Business Selling FAQs
Why should I use CIBB?
- Confidentiality – You can relax knowing that your business is exactly that – and no one else’s. In a small island we understand the need for complete discretion. All our work is subject to NDAs and Privacy Declarations.
- Business Continuity – Selling a business can be time-consuming for the owner – so when you use CIBB, you can maintain absolute focus on running your business whilst we work on the sale.
- Reaching potential buyers – We already have hand-picked, willing buyers in the wings ready to go. If for some reason we don’t, you can rely on our expert marketing to find them. FAST.
- Marketing – Our team of expert marketeers will put your business in front of the people who matter, at the right time to gain maximum traction for a quick business sale. We carefully monitor each and every lead. We are adept at understanding genuine interest when we see it and will save you time and money filtering each prospect…leaving you to get on with the important work of maximising the value of your business ready for sale.
- Valuing your Business – We’ll use our proven “7 Step Business Valuation Improvement Strategy” to max out the sale value of your business – meaning every penny you spend with us will be an investment in your future wealth.
- Balance of Experience – With over 200 years of collective experience in all aspects of business brokerage there is no one better poised to sell your business. Put us to the test today! Fill out the form to your right NOW for a call back!
- Closing a Deal – This is perhaps the most important yet most overlooked part of a business sale. We recognise how stressful closing can be when there is so much hanging in the balance for a business owner. Our team of expert negotiators will walk you step by step through this to achieve the very best outcome. Or should you prefer, we will manage the process and present the deal for you to simply sign on the dotted line.
- Expert Help – We’re a team of local experts based in Jersey – we cover the whole of the Channel Islands – meaning we have local knowledge alongside a real-world perspective.
What if I’m not ready to sell right away, do I still need to engage a business broker?
It’s simple. The more prepared you are – the easier it is to sell your business. SO – the sooner you engage us the better; we will begin to prepare you and your business from day one. We also use our ‘13 Stage Business Valuation Improvement Strategy’ that – once implemented – will dramatically improve your business valuation. In theory you should ‘always’ be prepared and ready to sell your business should a willing buyer appear.
How will my business be valued?
Our expert business valuation team will employ a variety of proven methods to reach a decision on a value to attach to your business. We will then test the market and adjust up or down accordingly, so that the end result is realistic and achieves a timely sale
How much of my time will be taken through this process?
We are committed to presenting and promoting your business to a wide audience of investors who are looking for businesses in your sector. To do that, our team of writers and marketers produce high-quality sales documentation to highlight all the most important aspects of your business. We also send everything to you for your review and approval prior to publishing and distributing to interested parties.
How do you market my business?
You can be as actively involved as you like – or alternatively virtually not at all. Initially we will need approximately 5 hours of your time.
How quickly can I expect to exit?
We will start marketing your business as soon as we believe it is ‘prepared and ready’ to be presented to suitable prospects. This could be immediate or could take up to a few weeks – depending on how prepared the business is for sale. We aim to get an initial offer to you within 6 months from point of engagement.
Want to sell your business?
Or are you looking to buy a business?
I’ve been told about a referral bonus – can you tell me more?
We have a program that generously rewards people who introduce us to both business owners wishing to sell their business, and people who want to buy a business. Call us on 0330 135 8899 to find out more.
What’s involved in valuing a business?
We take away any stress when valuing your business. Our in-house business valuation experts will work directly with your Accountant/ Finance Director to achieve a defensible and realistic valuation. They will work through a variety of different business valuation methods and select the right one for your type of business. We also have a ‘13 Step Business Valuation Improvement Plan’ – you can opt to be taken through this to increase the face value of your business should you wish to do so.
I think the value of my goodwill is different to my independent valuation – how do we deal with the discrepancy?
We have leading in-house experts who will guide you through valuing your business and who will explain the different valuation methods and how we arrive at the business valuation.
What is your fee structure – can I have a fixed fee sale?
We only charge if we are successful. We charge a percentage of the sale value of your business.
What about selling franchises?
It doesn’t matter what type of business you have – Franchise, Partnership, Full or Part Ownership – we can help you sell it.
How do I reduce my tax bill? What about CGT?
Our in-house experts will work directly with your Accountant/ Finance Director to help you to structure your business pre-sale to minimise your tax liability.
How do I ensure confidentiality?
We know that when selling a business, you may be concerned about your employees, customers, suppliers and competitors potentially finding out about the negotiations. For us, the need for confidentiality is a key consideration and is very much a cornerstone of our service.
Marketing materials and any other information pertaining to your business will only be given or sent to potential buyers that we feel are suitable for your business. Absolute confidentiality and discretion are assured from the moment we first speak to the day the transaction completes.
What is an NDA?
NDA stands for non-disclosure agreement and is sometimes referred to as a confidentiality agreement. It is a legally binding document between us and a potential buyer and ensures any interested parties are prohibited from disclosing any of the information specified in that document to a third party.,
Why is seller financing vital to the sale of my business?
Research has shown that when a seller asks for cash, they receive on average only 70% of their asking price, whilst those sellers who accept terms, receive on average 86% of their asking price. That’s a 16% difference. In most cases, businesses listed for cash only just don’t sell. With reasonable terms, however, the chances of selling will increase dramatically and the time period from listing to sale greatly decreases. Most sellers are not aware of how much interest they could receive by financing the sale of their business. In some cases it can greatly increase the amount received. Again, it tells the buyer that the seller has enough confidence that the business can indeed pay for itself.
Is there anything I can do to help with selling my business?
A buyer will request up-to-date financial information. If you have an accountant, you can work with them to make sure that the information is up-to-date. If you use a Solicitor or Lawyer, make sure they are aware that you are looking to sell and that they are familiar with the business closing process and the laws of the Channel Islands. Check their schedule incase the sale goes through quickly. You don’t want a delay as this might make the buyer reconsider or attempt to make changes to the current proposal.
What do I do next?
Contact us today to arrange a meeting with one of our experienced team. We will walk you through the process step-by-step, and discuss your business, your sector, the business valuation and any other factors to ensure we structure the perfect deal for you.