As a Business Transfer Agent, our role is more than obtaining the best value for our clients when we sell a business. We are the owners trusted confidant, sounding board and at times counselor. During the process, our clients take reassurance in the fact that the person they first met and developed the relationship with, is the same person they work with until completion.
To make the decision to “sell my business” is not easy and is an emotional step to take for the business owner. We help our clients through the business selling process, seeking a full understanding of their expectations & motivations, the business operation, what type of sale it is to be and then explaining all the steps that need to be taken.
The process can be lengthy and as our clients’ agent, we work behind the scenes allowing our client to run their business. We are dealing with enquiries, filtering out the non-genuine ones whilst actively seeking potential purchasers through phone calls, e-mails or a standard letter etc. We have numerous discussions with the enquirers detailing the key facts about the business, reviewing the financials and explaining the things they have probably not considered.
The next step is a viewing of the business for the potential purchaser, we are there to assist our client as it is now time for them to showcase their business. As we have taken time to understand our clients’ business, we can often lend a hand with answering questions from the prospective purchaser.
The next stage is the formal offer (subject to contract & due diligence), we are the conduit between both parties and act as the formal negotiator going back and forth until we have an agreement in principle.
The purchaser now conducts their due diligence and we communicate with the seller to ensure they are prepared. Once Due diligence is completed and the purchaser is satisfied, we then develop a document called the “Heads of Agreement” which details the outline of the sale/purchase and reduces the work for the solicitors. The “Heads of Agreement” can range from a simple one or two-page document to complex multiple pages one.
It’s now over to the solicitors to draft the contract, but our work is not complete yet; as we are in frequent communication with the solicitors to ensure things are continually progressing until the day of completion. On completion day we liaise with the solicitors to ensure all is in place up to the point the selling solicitor informs us the funds have been received.
To answer the original question, our work is detailed and complex as we are truly an extension of our client as we understand their business. We enable them to run their business while we are behind the scenes “Selling the Business”.