Why do you charge a retainer?
We charge a nominal up-front fee that will be credited back to you at closing. It is our experience that the best professional relationship is founded on professional expectations. We have learned that sellers who invest even a small amount of money up-front will be a more engaged, active participant committed to the selling process. If you are not willing to pay a small up-front retainer, we can give you a list of business brokers who are happy to handle your business.
What are your fees?
Our fees vary based on the needs of our clients. Frankly, we think “normal” business brokerage fees are too high. We do very well at what we do, so we don’t need to charge ridiculously high fees. Part of our compensation is enjoying what we do and the satisfaction of serving our Nashville clients, which is why we are selective in the assignments we take.
How long does this take?
There is no answer to this question though every seller will ask this during our first meeting! We have seen transactions completed in as little as three months but as long as eighteen months. We require a twelve-month exclusive window, and it’s our sincere desire to complete a transaction as soon as possible. Be very suspicious if a business broker gives you assurances as to the amount of time it will take to complete a transaction.
Can you assure that this will be confidential?
We are manic about confidentiality because we have sold our own businesses. We appreciate why you don’t want your customers, competitors or employees to know that your business is for sale. We have various techniques to maintain confidentiality.
Where do you find buyers?
We often say buyers are like owls, you know they’re out there but they’re hard to find. Well, we know where the owls are located and how to get them out of the trees! We maintain a database on individual and corporations who are interesting in buying businesses in Tennessee and Kentucky. Moreover, we have time-tested methods of targeting prospective business buyers. Finally, there are a few good business-for-sale websites, though we have learned (through much experience) that it is easy to lose confidentiality and attract unqualified buyers if you just throw your business onto these sites.
Do you have any other resources that might be helpful as I think about selling my business?
Yes, check back soon for White Papers.