Preparing to Sell Your Business

At VR we are acutely aware of what it takes to sell a business.

Preparing the seller and aiding in the arrangement of the business to achieve the maximum return on investment are two important roles of the professional intermediary. Owners sell their businesses for reasons stemming from retirement, partnership disputes, personal relocation, family concerns, the desire for change, illness or to enter another business venture. Knowing the reason for the divestiture aids your VR professional in structuring the most advantageous transaction. VR turns to its professional alliances to help you seek the appropriate tax strategy, succession plan or investment strategy to again help you maximize the benefit of the sale.

VR has identified specifics needed in order to aid a successful transaction:

• Having provable books and records increases the numbers of potential buyers
  Buyers want proof of sales and profits the business has attained in the past
   
• Expectation of a reasonable price and terms
  Educated buyers only consider competitively-priced businesses
   
• List of assets including furniture, fixtures and equipment
  A complete inventory that can be referenced during inspection
   
• Attractive lease
  Knowing the terms of assignment or of a new lease
   
• Best possible appearance
  Having the business premises neat, clean and in good repair
   
• Valuing the business properly
  An appraisal on the business creates a document that proves value to the buyer and shows the business to be competitively priced
   
• Covenant not to compete
  Preparing the terms of non-competition within an appropriate distance and for a reasonable period of time
   
• Reason for sale
  Buyers will want to understand the reason for sale and be comfortable that there is not undisclosed information that could negatively affect their investment in the future
   
• Time is of the essence
  Be prepared to move forward when a qualified buyer shows interest in the business