As of our last article, you should have been able to take the necessary steps for getting the best selling price for your business. On the last part of this series, we will deal with acquirers and what you need to know to determine whether they are a fit for the sale of your company or not. How does this help you? Two ways. First off, if you have a lot of buyers and you plan to retain some sort of involvement with the business even after it has been sold, you’ll want someone who is a proper fit so as to avoid any headaches caused by incompatible directions between the new and the previous owner. Second, in case you have no buyers yet, you can use this to pitch the sale to a company who you think will benefit from the acquisition of your company.
Here are a few things that you need to know. Is their direction the same as yours or, at the very least, it their direction something you can be okay with? What you have established in your current company should, ideally, be able to meld well with the new company so as to maximize EVERYONE’s investment. Another thing is how they are with their acquisition payments. How long until they have paid you for the purchase in full? Sure, they can promise you specific timelines but it would do you well to look into their previous transactions as well and how those went. If they check out, then you have your green light to sell.
Lastly, be sure to talk to them. A little 1-on-1 with you asking the right questions should also help you get a better perspective on the sale and the buyer.
About Brightblue Transition Solutions
Located on Vancouver’s North Shore we are the premier business broker in the lower mainland, contact us if you need any help buying or selling a business in the greater Vancouver or lower mainland areas.