Sell Your Business For Top Dollar In Los Angeles County With Experienced Broker Henry Weaks
When we say that Los Angeles County Business Sales should not be attempted by a novice
, we have reasons for saying this. The field requires someone who knows the business world like the back of his hand. An experienced business broker is the only person qualified to do this.Business brokers are seldom young people who just finished their college education. It's much more likely to find someone who used to run his own successful business, an ex-banker or an ex-lawyer in the industry. Such a person knows what a successful business looks like and what customers are going to ask when they're interested in a business.
When you approach a broker to sell your business, he will usually bring a visit to the premises to familiarize himself with what you are doing and how. The next request he will have is that you provide him with financial statement for at least the past two years. On top of that he would also want a list of fixed assets and a list of inventories.
He will then scrutinize these statements and adjust the figures to make them more realistic. He will for example ask you whether you have been paying any private expenses through the business account. Remember he isn't there to trick you, he needs this information. Private expenses channeled through the business bank account will cause your profits to be lower than they should be and hence you will get a lower price for the business.
If you, on the other hand, have been channeling private income through the company's check account, you also need to inform him about this. Not doing so will result in the profits being overstated, which could result in a lawsuit once a buyer finds out. As a general rule, there should be no personal income or expenses present in the business income and expenditure statement.
Once the broker has satisfied himself that the financials are correct, he will proceed to advertise the business. He will deal with all routine inquires and meet with serious buyers to give them more information. Once he finds someone who is genuinely interested, he will set up an appointment between you and this person.
When things get to this stage, you at least know you're not dealing with a person that's simply curious. Provide him with all the information he requires, but don't divulge any company secrets right now. Only after he's signed a purchase contract and paid his deposit should you give him confidential information. By now it should be clear to you that Los Angeles County Business Sales require a level of experience and skills only possessed by a professional business broker such as Henry Weaks.
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