Nine Steps to Better Due Diligence, Closing Deals

Third in a series on Business Brokering Buyer and seller strike a deal, but a thorough due diligence and either seal or sink that deal. Georgia Association of Business Brokers Vice President Mike Ramatowski moderated a panel discussion at the July meeting on getting buyers and sellers through due diligence and to the closing table. … [Read more...]

Four Questions about Business Valuation & SBA Funding

By Kim Eells, Vice President, The Brand Bank  & Susan Kite, Vice President, Signature Bank of Georgia 1. When is a Business Valuation Required? If the purchase price of the business less the appraised value of real estate/equipment is over $250,000 or your deal is not an arms-length transaction or if the bank requires for comfort; … [Read more...]

Questions Business Owners Ask & Answers I Give Them

Questions Business Owners Ask & Answers I Give Them Veteran business broker Loren Marc Schmerler, a member of the board of the Georgia Association of Business Brokers and president of Bottom Line Management, Inc., offers his advice for answering common questions asked by business owners. How much is my business worth? The correct answer … [Read more...]

Why Buy a Franchise?

By Mark Jones, Franchise Systems Advisors404-444-3186   Owning a business is part of the American dream and owning a franchise can make that dream a reality for many people who otherwise wouldn’t have the opportunity. People are attracted to franchises because the best ones have proven to be extremely successful over the years. They combine many … [Read more...]

Using Pratt’s Stats To Sell More Businesses

One obstacle to selling a business is an unrealistic asking price. GABB members can obtain access to Pratt’s Stats which can help sell more businesses by helping to price a business accurately. While Pratt's no longer offers GABB members complimentary access, if a broker submits the details of a sale, they can obtain access to the database for a … [Read more...]

The Truth about Powers of Attorney

By Germaine Curtin What exactly is a power of attorney?  Does it give me the same power as if I were a lawyer?  Do I become an attorney? What exactly does it allow me to do? Most people believe they understand powers of attorney, but many people are wrong. A power of attorney is simply a signed document that gives another person (the … [Read more...]

Why is seller financing so important to the sale of my business?

Surveys have shown that a seller who asks for all cash, receives on average only 70 percent of his or her asking price, while sellers who accept terms receive on average 86 percent of their asking price. That's a difference of 16 percent! In many cases, businesses that are listed for all cash just don't sell. With reasonable terms, however, the … [Read more...]

What happens when there is a buyer for my business?

When a buyer is sufficiently interested in your business, he or she will, or should, submit an offer in writing. This offer or proposal may have one or more contingencies. Usually, the contingencies concern a detailed review of your financial records and may also include a review of your lease arrangements, franchise agreement (if there is one), or … [Read more...]

What can I do to help sell my business?

A buyer will want up-to-date financial information. If you use accountants, you can work with them on making current information available. If you are using an attorney, make sure they are familiar with the business closing process and the laws of your particular state. You might also ask if their schedule will allow them to participate in the … [Read more...]

What can business brokers do – and, what can’t they do?

Business brokers are the professionals who will facilitate the successful sale of your business. It is important that you understand just what a professional business broker can do -- as well as what they can't. They can help you decide how to price your business and how to structure the sale so it makes sense for everyone -- you and the buyer. … [Read more...]