Selling a business is not like selling real estate. Confidentiality is imperative in these transactions. A seller does not want employees, suppliers, and customers/clients to be aware of a possible sale. The sales process also cannot distract the owner(s) from managing the day-to-day operation of the business. Everything must continue to run efficiently as it has been, as this is the reason the business has value in the first place.
It is important that sellers do their own due diligence on a prospective acquirer to make sure that the acquirer can complete the transaction if both sides are in agreement on terms and conditions. The seller has most likely retained a professional intermediary, paid that firm a retainer, retained legal and accounting professionals, etc. Since the potential acquirer will want to do his or her own due diligence, it is important that the seller do so also.
Part of this due diligence is making sure that you have a business broker that can help you handle the rigamarole on your end and get the best possible value. Contact Moshe Hazout at Transworld Business Advisors today!