At VR we understand what is involved in selling a business
VR Business Brokers has brokered the sale of privately held businesses since 1979.
We at VR Business Brokers first guide the seller through the process of preparing a business for sale. Then we manage the confidential marketing of the business and the negotiation and terms of sale.
VR aims to understand each business we represent for the business owner.
The sales process starts with an initial consultation with you, the seller, which is held at our Aspen office if possible.
We then give you our opinion of the current value of your business. The valuation process involves an analysis of your business’ performance, its current market conditions and its prospects for growth. We then guide expectations for a realistic sales price along with terms of sale for the business.
Once we establish realistic expectations, we enter into an engagement agreement with you. The engagement agreement allows us to represent you as the seller. You are our client. Our fiduciary responsibility is to you. The term of the engagement agreement is typically for one year.
We work with the seller to put in place a marketing plan for the business.
We use a number of venues to market your business. Our marketing effort does not disclose the precise location of your business nor reveal any details that could identify your business as being offered for sale. We screen incoming buyer inquiries for suitability in order to minimize unnecessary exposure of the business. After securing a signed confidentiality agreement with each prospective buyer, we present the business in strict confidence. If we determine that the buyer interest is serious, we arrange conference calls and meetings with you, the business owner, and then we solicit an offer to present to you.
You may accept the offer as presented or leverage our expertise to help you structure a counter-offer.
Schedule a confidential appointment with our agent and develop your exit strategy and prepare your business for sale.
Once you and the buyer agree on terms, we work with your respective attorneys to put the business under a formal contract for sale.
The purchase and sale contract allows the buyer to inspect and approval all important aspects of the business. This due diligence covers financial records, equipment used in the business, leases, licenses, customer contracts and inventory valuation. If there are equipment leases or loans that the buyer is to assume, we can work with the lender, closing attorney or escrow agent to help transfer these obligations. This due diligence period typically lasts two or three weeks.
Many purchase and sale contracts involve financing. If the buyer requires bank financing in order to complete the acquisition, 60-90 days may be required to satisfy this contingency. We work with both the buyer and seller in order to supply the bank with materials necessary to secure financing.