The business owner has the ability to make the process super easy or extremely difficult. Generally speaking, how the owner conducts business will translate to the ease or difficulty of the transaction.
- Are the sellers open and honest with employees, advisors, and the IRS, or do they keep their cards “close to the vest”?
- Are the books clean, or do they have multiple versions of questionable financials?
- Are there operations manuals or does the owner orchestrate all activity and have it all organized in their head?
- Are the partners in agreement regarding goals and strategy or are partners sending differing messages during interviews with advisors and potential buyers?
- Are the sellers able to meet and communicate during extended business hours or only on Sunday evening between 6:30 and 8pm (for example)?
- Is the seller responsive to questions or do they seem put out and delay communication?
The process of buying and selling businesses is not easy, but it can be made easier if it is approached correctly. Open communication with advisors and potential buyers is critical to smooth transitions. Eliminate surprises! Contact an Apex Business Advisor for more information on buying or selling a business.