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Los Angeles: Selling a Business Tips
Selling a business?
CABB offers tips to get the most out of the sale

For Immediate Release – February 1, 2008
(San Jose, CA) – How a business is sold can make, or break, a business owner’s retirement. With so much of your financial future on the line, consulting a professional could mean the difference between a vacation home and a vacation weekend.

“As baby boomers look to retirement, a large number of businesses will be changing hands,” said Ron Hottes, president of the California Association of Business Brokers (CABB) and president of Business Team LA and Business Team SoCal. “Before that retirement can happen, the owner has to put their business on the market – a task that shouldn’t be taken lightly.”

During the next ten years, an estimated 65% of all small and medium-sized California businesses will be put up for sale. Less than a third of those businesses will actually sell. Why? “Often times an owner will think it’s easy to sell their own business so they don’t hire professionals to help with the sale,” explained Hottes. That could be a mistake. It’s no different than using a tax professional to do your corporate taxes as opposed to trying to do it yourself. Here’s why:

Business Continuity
Nationwide, it typically takes 6-7 months to sell a business, but it can take up to a year. You want to get the best price possible for your company and that means your business has to continue to function as usual. Maintaining the status quo helps make sure that employees feel secure and don’t contemplate leaving, and that clients know service and quality will be maintained. If you, as the owner, are working on the sale, you aren’t working on your business.

Confidentiality
Business brokers specialize in confidentiality; every business they sell is a confidential transaction. A broker acts on your behalf, allowing you to remain anonymous. This is particularly important if you do not wish your employees, banks or clients to find out prematurely that you are planning to sell. Employees may become worried about the security of their employment and clients may become concerned about quality and service. Using a broker helps ensure confidentiality.

Reaching qualified buyers
Potential buyers that are truly interested in the business can be hard to find. Business brokers have the contacts and resources to reach a large base of qualified buyers for the best sale price possible.

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Selling Your Business – page 2

Your broker will have the contacts and ability to reach thousands of potential buyers, which means you’ll be able to find those who are specifically interested in purchasing a business like yours. The potential buyers will be screened and determined to be financially and operationally capable of buying your business. This is an important point because you want to make sure that those who are looking over proprietary information about your business are capable of purchasing it and are seriously interested.

Marketing
In order for a business to sell, it must be packaged properly and make economic sense to buyers. A Business Profile and/or a Confidential Business Review are tools that a broker uses when promoting the sale of your business. A Business Profile is a single page marketing piece and its purpose is to present all the important details about your business: its basic financials, your facilities, your employees and an upbeat verbal description about your business. It is easy to read and in plain language. The elements of a Confidential Business Review are more detailed and similar to what you might find in a business plan that is prepared for a bank.

Evaluation and Pricing
Potential buyers want to see an asking price that makes economic sense when searching for a business. Brokers know how to evaluate and price a business. It’s not guesswork.

Experience
A Business broker has the experience to handle the sale of your business in an efficient and professional manner. They know the procedures, the forms required and the proper methodology to protect you during the sale process. An experienced business broker who has spent a number of years developing and understanding the current market and acquisition process can be invaluable in helping you sell your business.

“Selling a business is a major financial decision, often the biggest of someone’s life,” said Hottes. “It’s a mistake to go it alone. An experienced business broker can help you find the right buyer and obtain the best sale price possible.”
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The California Association of Business Brokers (CABB) is a professional trade association dedicated to promoting the growth and professionalism of the business brokerage community within California. CABB is the largest organization of business brokerage and merger and acquisition specialists in the state, with more than 450 members. Founded in 1986, CABB was organized to recognize the professionals of business brokerage, to help educate the public on the benefits of using licensed intermediaries and to establish a code of ethics for all members.

Use of the information from the California Association of Business Brokers is solely for informational purposes. The opinions expressed in this document do not constitute legal or financial advice.

Media Contact:
Susan Finco - Leonard & Finco Public Relations
(920) 965-7750 ext. 158

Business Team

Business Team
The Largest Business Broker in the Western United States
Matching Buyers & Sellers since 1981 • Buying and Selling Businesses Worldwide

Business Team is a unit of BTI Group and a member of the International Business Brokers Association and the California Association of Business Brokers. Business Team is the largest brokerage firm in the Western United States, with business brokers specializing in businesses for sale and selling businesses in Northern California, Southern California, Nevada, Missouri, and Washington, as well as, eCommerce and Internet businesses. Contact Business Team today!

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