business and work with your broker.
Written by EditorsChoice Wednesday, 12 September 2007

Asahi Glass to sell glass fibre business to DBJ

TOKYO, Sept 12 (Reuters) - Asahi Glass Co Ltd (5201.T: Quote, Profile, Research) will sell its glass fibre business to state-owned Development Bank of Japan and private equity fund Wise Partners for 16 billion yen ($140 million) to better compete with Corning Inc (GLW.N: Quote, Profile, Research).

Japan's biggest glass maker will spin off wholly-owned unit Asahi Fiber Glass Co. Ltd.'s core businesses and sell all shares in the operations to a vehicle set up by the DBJ and Tokyo-based Wise Partners, Asahi Glass said on Wednesday.

Asahi Glass, the world's second-biggest maker of LCD glass substrates, has been selling off non-core operations in an attempt to catch up with Corning. The sale will boost Asahi Glass's group net earnings by 6 to 8 billion yen, it said.

Sales at Asahi Fiber, which makes glass wool insulators and roofing materials for use mainly in Japan, totalled 31.9 billion yen in calendar 2006, down 25 percent from the previous year.
Asahi Glass will keep Asahi Fiber's non-operating assets, including land and buildings, representing 8 percent of Asahi Fiber sales.

Prior to the announcement, shares of Asahi Glass closed up 0.1 percent at 1409 yen, while the benchmark Nikkei average (.N225: Quote, Profile, Research) fell 0.5 percent.

Source: Reuters 2007

Commercial brokers see 43% increase in business

Commercial mortgage brokers have seen a 43% increase in business on last year at £19bn, a member survey by the National Association of Commercial Finance Brokers has shown.
Buy-to-let mortgages rose from £4.7bn last year to £9.7bn this year, equating to a 104% increase year-on-year. Adam Tyler, chief executive of the NACFB, says: “Recent press reports have suggested that the UK buy-to-let market has resisted the gravitational pull caused by the black hole in the US sub-prime market.

“Our figures certainly seem to back that view – although it must be borne in mind that the full impact of the current credit crunch is unlikely to be seen until next year’s survey results come in.”

Leah Milner - 11-Sep-2007
By Leah Milner

Easily Sell a Business with Sunbelt Business Brokers

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Amazing Facts - Latest Amazing Things Around the World: Grew up Speaking English

Amazing Facts - Latest Amazing Things Around the World: Grew up Speaking English

Guest column: Negotiate to be part of business after sale

By Scott Bushkie
Selling your business doesn't have to mean walking away. Depending on the size of the company and the owner's role, transitions can take anywhere from a few months to a few years. In almost all cases, the buyer will expect you to stay on board to shorten his or her learning curve and transfer key relationships.
Typically, a four- to eight-week transition period is included in the sale. After that, the seller is sometimes retained as a consultant at a negotiated fee. Other times, the seller negotiates a long-term employment contract and maintains daily involvement for years.
Owners who want to sell and get out quickly should focus on developing a good management team. Start introducing your key employees/managers to major customers and vendors and delegate new responsibilities.
The more capable the remaining managers are, the less time you'll need to spend transitioning in the new owner. Plus, a well-developed team usually adds value in a sale, so you'll be doing yourself a double service.
On the flip side are those owners who would like to sell now but aren't quite ready to quit working. Owners might sell early to get a premium price while the market is in their favor (like right now) or to relieve themselves of unwanted administrative and management duties.
Either way, long-term employment contracts can be structured into a sale agreement. You get to stay on board and work with the business a few more years, generally doing the work you like best, while still drawing an income and benefits.
Similarly, some owners maintain a minority interest in their company after a sale. The original owner stays on board but uses the new owner's capital to grow the business and take it to the next level, often driving up the value of their own minority share.
It's a win-win scenario. The original owner gets to take money off the table and diversify his investments. He sleeps well at night knowing the majority of the business sold at a strong value when the market was at a peak.
Meanwhile, the buyer retains a seasoned leader and minimizes risk to her own investment. With a vested interest still at stake, the seller may work harder to ensure the transition is smooth and set the buyer up for success.
If you want to structure employment conditions into your sale, create an auction environment. Look for a business intermediary who has proven success at generating multiple offers. That allows you to maintain leverage in the negotiations.
With multiple offers, you can afford to choose the buyer that's right for you — whether that means highest price, deal structure, or a favorable employment contract.
The moral here is twofold. First, don't think you're going to walk away the day after the sale. Sit down with a business intermediary to understand the true timeline. Second, if you want to take advantage of the market premium but you're not quite ready for life as a fulltime golfer, you can sell now and maintain a long-term role in the company.

