How To Sell a Company Successfully – Bill’s Success Story
Bill Meek was 64 years old and a second-generation business owner of Metal Fabricating Company with average revenue of $8 million. Bills father started the company and managed it until 2002 when he retired and sold the business to Bill. Prior to operating the family business, Bill worked as a operations manager for a automotive parts manufacturer. Bill hoped to retire and realized he’d need to sell the family business in order to do so. So, Bill began educating himself on how to sell a company. He spoke with a few professionals he’d had relationships with for a long time: the family attorney, the accountant he used for the business as well as his Dad. Thee first thing he wanted to determine is if he could sell the company by himself or if he needed help on how to sell a business.
Everyone he spoke with was eager to offer their advice and services, which Bill appreciated, but he couldn’t find the right help how to sell a company on his own. He started doing research on the business sale process. After breaking-down the information he collected from all his research, Bill noted there were about 9 stages to selling a business. These included:
- Exit planning
- Pre-sell preparation & getting the business market ready (MR)
- Obtaining a business valuation & setting a sale price
- Marketing/advertising to sell the business
- Screening & qualifying interested buyers
- Facilitating the buyer’s due diligence process
- Deal structuring
- Closing the business sale
“Wouldn’t it be nice,” he thought, “if I could learn all these steps?” He had some experience with marketing and advertising, he also felt that he was a good negotiator. His neighbor, who was an attorney, had already offered his free legal services and to work on the sale contract. He felt that as a business owner he had some overlapping skills that would suffice to allow him to figure things out and ultimately sell him business and save thousands of dollars on commissions
Bill and his wife went to dinner that Friday with Ron and Norma DeJune. Norma used to be the owner of a successful mail order business which she had sold few years prior. When Bill mentioned his thoughts about wishing to sell his Metal Fabricating Company, Norma was eager to offer advice and share her story.
“I had two buyer opportunities the year I tried to sell a company on my own. Both deals fell apart…one after over 4 months of due diligence!” The second deal deal fell apart months later, Norma admitted that those lost sales got to her. She wondered if her inexperience on how to sell a business by owner may have contributed to buyers walking away. “Was I doing something wrong?” she asked. She was also surprised at the emotional toll that the process to sell a business was making on her person. “Buyers are picky and critical…and they should be! But they asked tons of questions I didn’t anticipate and I found myself getting really defensive with my answers, which didn’t help. As it turns out, I wasn’t able to emotionally detach enough from the business I loved to be objective when working with buyers. My defensiveness was the byproduct of that. ”
She began the search for the right Mergers and Acquisitions Consulting firm that could successfully sell her business and eventually she found “American Fortune Business Sale Consultants”. I hired American Fortune and things worked out perfectly! They knew exactly what they were doing. I was supported and advised through every step of the process. I am convinced that the Advisers at American Fortune obtained the highest possible price, great terms and low tax payments on the sale of my business. I Couldn’t have been happier.”
Bill researched American Fortune Business Sale Consultants after dinner and followed-up with a call to them Monday morning. Based on two thorough conversations with the Business Consultant at American Fortune, Bill had determined that it would not be prudent to undertake a monumental task of selling his business without any experience and expertise.
By Thursday of that week, Bill had contracted to have American Fortune facilitate the sale of his business.
Not only was the sale of Metal Fabricating Company a success (it sold it in 5 months for close to the asking price), things went smoothly. The people at American Fortune Mergers and Acquisitions Consulting firm were true to everything they promised. They added all the knowledge and expertise exactly where I needed it and were also able to keep the process moving…which was very important to my buyer’s tight deadline. Not only was the sale a success, I was able to save quite a bit of money on the deal. American Fortune Business Sale Advisers only charged me 6% of the total sale price. Most business brokers, would have charged me 10%. It was a complete win-win!”
Why pay 10-12% commissions to business brokers on the sale price of your business. Contact American Fortune Business Sale Consultants to learn how to sell a business and experience low prices, superior expertise and support, click here to contact us.
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Clients utilized American Fortune Business Sale Advisors for help on how to sell a business in the following areas of the USA: Columbus Ohio, Atlanta Georgia, Lexington Kentucky, Bowling Green Kentucky, Nashville Tennessee, Memphis Tennessee, Cincinnati Ohio, Dayton Ohio, Toledo Ohio, Los Angeles, Cleveland Ohio, Pittsburgh Pennsylvania, Baltimore, Maryland, Indianapolis Indiana, Chicago Illinois, Detroit Michigan, Flint Michigan, Tampa Florida, St. Louis Missouri, Kansas City Kansas, Des Moines Iowa, Minneapolis Minnesota, Louisville Kentucky, Oklahoma City, Oklahoma, Dallas Texas, Fort Worth Texas, Denver Colorado, San Francisco California, Salt Lake City Utah, Phoenix Arizona, Lexington Kentucky, Los Angeles California, San Diego California. Our main offices are located in Los Angeles California, Louisville Kentucky and Detroit Michigan.