Approximately January 2012, I decided to try and sell my company that I had owned for 23 years. I ran a couple of ads in a trade magazine and received a few inquiries. I had no experience or expertise in how to price my company, but I had spoken to a few prospective buyers previously and they gave me an idea of what they thought the business was worth. I came to an agreement with a couple of buyers but the further we got into the process, the more things came up that made me change my mind about selling the company and I called the sale off.
Last summer I decided again to try and sell my company, but to utilize a business broker this time. I contacted three local business brokers anonymously via email. The only response I received was from Jay Lehenbauer with Apex Business Advisors. After a few more anonymous emails I called Jay on the phone and we agreed to meet. Jay came to my office and learned about my business and what my goals were in trying to sell the business. As we reviewed financial documents and discussed the business further, Jay valued my company about 40% higher than what I had been trying to sell it for on my own. I listed the business with Jay and Apex and Jay brought a steady stream of prospective buyers; three of which making an offer for the full asking price.
Two of the prospective buyers were from out of town and one was a local group. I accepted the offer of the local group to protect my employees and keep the business here in town. It took the new buyers a few months to get their financing and once that was done the whole process went fairly smooth. Jay would call me on the phone or drop by the office to keep me informed during the whole process. He was always calm, very understanding and careful to explain all of the steps of the selling process. I would highly recommend using Jay if you are considering selling your business.