Considerations For Professional Advisors

ATLANTIC HIGHLANDS, NJ. – February – As a professional advisor to small business owners, you know about the hardships in trying to make a business successful, in particular in these challenging times. We are certain many business owners have experienced some type of decline in their business in 2008, even if not reflected in their financial statements, yet. After struggling for success, there comes a time when every business owner needs to sell his/her business, even if he/she wishes to postpone this. Some of the following considerations are important in the transfer process: A prospective buyer will always ask why the owner is selling, in particular, if the owner is still relatively young. The most reliable thing for your client is to be truthful. Secondly, the seller should create a truthful, positive vibe about the business. If the owner is not truthful, the prospective buyer will eventually learn of the causes later on, and once the trust has been broken, there is no going back. Obviously, more importantly than actually being introduced to a potential business buyer, are the preparations in getting a business ready for sale. This includes gathering of all financial records for the past three years, including tax returns, compilation of employee records, leases, and so forth. In this context, a business owner should spend some time and note down, why this business is attractive to a potential buyer, and how the business can be expanded; in other words, he should put himself into the shoes of a buyer, asking, why this is a great business to own, and more importantly how it can be grown. We have a comprehensive check list of preparatory steps to be taken that has shown to be essential in the past 25 years. We would be pleased to introduce ourselves to you, and then to your client, to discuss a successful transfer process with all its preparatory requirements.