You own a business. You wear many hats and are constantly juggling priorities. You have an attorney and an accountant as trusted advisors. For most business owners, the thought of selling your business is overwhelming.
We understand as we work with business owners who initially feel overwhelmed. Our job and our passion is to quarterback the process from start to finish so you are not overwhelmed, but instead informed and supported every step of the way.
Recent research of business owners reminded us of the value we offer business owners every day: our commitment and passion for helping you achieve your goals so you can move on to the next phase of your life.
Research Findings from 500 Business Owners:
The International Business Brokers Association (IBBA) commissioned a large quantitative survey of business owners to assess their understanding of business brokerage and their needs during a sale. BayState Business Brokers is a member of the IBBA and Principal Sarah Grossman is a member of the Board of Governors.
Phase 1 of the research findings targeting 500 business owners with revenues from $500k to $5mm and geographically dispersed and across industries revealed key findings.* One finding spoke to the emotional aspect of selling; particularly the importance of the business continuing and the emotion of deciding to sell something that has been deeply personal, akin to raising a child.
When considering selling one’s business, the research revealed that business owners think most about:
- Getting the highest price
- Knowing the sale is done correctly
- Ensuring the business continues to operate after the sale
- Feeling they have done the right thing
A Business Broker Can Make All the Difference
While business owners have other trusted advisors, a business broker provides important knowledge and expertise that other advisors may not have. A good business broker works hard to deliver on the above four concerns that business owners have when thinking about selling.
At BayState Business Brokers, we embrace the role of a quarterback, working with your attorney and accountant, while facilitating and coordinating with others including bankers and business valuation professionals. If you are considering selling your business, a business broker does not replace these other trusted professionals. A business broker brings to the table industry knowledge to effectively package and market your specific business and, in our case, a proven process to market your business effectively including leveraging our vast contacts of individual buyers, industry buyers and private equity investors.
The Power of Process
We completely understand it can be overwhelming to think about selling your business. If you are starting to think about it, we recommend you speak to business brokers to start the process. Gathering information reduces stress and we are happy to answer questions about how the process works, what our role is and speak to the industry expertise we have across our team of experienced business brokers. It is always our goal to match you with one of our business brokers who brings the industry knowledge to effectively market your business and target prospective buyers best suited to achieve your goals.
At Bay State Business Brokers, our process starts with discussing your goals, as we best serve you by first understanding your motivations and your concerns. Our tagline, ‘Your Goals Fuel our Passion’, speaks to what the research report revealed: business owners who are thinking of selling their business have many goals for the sale in addition to getting the highest price. Our proven process starts with discussing these goals so we are aligned, and we can market the business effectively, attracting buyers who will enable these goals to be achieved.
Selling a business takes time and involves many steps including valuation, assessing the fit of the prospective buyer, negotiating, due diligence, financing and defining the transition process. The good news is the process is all part of our expertise and our comfort zone: we will lead the process and guide and support you every step of the way.
Recommendations if you are thinking about selling
Below are a few recommendations to help you take initial steps to help you decide if you want to sell.
- It takes time. Selling a business could take a year or longer. Start preparing for selling a few years in advance. Read what matters most to potential buyers here.
- Research business brokers and learn more about the IBBA as this is the largest group of business broker professionals in the world. This is a useful resource to learn more about the role of a business broker as well as business brokers who have distinguished themselves with top certification in the industry, including our Principal, Sarah Grossman.
- Speak with business brokers to assess fit and comfort level and express your concerns. A good business broker will be a good listener and advisor.
We welcome the opportunity to speak with you about selling your business. Our proven process, reputation and track record speak to our integrity and commitment to helping business owners sell their business and achieve their goals.
Read a case study or two to get a feel for who we are and how we operate.
Your Goals Fuel Our Passion.
*The International Business Brokers Association (IBBA) commissioned Mindspot Research, a global full-service research company based in Orlando, Florida to complete a two-phase quantitative and qualitative research. The data referenced is from Phase 1 research that collected data from a statistically reliable sample of 500 Small Business Owners.