TITLE: Information a Business Broker Needs to Help You Sell Your Business
If you are considering selling your business, then you’ll likely be working with a”Business Broker.”
When you start your work with them, he or she will ask you many questions about your business and your goals. There are two primary reasons they ask so many questions:
Your business broker needs everything that is relevant to the business buyer. This speeds up and makes everything work more smoothly and ensures that the buyer won’t will agree to the terms more readily.
They will also need the details for the marketing of your company.
To be ready is to succeed. The goal is to get it all prepared from the get-go before the buyer, bankers and investors ask for the information. This is how they’ll make sure that the process runs smoothly, and it’s how they make sure that you come away with the best deal, and that they come to closure on the deal.
What You’ll Provide About Your Company
What you see next is a partial outline of the information you’ll provide about your business when your broker gets things rolling.
Company Organization and History
The complete history and timeline of your company
How your business is structured, and the ownership
Your latest organization chart
A list of your key people, any issues you might have about your employees, and what these people do on a day-to-day basis
Information About Your Services and Products
Make a copy of your main services and products
Write a total description of these products and services
Now, write the timelines of these same products and services
And prepare a analysis of the competition
Get all your licences, patents, etc. lined up
Make sure that you’ve got your product delivery mechanisms well-defined
Put all your warranties accessible
And, make a complete analysis of your technology
An Overview of Your Industry
Write a summary of your industry
Talk about the different trends that are going on in your industry
Articulate what you see for the future of your industry
Describe the demographics of your industry
Talk about the general issues of your industry
Understanding a bit about Your Customers
Who are your primary customers?
How do they pay you?
Have you recently lost any primary customers?
What new major customers have you added recently?
What is the buying cycle of your primary customers
Getting the scoop of your Sales and Marketing
Let your broker see your sales and marketing plans
Provide a detailed description of your marketing and sales process
Discuss your sales force with them
What type of advertising and promotion do you do?
Describe your distribution channels in full.
What About Your Competition?
Who are your most significant competitors?
Will your primary accounts jump ship?
How do you think your competitors will react?
And, There’s More… You’ll also provide details about:
Your Suppliers and Vendors
Your buildings and facilities
All about the equipment you own
A ton of information/data about you
And, finally, you’ll give them detailed data about your business, financial records, and inventory
Summary
As you can see, the data investigation goes both deep and broad. When selling a business, your business broker will try to make the process easy, and that requires as much information about your business at the beginning as possible. This guarantees that the buyer will have all the data he or she needs to breeze through the due diligence process and will come to closure more quickly.
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Article Source: http://EzineArticles.com/expert/Sid_Smith/25430
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