Selling Your Business | Hiring a DFW Business Broker
DFW Broker, Bill Whitehurst, offers you 20 years broker experience and more than 110 successful sales.
In his book, “Exit: A Business Owners Guide To Selling A Company“, Whitehurst suggests meeting with the broker at the broker’s office, looking at the broker’s marketing packages on his former deals and meeting the broker’s support staff. You, the business owner, should also ask for seller references before making the final decision on which firm you will retain.
Selling a business is complicated. While it is best to leave the details to a professional, owners can avoid any unnecessary surprises by taking several steps before settling on a business broker. Bill Whitehurst, owner and principal of Whitehurst Mergers & Acquisitions (DFW Business Broker Firm) has been involved in business ownership and acquisitions for over forty years. Based on his experience in the industry, Bill suggests that when preparing to hire a broker, you take the following steps to ensure the best chance of receiving a deal you can be proud of when selling your business:
- Understand Your Dallas Business Broker Reach
- Perhaps the most important asset a business broker can bring to table is his firm’s list of prospective buyers. The more leads he can generate, the more likely you are to end up with a quality offer, especially if those leads are pre-screened and highly qualified. For example, Whitehurst M&A’s database contains contact information for more than 2,000 high net-worth individuals, corporations, and private equity groups.
- Consider the Broker’s Commitment to Confidentiality
- A broker without a solid commitment to keeping your business information confidential can expose you to under-priced offers, the loss of key employees, and attacks by competitors. To avoid this trap, Whitehurst suggests only considering brokers who will not share your sale data with potential buyers until they have signed confidentiality agreements, a practice his own firm adopted long ago.
- Be Prepared for a Realistic Valuation
- Whitehurst understands that for many clients, building a business has been their life’s work. They have invested countless hours into growing their firm, and they want to see their efforts pay off with a high valuation. Nonetheless, many factors beyond an owners’ control can affect what a business is worth. Get the best valuation you can, but strive to be accurate.
- Take Emotions Off the Table
- Negotiating with potential buyers can be an emotional experience. By choosing to leave these delicate talks in the hands of a business broker such as Whitehurst, owners increase their chances of walking away with the highest offer possible.
- Consider Financing the Sale
- Whitehurst points out that sellers who are willing to finance are more likely to arrive at a successful deal than those who demand cash at closing. As an added benefit, they can often earn a great deal in interest over the life of the mortgage.
- Build a Team You Have Confidence In
- While a business broker is vital to the success of any business sale, he is not the only professional an owner should have on her side. Whitehurst recommends that owners who are preparing to sell develop solid relationships with a lawyer and accountant if they are not already in place.
While owners should rely on a broker to handle the technicalities of selling their business, they can also proactively work to ensure a successful deal. Bill Whitehurst, DFW Business Broker, should know. With over one hundred deals to his credit, he has the experience to provide solid, practical advice and connect sellers with motivated buyers.