Sell a Business

Business owner looking to sell their business

Sell your business confidentially with Hoff Business Advisors. We have over a decade of experience helping business owners from all industries sell their business successfully and confidentially. We begin by working together to understand your business and determine a fair asking price. We then confidentially market your business to our extensive buyer database and through our business for sale marketing platforms. We manage everything for you from creating a professional marketing packet to communicating and screening potential buyers, managing the offer to purchase, transferring the lease, and drafting the closing documents. If you are interested in selling your business call us at 319-499-5300 for a no cost confidential consultation.

We work on Commission Only:

We work on commission, which means we get paid when we successfully sell your business. There’s no fee to consult with us so please give us a call and let’s talk about your business and we’ll answer any questions you have.

100% Confidential Service:

We protect the confidentiality of your business so that your customers and employees never know the business is being sold. We pre-screen buyers and require all buyers to sign a confidentiality agreement before introducing them to your business.

We have over 20 years of experience and have sold 100’s of businesses including;

  • Pharmacies
  • Healthcare
  • Manufacturing
  • Trucking & Logistics
  • Distribution & Wholesale
  • Convenience Stores
  • Liquor Stores
  • Restaurants, Bars
  • Storage Facilities
  • Retail & Service Businesses
  • Hotels & Motels
  • Franchises
  • IT & Technology

How much is my business worth?

Contact us for a free opinion of value on your business. We use our experience and industry comps to help determine the best overall value you can get for your business if you decide to sell it. Most importantly, we will be straight with you on the valuation and give you our honest assessment. Call us at 319-499-5300

Selling Your Business Through Hoff Business Advisors

 

Step 1) Personal and Business Introduction:

Following our initial conversation, we will get a chance to learn more about your business and help answer any questions you have on the sales process. We will keep our conversation 100% confidential and will never discuss anything about our conversation without your permission.

Step 2) Identify and discuss your goals:

We will discuss what your goals are so we can understand what you need to achieve out of the sales process. This may include financial goals, employment for yourself or existing employees after the sale, preferred buyer targets, and much more.

Step 3) Valuing your Business:

We will help determine a fair market price for your business. We are not certified appraisers, however we use our experience in mergers and acquisitions and industry comps to help you determine what an estimated fair price is for the business. We provide this service for free, however in some cases we may recommend a 3rd party appraisal.

Step 4) Fee Quote & Marketing Engagement:

Once we’ve determined a fair value for your business, we will provide you with a fee quote for our services and a marketing engagement agreement.

Step 5) Marketing Packet:

We will create a professional marketing packet that will be used to outline basic information on your business to pitch to prospective buyers. This marketing packet is only given to buyers who have signed a Confidentiality Agreement and have shown they meet our financial requirements.

Step 6) Identify Prospective Buyers:

We will search our contacts and industry resources to determine potential acquisition partners for your business and then reach out to those contacts to determine any potential interest. Once buyers have shown interest and signed our confidentiality agreement, we will provide them with the marketing packet and begin discussing your business in more detail.

Step 6) Advertising the Business for Sale:

We will confidentially market the business for sale using only the industry type, region, and very basic information about the business. No information will be given about the address, or business name, until a confidentiality agreement is received from the prospective buyer.

Main Street Businesses:  If your business is classified as a main street business, or a business with less than $5,000,000 in annual sales or $500,000 in Annual Income, then we will confidentially advertise basic information on your business on multiple business for sale platforms that we advertise on. The information advertised will be basic in nature and will not disclose your business name or anything about the location where it can be identified as your business.

Middle Market Businesses: If your business is classified as a middle market business, or a business with more than $5,000,000 in annual sales or $500,000 in Annual Income, then we generally use a more targeted strategic buyer search to locate the right buyer for your business all while maintaining your confidentiality.

Step 7) Employee and Customer Confidentiality:

As part of the confidentiality agreement every buyer signs, no prospective buyer is allowed to speak with existing customers or employees regarding your business without your permission.

Step 8) Communicating with Potential Buyers:

We will communicate and screen potential buyers on your behalf so you can focus on the day-to-day operations of the business. Once buyers have shown a genuine interest, we will provide them with more information and answer any questions they have on the business.

Step 9) Offer Negotiation:

We will present any and all offers a buyer makes on your business, and will help you negotiate the best terms available based on your overall goals.

Step 10) Closing Process:

We will manage the due diligence and closing process by working directly with the buyer, their financial institution, and both the buyer and sellers attorneys to ensure a smooth transaction.

Frequently Asked Seller Questions:

How do I best prepare the business for sale?

Provide Hoff Business Advisors the following items from the beginning to help improve the success in selling your business.

  • Year to date P&L statement
  • Last 2-3 tears P&L statements or preferably business tax returns
  • Lease Agreement
  • Asset List of all major Furniture, Fixture, & Equipment
  • Estimated inventory count at cost
  • List of any Bank loans or outstanding tax obligations

Do I need to keep the sale confidential from my employees?

Yes! It is extremely important to keep the sale confidential from your employees and customers all the way up until the closing date.

Training Period after the sale: 

The typical training period for a seller after the transaction is anywhere from 30 days on up to 1 year. With larger transactions, generally we can negotiate a consulting or employee agreement as apart of the deal to help you transition out of the business and continue to get paid for your time. Longer-term employment following the sale can also be negotiated based on your individual goals.

Is Seller Financing Required?

Seller financing is negotiable but is entirely up to each seller. We recommend that sellers offer some seller financing to help with the goodwill of the business and show faith in the business. Seller financing can also help the buyer afford to purchase the business and in many cases the seller will actually get more for the business than they may have in an all cash deal.

Who pays for the closing costs?

To help keep costs down, we generally draft the closing documents including the asset purchase agreement, bill of sale, promissory note, etc at no cost and as part of our service. We do however ask that you have your own attorney review the documents to make sure you’re protected. If you have your attorney review them then you’ll probably have a small fee with your attorney for that service. If there is real estate involved in the transaction, then the real estate portion of the sale is handled through either the buyer or sellers attorney or a title company, and there will be general title transfer fees involved.

We want to help you sell your business:

Please contact us at 319-499-5300 with any questions. We are happy to help answer them.