How to Know When Array Selling your Business is the Right Decision

Written by EditorsChoice
Sunday, 09 September 2007
It’s hard to know when to sell your business. Business is a flexible, ever-changing thing, and every person’s situation is different. In this article, we’ll deal with the two major types of sales. These are: The sale to extricate yourself from your mess of a business, and the sale to cash out on your business that is doing very well. Of course, there are many other situations. Perhaps you aren’t spending enough time with your family. Perhaps the company would be better off in someone else’s hands. At the end of the day, those are the top two reasons for business sales.

We’ll deal with the more positive situation first. When your business is doing very well, raking in revenue with a nice profit margin, you may receive an offer from a larger company that wants to acquire you. At this point, your business should probably have a few characteristics.

• You have a positive cash flow or are profitable
• You are in possession of something that sets your company apart from the giants in your field. This can be anything from a Fortune 500 client, or some invaluable intellectual property or patent. Whatever it is, it is difficult to emulate.
• Your business’ growth has not stagnated or dropped. Preferably, it is continually rising.

It is difficult to make the decision of whether to keep on rolling with your company or play it safe and sell it. You need to look at some data to make an appropriate decision. You also have to factor in your company’s stage in the business life cycle. There are three main stages when you can get the most value for your business, relative to the work you’ve put into it. Usually, a startup that is three months old won’t fetch a value as a company that is a year old, simply because there is more risk and less value in a startup compared to an established company.

The first stage is right after your company has obtained something that makes it unique. This will probably be early on in the life cycle. For purposes of this article, we’ll use an ecommerce store that sells books, such as Amazon.com. Amazon.com gained fame when it introduced its affiliate program. Amazon’s affiliate program was probably the first of its kind. Affiliate programs existed at that time, but Amazon improved the process tremendously, to the point where 90% of internet users had seen an Amazon.com affiliate advertisement. This was their key technology that couldn’t be emulated, because Amazon stuck a patent the idea. At this stage, the company was worth a lot more, just because of this one program.

The second stage where Amazon.com could have maximized their value was during its extreme growth stage. Suddenly, everyone woke up one morning and realized that they could get books for much cheaper at Amazon. This increased sales exponentially. If you have a large customer base, or if you have brand recognition to some extent, you are probably an attractive target for mergers.

The final stage was just before its IPO (initial public offering.) This stage won’t apply to many companies, simply because they don’t make it that far in the life cycle. However, just before an IPO, a larger company that has flirted with the idea of acquiring you will get serious, because they will lose an asset and gain yet another competitor if they don’t. If you’re business is in one of these stages, it may be wise to look at selling as a viable option. If not, just wait it out. The appropriate time will come.

Now we look at the more negative time of selling- when you are constantly losing money and your business is failing. It is pretty simple to identify that. Just look at your bank account. Is there more or less money than you started out with? (OK, we are exaggerating. Look at your profit and loss statement. If you have been losing money for a period of time and you don’t have a strategy in mind, you need an exit strategy.) Make sure that you aren’t just in a temporary slump, however. The large majority of businesses go through a slump at some time, and some of them make it through. If you think there’s a way to boost your sales, stick with the company. Remember that there are ups and downs in business. Maybe if you are persistent now, you could be a millionaire in the future.

