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Selling Your Business – A 10 Step Process with our Tampa Business Brokers

  1. Contact us to schedule an appointment with one of our sales professionals.
  2. Gather any documents requested by your sales professional prior to your appointment.
  3. During your appointment with us, we will ask a series of questions that will help us develop clear understanding of your business. This will aid us in determining the best approach for obtaining buyer interest in your business.
  4. Your agent will determine the Market Valuation (or price) for your business using First Choice Business Brokers’ proven methods that include discretionary income and expenses.
  5. Sign our listing agreement that authorizes First Choice Business Brokers to represent the sale of your business.
  6. Pre-approval by seller of business listing, marketing and advertising, and any potential terms that may be offered.
  7. Your FCBB Agent will manage Buyer inquiries and the pre-qualification process which includes the signing of a NDA (Confidentiality Agreement)
  8. Once an appropriate Buyer has been found, your FCBB Agent will arrange a meeting.
  9. Your Agent will assist in the creation, writing, and presentation of offers and any subsequent contract negotiations
  10. Your FCBB Agent will manage the entire transfer timeline, from offer acceptance to closing of the deal.

Seller's Frequently Asked Questions (FAQ's)

Why should I use a Business Broker to sell my business?
Any Business Owners who have sold their business in the past is likely to tell you that the entire process is a long and stressful one. In fact, selling it yourself can potentially damage the value of your business by taking your focus and attention away from the day to day operations that your business’s success is dependent on, during a critical time when you should be focused on increasing – or at the very least maintaining – your business. When a professional business broker from our office in Tampa assists you in the selling process, it can pay off in more ways than simply improving the price you obtain from the sale. A business broker will properly value your business, utilize their network of existing buyers and obtain a larger number of new buyers, maintain your confidentiality, and assist with the closing transactions, all while allowing you to continue to focus on running your business rather than distracting you from what’s important. The most common mistake we see potential sellers make in today’s market, is drawing a comparison with selling their business to selling real estate.

Why First Choice Business Brokers?
First Choice Business Brokers was established in 1994, and has quickly grown into one of the largest Business Sales Organizations in the USA with more than $4 Billion in businesses listed for sale. Our experience has since then been unsurpassed, and our offices located throughout the U.S. employ some of the highest trained Business Brokers in the industry. For many entrepreneurs, First Choice Business Brokers is the “Clear Choice” when it comes to choosing a Business Brokerage to represent their business. As experts in the field of business evaluation, business sales, and business marketing – we have the knowledge and experience necessary to satisfy both buyers and sellers alike.

How my business for sale is kept confidential?
Much unlike the traditional approach to sales, businesses do not display a “For Sale” sign like those commonly seen for home or commercial real estate. The sale of a business must be kept confidential; all buyers are required to sign a NDA (called the Buyer Confidentiality Agreement) prior to the release of any detailed information about the business that is being listed. This aids in preventing employees, suppliers, customers and competitors from discovering that a business is listed for sale and pending a transfer of ownership.

How will my business be advertised?
First Choice Business Brokers lists your business on the highest rated websites that are specific to your area, as well as websites that cater to national and international audiences. Other mediums of advertising may be employed based on your individual type of business.

How do I know how much my business is worth?
Our proven methods of both valuing a business, and marketing a business will provide the best possible position to sell. As some of the highest trained professionals in the industry, we understand exactly how to get the most for your business AND find a qualified buyer in a timely manner.

How long will it take to sell my business?
On average, a properly priced business tends to sell in roughly 90 days – however this time frame can vary greatly based on factors like the income that your business provides and the difficulty of proving that income, the type of business, terms offered and even the area in which the business is located. Your local Sales Professional will provide you with more detailed information about your local market.

Will Buyers be visiting my business?
After signing the NDA (Buyer Confidentiality) agreement, a review of initial information and expression of further interest in your business, your FCBB Agent will coordinate and schedule a meeting for the Buyer to view your business at a time that is appropriate for your type of business.

How do Buyers write offers to buy my business?
Often, a buyer looking at your business will be represented by a Business Broker that will provide assistance with writing an offer that clearly expresses their price, terms, contingencies (if any exist) and any requests for further documentation that they may require. This offer will then be presented for approval to you by your FCBB Agent and/or the Buyer’s representative Agent.

Who will handle all the inquiry calls on the sale of my business?
Our Sales Professionals are trained to handle any incoming inquires, and will determine with buyers might be ready to move to the next stage in the process.

Who will handle the negotiations on the sale of my business?
Our trained Sales Professionals will handle the negotiations throughout the process of selling your business. We will help navigate and guide you through the entire process, from start to finish, at every step of the way!

How long will I have to train the person who buys my business?
This is point is negotiable, however we have found that, on average, most Buyers will request 30 days. The appropriate range of time required for training will vary based on the type of business, with some requiring only one or two weeks of training, while others that are more complicated can take a longer period of time to familiarize the new owner to its operation. If longer periods of time are required, we often see Sellers negotiate a consulting fee that takes effect after a certain length of time.

After I sell my business can I open another one at some point in the future?
All Buyers will request that the seller sign a non-compete agreement that is specific to a certain area, or a certain period of time.

Will I need to finance part of the purchase price of the business?
Although there is no requirement for you to “carry paper” on your business – in today’s market it is very common for Buyers to ask the seller for some type of Seller Carry Note, which from a realistic point of view, opens up your business to a larger pool of Buyers.

When should I notify my employees that I am selling the business?
Even though you may have a very close and personal relationship with your employees, it has been proven time and time again that the best time to break the new to your employees is when you are also introducing your employees with the new owner(s). This may be a challenge for you emotionally, however are experience dictates that the best practice is silence. Of course, the exception to the rule would be if a “key” employee is involved in part of the negotiation in order for the Buyer to continue to employee them after the sale has been completed. In these cases, advanced notice may be required to this employee and this employee alone.

Will my First Choice Agent qualify the Buyer by checking their credit?
At First Choice Business Brokers, we do not check the credit of a Buyer, however throughout the offer and acceptance process, you may request a copy of the Buyer’s credit report at your discretion. This is not usually asked of the Buyer, as the property owner or landlord will likely be the ones obtaining the credit report for them to review.