If this is your first time selling a business, the process can seem overwhelming. That’s why so many Nashville business owners trust FCBB to make sense out of the selling process. These ten steps are a great place to start:
Schedule a free, no-obligation appointment to meet with an FCBB Nashville agent.
Gather documents requested by your agent to review during your meeting.
Answer a comprehensive series of questions designed to develop a clear picture of your business as well as the approach we’ll take to generate interest from potential buyers.
Determine the market valuation/price for your business utilizing FCBB's proven valuation methods.
Sign Listing Agreement authorizing FCBB to represent you in the sale of your business.
Approve listing marketing and advertising as well as potential terms offered.
Buyer inquiries and the buyer pre-qualification process (including the signing of a Buyer Confidentiality Agreement) will be handled by FCBB.
Arrange meetings with prospective buyers; handled by FCBB.
Write and/or present offers and negotiate contracts; assisted by FCBB.
Manage the timeline from offer acceptance to closing (transfer of ownership to the buyer); handled by FCBB.
Business Sellers’ Frequently Asked Questions
Why should I use a business broker to sell my Nashville business?
Owners that handle sales on their own can compromise their business’ value. The business sales process can be long and stressful, and can pull focus from day-to-day operations; this happens at a critical time when owners should be increasing (or at least maintaining) their revenue in order to maximize their sales price.
Business brokers also provide a number of other benefits to sellers: Brokers will help properly value your business. Brokers can reach a larger number of new buyers, including their own clients planning to buy. Brokers can help to maintain confidentiality. Most importantly, brokers can leverage their experience and training to smoothly close the sales transaction.
Why First Choice Business Brokers?
FCBB offers more than 20 years of experience, a nationwide network of offices, great familiarity with the Nashville market, and some of the most highly-trained business brokers in the industry. Our brokers are experts in the fields of business evaluation, business sales, business marketing, and buy/sell negotiations.
How is the selling of my business kept confidential?
Unlike the sale of a home or commercial building, businesses do not have "for sale" signs. Instead, business sales must be kept confidential; all buyers are required to sign a buyer confidentiality agreement prior to receiving detailed information about your business. This helps to prevent employees, suppliers, customers, and competitors from finding out that your business is for sale, which could adversely affect your operations.
How will my business be advertised?
FCBB will advertise your business will be on the highest-rated websites in Nashville or other locality, as well as national and international sites. Other advertising mediums may be employed, depending on your type of business.
How do I know how much my business is worth?
FCBB's proven methods of valuing and marketing will determine a realistic value for your business, and position it in the best possible position to sell.
How long will it take to sell my business?
On average, a properly-priced Nashville business sells in about 90 days. However, this time frame can vary greatly based on the income of your business (and how easy it is to prove), type of business, the terms offered, and the area in which your business is located.
Will buyers be visiting my business?
Yes, but only after the prospective buyer has signed a buyer confidentiality agreement, reviewed initial information, and expressed a further interest in your business. At that point, your FCBB Agent will schedule a meeting for the buyer to visit at an appropriate time for your type of business.
How do buyers write offers to buy my business?
Most buyers will be represented by brokers who will assist them in writing an offer that expresses their price, terms, contingencies (if any), and request for further documentation (if any). The offer will then be presented to you for your approval by your FCBB agent and/or the buyer's agent.
Who will handle all the inquiry calls on the sale of my business?
Your FCBB agent will handle the calls. Our agents are trained to evaluate incoming inquiries, and will help determine which prospective buyers might be ready to move to the next level.
Who will handle the negotiations on the sale of my business?
Your FCBB agent is trained to deal with negotiations on the sale of your Nashville business. We will help you navigate the entire process, and be with you every step of the way.
How long will I have to train the person who buys my business?
Training periods are negotiable, but most buyers ask for 30 days. Some types of businesses only require a week or two of training, while other businesses may require more time. If more time is required, sellers will often negotiate a consulting fee.
After I sell my business, can I open another one at some point in the future?
All buyers will ask that you sign a covenant not to compete within a certain area and/or time period.
Will I need to finance part of the purchase price of the business?
There is no requirement that you "carry paper" on your business. However, it’s very common for buyers to ask for some type of seller carry note; sellers willing to provide one will open potential sales to a larger pool of buyers.
When should I notify my employees that I am selling the business?
Despite your feelings to the contrary, the best practice is to tell employees is when you introduce them to the new owners. The exception to this rule would be if retaining a key employee is part of the buyer’s negotiation; in this case, this employee – and only this employee – may require advance notice.
Will my FCBB agent check the buyer’s credit?
FCBB does not check the buyer’s credit. However, you may request that the buyer provide you with a copy of their credit report. Most sellers don’t make this request, as the property owner and/or landlord will likely be obtaining a credit report for their review.
Have additional questions about selling your Nashville business?
Call First Choice Business Brokers at 615-450-0410 or submit the form below. We’ll be happy to schedule a free consultation and discuss how we can get you the best possible return on the sale of your business.