We’ll help you every step of the way.

We understand that the process of selling your business can be daunting for you, and with good reason. It’s not something you do every day, and you are planning to sell a business that has been the fruit of your hard work and time. It is natural to feel concerned about getting the value your business deserves. To make selling your business work, you need to be well-informed as you make decisions. On this page, we detail commonly asked questions that you may be interested to know the answers to. Please feel free to browse below.

What Are the Steps at Selling a Business?

Listed below are the general steps our broker will guide you through in the process of selling your business:

  • Help you identify the goals you expect to meet with the sale of your business.
  • Market the sale of your business confidentially. Your employees, customers, and competitors will be unaware that your business is for sale.
  • Screen potential buyers before presenting them to you.
  • Work with you to arrange meetings with potential buyers (this may include evenings and weekends).
  • Begin negotiations between you and the potential buyer when both parties feel comfortable proceeding. Your broker will also help you evaluate each offer when trying to sell a business with his or her knowledge of current market trends, financing matters, and business law and terms.
  • Manage the negotiations, keeping your interests in the forefront, until an acceptable deal is agreed upon and closing legalities are finalized.
  • Work towards your complete satisfaction in every facet of the successful sale of your business.
  • A more detailed outline of how to sell a business with Century will be provided.
What Can I Do To Help Sell My Business?

As we start the process of selling your business, you can help us make dealings successful by:

  • Maintaining normal working hours
  • Ensuring the accuracy of your financial records, including your assets or liability levels, business expenses, and revenues
  • Keep business as usual. Make sure that your inventory level does not drop below normal
  • Keep your business clean and in good condition
  • Remove items and furniture that will not be included in the sale
  • Provide us the information we need in a timely manner
  • Be accommodating and to potential buyers during the meetings
How Does Century Guide Me In Valuing My Business?

Your Century advisor will typically help you in determining the value of your business and establishing an asking price. Your broker will explain the costs and benefits of such a valuation process during your initial meeting.

Century advisors typically adhere to a 10-step process in managing business sales transactions; however, we may modify this process based upon the nature of your business or local market conditions. When you meet with one of our advisors, he or she will be delighted to provide you with a detailed explanation of the entire marketing process.

We first market your business to our large database of qualified buyers. To sell a business, we advertise on the Internet via several other business listing websites, giving your business exposure to thousands of potential buyers. Many buyers will relocate for the right business. We may run “blind” advertisements in the business opportunity section of the local newspaper. To ensure your confidentiality, all marketing excludes any specific identifying information on your business.
Confidentiality is necessary and critical.

What Types of Offers Should I Expect To Receive When I Sell?
An astute buyer is going to structure the initial offer to ensure that they get the best possible price and terms from you. Therefore, you should expect to receive a low initial offer. This is normally just an initial offer to “test the waters.” It’s the first step in the negotiation of an appropriate purchase price for your business. All offers will contain some important contingencies, including a review of the financial books and records of the business, obtaining a satisfactory lease and agreement on training and transition periods. Other contingencies specific to your business may also be included. Contingencies are normal and provide the buyer with the opportunity to verify the information presented in the marketing materials. Our job will be to minimize the contingencies.
How Long Will It Take To Sell My Business?
There are many factors (i.e., asking price, the buyer’s ability to secure financing for the purchase of the business, the business’ location, local economic conditions, the nature of the business) affecting the length of time it takes to sell a business. Consequently, there are wide variations in the amount of time required to sell a business (in some cases, weeks or years). That said, a selling period of three to six months would be average.
How Will I Be Protected If I Finance the Purchase?
The closing escrow agent can prepare a promissory note, a security agreement and will file a UCC-1 financing statement with the appropriate state and local agencies. It is much like financing a car – the lien can be recorded in the public records, and the assets listed on the UCC-1 can not be legally sold or refinanced without your permission.