Working with KKBA, or a KKBA Affiliate Broker, will dramatically increase the chances of selling your large or small business faster and for more money than with any other brokers. It is the goal of every one of our honest hardworking professionals to help you realize your entrepreneurial dreams.
The Business Selling Process
- Data Gathering Process – You provide us with all the necessary documents and data required for selling your business. Including Federal and State tax returns, lease agreements, inventory, also a list of furniture, fixtures, and equipment with current values.
- Valuation & Pricing – Working closely with your KKBA Broker you will decide the asking price for your business. The best way to increase your chances of selling your business faster and under the most desirable terms is to go to market with a realistic asking price.
- Advertising – We advertise your business on several “MLS” style websites. In addition, we advertise your business on our own website and we reach out to our various targeted buyers database to find a suitable buyer for your business.
- Screening – In order to make sure we don’t waste your time or share your business information with someone who is not a genuine buyer and/or does not have the financial resources to be considered a genuine buyer, we require all prospective buyers to electronically sign our Non-Disclosure Agreement (NDA). The NDA has a dual purpose; First, it obligates them to keep your information confidential and, Secondly, it requires they tell us a little about their business experience and disclose how much cash they have available for a purchase, their net worth, credit score and whether or not they have claimed bankruptcy within the last seven years.
- Introduction – KKBA presents your business to qualified potential purchasers.
- Meeting – Your broker will set-up a meeting for you to meet the potential buyer.
- Assist With Financing – We have many financial resources, including lenders who specialize in SBA loans or conventional business loans, and we will assist you and the buyer in determining which method of financing will work for all parties and lead to a successful closing.
- Offer to Purchase – We encourage buyers to write a fair offer, which includes an earnest money deposit which goes to show the buyers serious intention to purchase the business.
- Present Offer – We will present the offer for purchase to you. At that time, we can provide you with more detailed background information on the buyer and explain the buyers reasoning behind the offer.
- Accept the Offer – You may accept the offer as presented, or you may use our knowledge and experience to structure a counter offer.
- Mutual Acceptance – You’re KKBA Broker will work closely with you and the prospective buyer to arrive at a negotiated agreement that all parties can live with.
- Inspections – Nearly all offers are contingent upon the buyer’s inspection and approval of all aspects of the business operation including financial records. The handling of due diligence is the most important step in the process of a successful sale. Additionally, you will need to attest to the buyer that you have all the necessary licenses and permits necessary to operate the business and that the business is in “Good Standing.”
- Contingency Removal– The buyer needs to remove all the contingencies for the agreement to become a binding offer for purchase and sale.
- Lease Assignment– We work to present the buyers experience and financial qualifications to the landlord in order to obtain a lease assignment or a new lease.
- A Successful Sale– Once thew aforementioned items are handled, the business is transferred and funds are distributed.