Frequently asked questions about How To Sell a Business
What can I expect during the free consultation?
You will meet with a CBI+Team Intermediary during your initial consultation, and this visit is free. We want you to understand who we are, what we are able to do for you and what information we will need about your business to proceed. We know that time is valuable and we want to make it worth your while. We believe in laying it all out on the table and make it easy for you to get information about the process of selling your business.
How long will it take to sell my business?
The average time to sell a business is 6-18 months. However, businesses that follow the proprietary system used by CBI+Team generally sell in 3 months to a year.
What is my business worth?
After the free consultation and after you have provided financial documentation necessary, if our team knows that we can help you sell your business we will set up an interview with all owners. During the interview, we will ask questions to understand you and your business so we may help you make the best decision about your business.
Just as when you visit a new physician you provide your past medical history, your first official interview with a CBI+Team Intermediary will be a process of asking questions and understanding the history of your business. For the most accurate assessment, our team must have access to key information and we won’t diagnose the value of your business before doing intensive research.
Is it really possible to keep the sale of my business a secret?
Yes. We protect your privacy and all of the information you provide your CBI+Team Intermediary will be held confidential within our company.
We can list your business without disclosing its identity and the sale of your business will remain confidential until you warrant its release.
What are the fees for selling a business?
That depends on the size and complexity of your business. Your CBI+Team Intermediary will share a proposed fee structure after the interview.
Do you charge “upfront” fees due before the sale of the business?
That also depends on the individual business and what is involved in the preparation and sale.
Some business brokers provide a free business valuation. Do you do that?
No, the CBI+Team has learned that a “free” business valuation is worth exactly what you paid for it, zero. After the interview, your CBI+Team Intermediary will determine if you will benefit from an independent, third party business valuation. This certified business appraisal will provide you with an unbiased appraisal on which you, the buyer and lender may depend.
Should I get a business appraisal?
Common reasons to get a certified business appraisal include:
- Plans to sell a business in the next 1-5 years
- Information for Estate planning
- Seeking third party lending
- Setting up or dissolving partnerships
The best way to determine the value of a business is to have an independent third party valuation done by a certified business appraisal firm.
CBI+Team intermediaries are trained to help determine if an independent business valuation is a wise investment for business owners. Our intermediaries will not recommend a business valuation if the business does not fit certain parameters.
Many business valuation firms that charge $7,000-$30,000 for a valuation, but CBI+Team works with one of the nation’s most reputable business appraisal firms.
The CBI+Team member gathers, assembles and transfers much of data needed for the appraisal, therefore the cost for an appraisal is generally much less. With the help of an experienced advisor, the process is faster and leads to a more accurate valuation.
Contact CBI+Team for more information.
If you have other questions please email us at email@example.com and your question will be confidentially answered.