The Selling Process

When you work with Terry Altman, he is your intermediary along the entire selling process.

The decision to sell your business requires strategy in order to achieve the best results possible. Even after the decision has been made, the selling process can be complicated for an inexperienced seller, causing mistakes and ultimately a lower value. This is why it is important to have an experienced advocate on your side. Below, Terry outlines the steps he walks his clients through in order to sell at the right time and for the highest possible value.


1 – EXPLORATION

  • Motivation to Sell?

  • Am I Ready to Sell My Business?

  • Is Now the Right Time?

  • What will I Do After the sale?

2 – PARTNER WITH A BUSINESS BROKER? M&AMI? CM&AP? CBI?

  • Experience?

  • Training?

  • Certification(s)?

  • Continuing Education?

  • Affiliations? – M&A Source, IBBA, BBF

3 – BUSINESS VALUATION

  • Most recent 3 Years Tax Returns – Complete

  • Most recent 3 Years P&l and Balance Sheets  – By Month - Accrual Basis – Yr. Ending

  • Detailed Information About Business Operations – Employees, Management Team - - IP, Operating Structure, KPI’s, Value Drivers?

  • Direct Market Data Method - Range of Value - Most Likely Selling Price – Marketing Price – Marketing Process

4 – ENGAGEMENT AGREEMENT

  • Discussion

  • Review

  • Sign

5 – DEVELOP MARKETING MATERIALS

  • Complete Seller Questionnaire

  • Complete Asset List

  • Details, Details, Details

  • Pictures?  Movies? Literature?

  • Sign-Off on Teaser Sheet and CBR/CIM

6 – MARKETING

  • Listings on BBF MLS, BBS, BizQuest, IBBA, M&A Source AND OTHER WEB SITES

7 - NON-DISCLOSURE AGREEMENT SIGNED

  • Financial Profile from Inquirers

8 – CBR/CIM

  • Provided to Inquirer (Confidential Business Review) (Confidential Information Memo)

9 – BUYER/SELLER MEETING

  • Coaching before each meeting/telephone call

10 – OFFER PRESENTED – LOI/BBF Purchase Agreement

  • Coaching/Review/Responding

11 – OFFER ACCEPTED / OFFER COUNTERED / OFFER DECLINED?

  • Accepted = Contract, Countered = No Contract Until Buyer Accepts Seller Counter

12 – BUYER DUE DILIGENCE

  • Coaching/Guiding/Directing

  • Sign-Off on Buyer Due Diligence

13 - CLOSING