WhiteHorse Partners Company are always ready to help in selling your business in Norfolk, VA. When you started your business, you may or may not have been thinking about eventually selling it. Perhaps your plan was to build a successful business and sell it to a competitor in your home town of Norfolk, VA, or to a national industry player. A little strategic planning with proper preparation can make all the difference in successfully selling your company for top dollar.
This strategic planning can be like : —
- Get Your Books in Shape — If you are preparing to sell your business, you must understand that the presentation and the reliability of your financial statements is one of the first things that a potential acquirer will focus on. Employing proper accounting procedures such as timely, accurate recording of revenue and expenses, consistency of expense allocations in the historical statements, are all important if you want buyers to trust your financial records.
- Make Yourself Redundant — Be sure that your business is not dependent on you. Hire or train a management team to take on some of your responsibilities; automate whatever it makes sense to automate; and document procedures. This will reduce the risk from a buyer’s perspective, make the post-closing transition much easier, and will likely render a higher purchase price.
- Reduce Customer Concentration — Potential acquirers tend to shy away from companies with a high percentage of revenue attributed to one or two customers. If your business does have customer concentration issues then having signed contracts with customers, being on approved vendor or bid lists, and (documented) long-standing customer relationships or repeat projects will provide potential acquirers with confidence that the business will retain these customers even after a change in ownership.
- Know Your Business — The process of selling your Norfolk, VA based company will naturally involve inquiries about every aspect of your business. Understanding your company’s Strengths, Weaknesses, Opportunities and Threats will prepare you for the negotiation process.
- Prepare a Realistic and Supportable Forecast — Presenting a realistic and supportable forecast will lend credibility to the management and quality of your business as most potential acquirers are looking to buy your company’s future earnings.
- Make a List of Potential Acquirers — When you are looking for a buyer for your business, potential acquirers will come in one of several stripes: synergistic buyers, family members, merger partners, or investors. Each brings different benefits and drawbacks depending on your exit goals. An experienced M&A advisor will be able to discuss these with you and how best to approach each buyer type.
- Seek Professional Advice — As soon as you begin contemplating the sale of your business, you should begin your search for a qualified M&A advisor. Whether you have been running your company for 2 years or 20 years, an experienced M&A advisor can help you prepare a plan for an eventual transition, with an emphasis on maximizing the return on your investment and optimizing the ultimate outcome for you.
With more than 30 years of M&A experience, WhiteHorse Partners‘ focus is on selling privately held businesses. They have valued and sold hundreds of companies and also have the experience necessary to determine the market value of a business located in or around Norfolk, VA. If you would like to find out how they can assist you in determining the value of your business, or with the consideration and development of an exit strategy, they would be glad to speak with you.
Address — 4525 Harding Pike, Suite 200
Nashville, TN 37205
Fax — 615–523–1104
Phone — 888–950–4924
1–888–950–4924 or email — email@example.com