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Serving Boston, Eastern/Central Massachusetts and Providence |
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Most frequently asked questions from prospective sellers: Read below for answers to these important questions: -Why do I need to use a business broker to help sell my business? -How will Goodman and Company help me get the highest price for my business? -Will Goodman and Company conduct a financial analysis of my company? -How does Goodman and Company maintain my confidentiality? -How does a business broker help me to negotiate price and terms? -Will a business broker have more access to buyers? -How does Goodman and Company qualify buyers for my business? -What advertising will Goodman and Company use for my business? -How will an asking price be determined for my business? Why do I need to use a business broker to help sell my business? There are many reasons. Most importantly a business broker is a business sales professional. While you may be an expert at running your business, what do you really know about the ins and outs of selling a business? Do you have a long list of prospective buyers? Do you have a strategy to get the highest price in the market place for your business type? Are you an experienced business negotiator? Do you know how to structure the agreements to assure yourself of the best possible outcome? How will you protect your confidentiality? A Goodman and Company professional business broker is trained to handle all of these situations and more! How will Goodman and Company help me get the highest price for my business? Goodman and Company Business Brokers is committed to helping you obtain the highest price the market will pay for your business. Locating and negotiating with just one prospective buyer at a time will never yield the result you need. We create competition among our many active buyers. When buyers know there are multiple buyers looking at the same business, they will negotiate with a sense of urgency and pay a higher price for your business. The additional money that an experienced broker will obtain for your business will significantly exceed the cost of the brokerage services. Will Goodman and Company conduct a financial analysis of my company? Yes, and at no cost to you. We spend a significant amount of time reviewing the financial information from your tax returns, profit and loss statements and also through an interview with you. We use this information to determine the real 'cash flow' of your business. Ultimately all businesses have a value which is based on how much money the company earns. By detailing this information clearly to the buyer, we can justify the asking price of your business. Your accountant's job is to reduce your tax liability and prepare your tax returns to make you appear to be the 'least' profitable possible. We do the exact opposite by reconstructing your financial information, (your tax returns and your income statement), to show you in the MOST profitable way we can. Of course, what we provide must be true and not unfairly mislead the buyer, but demonstrating the TRUE profit your business makes benefits you and your buyer alike. How will Goodman and Company maintain my confidentiality? Confidentiality is extremely important when selling a business. As a business owner trying to sell your company, you should be reluctant to expose your business information to ‘strangers’. At Goodman and Company we screen all potential buyers and have buyers sign confidentiality agreements before we reveal anything about your business. We'll only reveal your company name and location to the most 'serious' buyers that we feel have the ability and desire to buy your business. Maintaining the confidentiality of the sale benefits the seller and buyer alike. Our goal is to have your employees, customers and suppliers find about your business sale AFTER the closing. We go through great lengths to protect your confidentiality. How does a business broker help me to negotiate price and terms? Using an intermediary/broker to negotiate price and terms ALWAYS results in a more favorable outcome for the seller. When buyers negotiate with you in person they can look you in the eye and see your reactions to their statements, extract 'free information' from you and study your body language to make a better deal for themselves. Buyers can pester and annoy you and interfere with your business when their access is not restricted by a business broker. A broker/intermediary is ALWAYS beneficial to a seller during negotiations for your business. Our pledge is to get the best price and the best terms possible when selling your business. We represent YOU in every way. We have a good sense for what buyers are willing to pay and how to get it so that you receive a fair offer for your business. If you aren’t experienced at this how will you negotiate a deal on your own and expect to be happy with the result? Will a business broker have more access to buyers? Goodman and Company maintains list of hundreds of potential buyers bringing you the maximum exposure for your business. Its all about the numbers! The more buyers that we can simultaneoulsy attract to your business, the higher the price you can expect to receive. Does Goodman and Company qualify buyers? Once we have interested buyers it is important to qualify them. In other words, we need to find out if they have the intent, the experience, and most importantly, the money to make a deal. We make sure that they have the ability to complete a deal before we waste any of your time. In certain circmstances we will run a credit check on the buyer to make sure he has the creditworthiness to do business with you. What advertising will Goodman and Company use for my business? We advertise your business (anonymously, of course, to maintain your confidentiality) on multiple online business-for-sale websites, at no cost to you. Your business-for-sale listing will be seen by hundreds of prospective buyers, all in complete confidence. We know what buyers are looking for and we market your business accordingly. The key is to get your business exposed to as many potential buyers as possible. Once a buyer is interested enough to contact us, we will qualify them to make sure they have the ability to get a deal done before we introduce them to your business. How will an asking price be determined for my business? You may have your own opinion of the value of your business, and we will advise you based on what we think using our financial analysis and our knowledge of the market for your type of business. By working together with us, YOU will decide on a price that will get the most for your business. Your profitability, competition, the overall market for your business type and your desired time frame to complete a sale will guide you to make this very important decision. Still have more questions? Please contact us. We are happy to discuss all of your concerns. Phone: 508-395-1988 or 617-444-9655 Fax: 978-440-8985 Email: peterg@goodmanonline.com |
