At VR we understand the complexities of selling a business
VR “professional intermediaries” have been involved in the buying and selling of companies for over 35 years held company.
To achieve this goal, VR takes extraordinary precautions to ensure that every business is selling a business properly priced and has a sound financial structure.
VR works hard to ensure that they understand every business they represent.
VR will not knowingly misrepresent a business nor will they ever encourage a buyer to underbid the client’s price and VR operates on the fundamental premise that there can be no losers in the successful sale of a privately.
We begin with an interview to get to know you and your business. We will collect information on your company. Once we have evaluated all the information and determined a selling price we will proceed with the planning process. We will market your business through the advertising channels that are available to us through the VR Network and the I.B.B.A. We will proceed in a confidential manner with the search of any potential and suitable buyer, obtain the proper documentation, provide guidance through the due diligence and deal making process and finally, the closing.
The process starts with a preliminary, no-obligation meeting that is scheduled at the seller’s convenience, and usually at his place of business. General information is exchanged, so the Seller and a VR broker can become acquainted with each other and their respective businesses.
An opinion of value is then performed to provide the Seller with a recommended price he/she can expect to receive for his business. This includes an analysis of past business sales, the current market conditions and review and factoring of all of the data pertinent to the business being sold. The Seller and VR work together in establishing the asking price and terms for the business.
A contractual agreement is entered into between the Seller and VR Business Brokers. This allows VR the exclusive right to market the business. VR will act as the transactional agent for a specified time period, under specified terms and conditions.
The Seller and VR work together developing a marketing plan unique to the business.
The marketing plan is then implemented by VR through multiple venues including our own global network, many other business related websites, print and direct mail. VR then screens and educates all prospective buyers to minimize unnecessary exposure and disruption of the business and to insure the buyer can financially afford the business.
Once a buyer is screened and confidentiality is secured, VR will present the business, arrange meetings to show the business and solicit offers from the prospective buyers.
We encourage buyers to write a fair offer accompanied with an earnest money check. Our “offer sheet” form is proven over many transactions, protecting your interests as well as those of the buyer. We present the offer to you, along with detailed information on the background of the prospective buyer.
You may accept the offer as presented or leverage our expertise to help you structure a counter-offer.
Schedule a confidential appointment with our agent and develop your exit strategy and prepare your business for sale.
Once both parties agree on terms, we move to the “offer acceptance” stage. Nationwide, more than half of “offer acceptances” fail to progress to closing. At VR, our rate is much higher, because we work diligently to manage the subsequent critical steps.
Nearly all offers are contingent upon the buyer’s inspection and approval of many aspects of the business operation, such as financial records, equipment, contracts, leases, licenses, inventory, etc. The handling of this “due diligence” phase of the process is critical to ensuring a successful sale.
VR manages the due diligence process in a manner designed to make the buyer feel comfortable that all requests for information have been responded, while using the seller’s time and resources as efficiently as possible.
We delve for any buyer objections that can be addressed satisfactorily in the due diligence process. When needed, we work with the buyer on obtaining financing on competitive terms.
When external financing is involved, we assure that all lender or investor requirements are satisfied promptly. We work with the seller’s accounting, tax, and legal advisors to assure that the transaction is structured and documented properly while conforming to the seller’s objectives.
The Lease Assignment/ Building Sale can be a deal killer if not handled properly. We work with the buyer and your landlord to ensure a successful assignment or other transfer of the lease.
If you also own the real estate and want to sell that too, we can sell the whole package together or sell the real estate sale separately.
If there are equipment leases or loans that the buyer is to assume, we can work with the lender, closing attorney or escrow company to transfer those obligations.
Once the buyer is satisfied with the lease, inspections and other contingencies, the contingencies are formally removed to make the offer a binding one. We then guide seller and buyer through the closing process with a rigorous checklist to ensure that everything necessary to close the sale is ready at closing.
Another common sticking point in business sales is the amount and nature of inventory on hand at closing. We work with you to ensure this is not an obstacle. At closing, money, title and possession of the business change hands. With proper planning and preparation, this step will go smoothly so both buyers and sellers can celebrate and move on to the next phase of their careers.