None of us want to spend money if it is not necessary, and the idea of saving a brokerage fee is tempting. In reality, you will probably lose more than you save. Trying to maintain strict confidentiality, meeting with and qualifying a surprising number Buyers or Lookers and knowing when and what information to share while continuing to manage and operate your business at its best can be overwhelming. At the same time, industry statistics confirm that over 70% of the buyers who contact a Business Intermediary about a business wind up buying a different business than the one they initially inquired about. The process of successfully transferring a business takes considerable time even for those of us who do it for a living.
In reality, our work is just beginning when we have a Buyer who agrees to the price and terms of the sale. We continue to work with the Seller to complete all the Buyer's Due Diligence items including review of all books and records, obtaining satisfactory lease assignments, etc. and removing all Contingencies of the Buy/Sell Agreement. We also work with the Seller's (and the Buyer's) Accountants, Bankers, Advisors and the Closing Attorney to keep the deal on track and moving smoothly toward the agreed Closing date.