Buying or selling a business is always fraught with more problems than anyone, buyer or seller, thought possible.
For the buyer, it is plunging money and resources into a new venture with sometimes hidden problems.
For the seller, it means opening up the business to unwanted scrutiny and perhaps worrying customers.
The selling process is a delicate task that needs to be done with caution and finesse. For buyers, the challenges are being afraid that there are untold problems.
These issues, coupled with many of the legal ramifications involved in buying anything, can make the process a difficult one to manage.
Five things experts say purchasers should do without fail are:
- Buy assets only with no liabilities.
- Do a thorough due diligence.
- Talk to the company's major clients.
- Leave some money in escrow for unanticipated liabilities.
- Use a lawyer at all times.
For sellers, some of the key checkpoints are:
- Making sure the buyer has the funds to make the purchase.
- Not proceeding in any due diligence without confidentiality agreements.
- Permitting client interviews only in the final steps to the purchase.
- Having a lawyer check all documents and do a background check on the buyer.
Many sellers turn to business brokers to make the process go more smoothly and to reduce possible risks. Business brokers typically act as intermediaries helping business owners confidentially market and sell their businesses.
A new site, using advanced technology has been announced. Called The 1% Business Brokers, it is a new website with enhanced capabilities. Their new platform automates all of the paper handling, including incoming and outgoing faxed agreements or contracts, and offers increased access security and tracking of all documents, such as business owners' information used in the sale of a business.
By charging a fee of one percent of the transaction price as their name indicates, 1% Business Brokers employs the same guiding principals to selling a business as higher fee based business brokers, thereby saving business owners often hundreds of thousands of dollars in fees that represent the owners' hard-earned equity.
"Our system empowers business owners by leveraging the marketplace to reach a worldwide audience of active business buyers while putting more money in the owner's pocket at close," commented Mark Huggans, national marketing manager for 1% Business Brokers.
To receive information by email directly from 1% Business Brokers regarding information to buy a business or to sell businesses, please visit online at http://www.1PercentBusinessBrokers.com or call 1-512-788-2900 for more information.