2007 Business Expo Booths Now on Sale

The 2007 Business Expo on Wednesday, September 19 and Thursday, September 20, at the Savannah Civic Center is Savannah area's largest business-to-business trade show and will feature more than 100 businesses. By purchasing a booth at the Expo, you will be able to showcase your products, sell your merchandise and explain your services to more than 1,500 professionals.Booth purchasing information is as follows:· Standard Booth - $545·

Corner Booth - $645· Non-member price is $845Booth placement is based on a first-come, first-served basis. To get an Expo form, please visit www.SavannahChamber.com and download the form off of the home page. Fax your request to Mayra Lopez at 912.644.6498. For more information on the Expo, contact Mayra Lopez at 912.644.6459 or mlopez@savannahchamber.com.

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Retailers to deal with new company after sale of ChoicesUK

Independent retailers will be working with a new company in the future after it was announced DVD giant ChoicesUK has been bought by Webb Group Limited.

ChoicesUK called in administrators last month after it was thought to be saddled with debts of £13m.

However, a part of the company, which supplies thousands of products to convenience stores, has been bought by Webb Group Limited. The new business will take over the wholesale packaged entertainment business, which deals with independent retailers, and the online and mail order arm of the group.

The 139 ChoicesUK stores across the UK will however, continue to operate under the administrators, who are seeking a buyer for the business.Nick Cropper, joint administrator of PricewaterhouseCoopers, said: “The sale provides a secure home for the local and direct businesses, allied with strong management experience and capability.

“Our next task is to sell the retail business of ChoicesUK. We have now spoken with a number of interested parties and our priority now is to work hard to achieve a sale of the business as soon as possible.”

From: Businesses for Sale, Sell a Business, Sale a Business

Top 10 tips to sell your business

Over 500,000 entrepreneurs start a business every year, investing time and money to build their business to a successful level. Yet, when it comes to planning an exit strategy, independent business finance company, Bibby Financial Services (BFS), believes many owners aren’t making the necessary provisions to ensure a successful, profitable sale.

In order to help owner-managers avoid some of the pitfalls associated with selling a business and ensure that they get it right first time, David Robertson (BFS' Chief Executive) gives the following advice:

1) Get a game plan – planning the sale of your business at least 18 months in advance will help maximise the value drawn from the sale.

2) Set goals – be very clear on your reason for selling and write down each objective. These could include: setting a target price and date of sale, securing the jobs of your employees, minimising personal tax liabilities and ensuring the business has been correctly valued.

3) Seek guidance – choose advisors carefully, ideally those with expertise in selling businesses. Optimum support can be provided from specialists such as corporate finance advisers, taxation experts and corporate lawyers.

4) Prime for success – ensure key elements of the business are in order, to show it in the best possible light, including: having assets in good condition, making sure IT/Information systems are running smoothly and formalising verbal agreements with customers and suppliers.

5) Get your finances straight – exercise tight credit management and stock control to improve your working capital. Confirm provisions for bad debt are realistic and irregularities are accounted for. Coincide the sale with a newly completed set of audited accounts - this will help reduce uncertainty of profit for potential buyers.

6) Craft the Memorandum – the Sales Memorandum, a marketing document sent initially to potential buyers, should reveal hard facts and portray the business as attractive, illustrating its potential.

7) Target prospective buyers – anonymously approach around 30 potential buyers to gauge interest. Ensure your adviser has drawn up a confidentiality agreement, detailing all the hard facts relating to the terms of the sale, for interested buyers to sign.

8) Size up the offers – questions to be asking at this stage include: what your responsibilities and liabilities will be? How will the purchase be financed? Length of time for completion of sale? How will the business be run in the future?

9) Source the best deal – carefully play off prospects against each other to promote higher bids. Be prepared to negotiate.

10) Formalise the offer – agree Heads of Terms with the buyer. This will usually be subject to further due diligence.
Robertson concludes, "Whether starting a business from scratch, or taking over a business and growing it, owner-managers invest large amounts of time, effort and money, and selling is often an emotional and bittersweet experience.

"By keeping an eye on the prize, and ensuring the business is in tip-top condition for potential buyers, any owner can obtain the best price in a reasonable amount of time."

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