Imagine the scenario: you receive a call one day, and the person on the line offers to buy your business. You had not been planning to sell at the time, but now that there is an interesting offer on the table your wheels begin to turn. You are intrigued, and you wonder where this might lead.
End the call immediately.
Even if you are extremely interested in the offer, it is wise to hang up the phone and take control of the process. If you engage with the prospective buyer from this position, they are in control. Perhaps this call awakened a legitimate interest in selling. You owe it to your life’s work to remain in the driver’s seat of your exit, ensuring that it remains intentional, structured, and controlled.
How do you take control of the process?
Contact a reputable brokerage firm or Mergers & Acquisitions firm to request an initial consultation and valuation. At Viking M&A, we offer a no-cost, no-obligation, introductory consultation where we learn more about your business and its unique attributes. We also tell you about what we do, how we do it, what it costs, and what you can expect in the process.
Everything we discuss is completely confidential, and afterward, we perform a complimentary business valuation to show your business’s range of value. Additionally, we include pre-screening with a lender to ensure your business meets current lending guidelines. This initial meeting provides you with a wealth of information and actionable insight.
Why market the business if you already have an offer?
Next, even if you have already received an offer, your business broker or advisor will begin confidentially packaging and marketing your business for sale. Why? In order to ensure that you reach a successful closing at the best price for your business.
For example, once you engage with Viking, we begin creating a summary profile that provides pertinent information about your company’s greatest assets and differentiators without disclosing any sensitive information. (Confidentiality is extremely important during the selling process.) We then use this profile and other materials to market your business through various strategic channels, as well as to our own network of thousands of prospective buyers.
Marketing your business to a wide and qualified audience results in a higher likelihood of attracting multiple offers, and multiple offers are a positive reflection on your business’s desirability. Although multiple offers result in a more complex negotiation process, with the representation of an experienced business advisor, there is a greater chance of your sale reaching a successful closing at top dollar on your terms.
Have you received an offer for your business? Are you curious about the process? Put yourself in the driver’s seat, and contact us today for a no-cost consultation.