“Selling a business is not difficult, but that does not mean it is a simple endeavor. Far from it. In my case, selling the company I started almost 20 years ago, was not easy in the sense that I felt a part of me was going away for good. I can only assume that many parents feel the same way when a son or a daughter marries. You want to make sure they’ll be okay and that all parties involved are making the right decision. I talked to Andrew at W3 Business Advisors for quite some time before I signed on the dotted line and put my business up for sale. He also provided a few references and I talked to them as part of my own due diligence. I wanted to make sure I was hiring the right people, and that they would do what they said. Every reference I spoke with had nothing by praise for Andrew and Lenny, and at least two of them told me they moved fast and efficiently. So I listed my company with W3, not really expecting much to happen for at least a couple of months.
Well, after the business was listed, we had a few inquiries almost immediately, with one of them being very serious from the very start. And so, in less than a month, I had a Letter of Intent presented to me. The offer was close to the asking price which, Andrew and Lenny helped me determine. Pricing a business properly is one of the most important things a seller can do. Yes, we all have crazy notions as to what we’d like to get for our companies, but if the price does not make sense financially, the listing will be an exercise in futility, and I am glad I listened to them, and the interest it generated was proof that we had come up with a fair price.
I also feel very fortunate that the buyers were nice and friendly folks, which made this transaction even better. Developing a rapport from the beginning is key. Remember that the sale is not complete until after the transition is complete, so having a pleasant working relationship between seller and buyer is very important. In sum, to properly sell a business, you need a good team of professionals that will possess the experience and knowledge to insure everything is done properly and to the benefit of both parties, and I am glad that I had Andrew and Lenny, as well as the rest of the team at W3 Business Advisors in my corner.”