How to Thrive During and After a Crisis: 5 Small-Business Strategies

Challenging times are opportunities to thrive.

By Victoria Brodsky, co-founder of Blockchain BTM

Whether your small business or startup has experienced hardship from a crisis or not, it’s important to understand how you can best prepare yourself and your team to not only survive, but thrive during and after challenging times.

Here are five small business strategy tips to help you not only manage adversity, but come out leading your business with more strength and confidence than before:

1. Remember, it's never too late to prepare.

If you’ve been affected in any way by a crisis, don’t be of the mindset that it’s too late to do something about it. Not only are there loan options available for small businesses during and after a crisis, but there will continue to be help from both public and private sources for small businesses in economic recovery.

In addition, it’s important to take note of all the measures you wish you had taken before the crisis and plan ahead for next time. Write down what you wish you had done differently, the resources you wish you had had access to and how you would have better prepared your employees. Use this to develop new crisis protocols and create preventive action items for the future.

2. Ask for help.

Asking for help as a small business owner or entrepreneur can sometimes make you feel vulnerable. However, it’s amazing what neighbors, friends and strangers on social media will do when you simply and genuinely ask for help.

Whenever you’re experiencing change in your business, not just during hard times, but during any sort of change that leaves you with questions, go to the people around you and ask for advice. Reach out to your trusted mentors and advisors to ask legal and financial questions. Post on social media to encourage connections to return to your storefront or online store. You may be surprised by the support you receive when you ask.

3. Provide extra support and encouragement to your staff.

As a business owner, you may feel like you’re the one who is most affected by unforeseen challenges. But remember, your employees run your company. During times of economic, social and political turmoil, remind them of the vision and the values of your company and why they chose to be there.

When morale is low, it’s imperative that you take leadership action, encourage the spirits of others and inspire them to act. Turn what feels like a painful moment into a teachable moment with your staff. These are times when lending an ear, applauding positive behavior and affirming those around you is most impactful both personally and professionally for the individuals you work with.

4. Brainstorm positive and strategic ideas.

In the midst of hardship, it can be difficult for many people to see the positives. The easier path is a spiral of negativity. But business challenges, especially ones relating to a crisis, present a great opportunity to carry out a brainstorming session with your team. After all, when was the last time you did that?

Set time aside with your team to write down how to turn a bad situation into a good business opportunity and help others in need. What products or services does your team have to offer that are different from the norm? A brainstorming exercise is not only great for team-building and morale, but may also result in some outside-the-box ideas for your business to thrive.

5. Share what you’ve learned.

Every business has its unique challenges, especially during a crisis. These are the times when you will learn a lot, and quickly. But if you don’t record everything you’ve learned, you may forget. Write down all of the lessons, no matter how small or how big. They will serve as tools not only for you and your business, but for others.

That’s why it’s crucial that you share the lessons you learn in adversity as an entrepreneur. It can be tempting to want to forget the pain you and your business experienced during a hard time, but this is what the young entrepreneurs of the world need to know: how those before them conquered hardship.

Your reactions will define you and your business.

Starting a new business is hard, but how we react to the challenges along the way -- especially the big ones -- is what defines our leadership and our ability to be resilient in business. Challenges remind us to be grateful, to slow down and to remember why we began this entrepreneurial journey in the first place, and they can also be opportunities to thrive.

rtp business broker

7 Reasons To Hire A Professional Business Broker

If you’re planning to buy or sell a business, you’ve likely thought about whether to hire a professional business broker. This could be one of the biggest transactions you ever make, so it’s important that you leave nothing to chance. A business broker will be there at every step of the transfer process, protecting you from costly mistakes and ensuring you get maximum value from your investment.

Despite the advantages of hiring a business broker, many business sales still occur without one or more parties retaining brokerage services. That can lead to serious problems. So, if you’re on the fence about whether or not to hire a broker, it’s a good idea to take a closer look at the advantages offered by a professional business broker.

7 Advantages to Using a Professional Business Broker

  1. Save Time. Buying or selling a business is a complicated process. If you don’t have extensive experience in the world of business sales, each step of this process can take an extraordinary amount of time. A professional business broker gives you the experience you need to shrink the timeline of your sale/purchase. He or she will also do much of the heavy lifting on your behalf. This could save you literally hundreds of hours compared to a DIY approach.
  2. More Opportunities. With the right broker, you can reach a much wider pool of buyers or sellers. Take your local Murphy Business Broker. Each of our brokers is tapped into his or her own local market, providing you with an inside track on business sale opportunities within your metro area. At the same time, our brokers have access to national and global business sales networks. This gives you access to a near-unlimited pool of buyers and sellers.
  3. Qualifying Expertise. Many of the biggest mistakes made in business transfers happen at the qualification phase. Mistakes at this phase can result in pursuing bad prospects, leading to untold amounts of wasted time and money. In the worst cases, a deal can fall apart in the finalizing stages, after you’ve already taken steps to assume or relinquish ownership of the business. By hiring a professional business broker, you can ensure this process is properly handled, protecting your interests.
  4. Business Valuations. Another common problem in business transfers is the improper valuation of a business. If you’re buying a business that is priced over its value, you could end up with an abysmal return on your investment. The same applies if you’re selling a business that is undervalued. Many professional business brokers — including your local Murphy Business Broker — can connect you with an accredited valuation expert, ensuring you get fair market value for your investment.
  5. Assistance with Financing. If you’re planning to purchase a business, there’s a good chance that you will need financing. This is yet another area where a professional business broker can provide guidance and assistance. At Murphy Business, we connect purchasers with banking contacts and provide detailed advice about how to pursue financing.
  6. Confidentiality. Every year, an untold number of sales implode due to lack of discretion. If word gets out that a business is for sale, that business could run into serious problems. Workforce morale could plummet, employees could jump ship, and customers could start to shop elsewhere. When you’re selling a business, a professional business broker can protect your identity and that of your business. This way, you can avoid unwanted disruptions until the sale is finalized.
  7. Paperwork & Legalities. When you are purchasing or selling a business, minor oversights can have major consequences. It is therefore critical that any documentation is handled correctly, and that you are guided by experts who understand the legalities of the sales process. A professional business broker will ensure that you are covered in both of these areas.

Looking to hire a professional business broker for help buying or selling a business? Call (727) 725-7090 today to connect with your local Murphy Business Broker and get started!


buy small business

Small Business Buyer’s Wish List

We recently presented a wish list for a typical seller of a small business. Now, it’s the buyer’s turn. Entrepreneurs – whether they are buyers or sellers – generally agree on several factors that make the business transfer process more seamless overall.

A buyer wants:

A solid business – Although that phrase may be somewhat subjective, buyers are searching for stable companies with a track record of success. The savvy buyer approaches the situation just as a lender would: requiring a history of financial data that is able to be verified. Filed tax returns are the preferred record for conducting due diligence. It is also important that a business be established. Most lenders require a minimum of three consecutive years of financial history and prefer that the company was under the same ownership (the current seller) for these three years.

Reasonable seller expectations – This comes into play at the first moment a buyer begins looking at a business for sale. Does the seller receive an adequate income from his company? Are his revenues increasing or, in this economy, at least staying consistent from year to year? Is his business priced appropriately? Will the seller consider offering some financing?

Disclosure during the due diligence phase – Buyers hope sellers will share the items requested in a timely fashion and be able and available to answer questions or present further information where necessary. Courtesy and common sense should prevail during this delicate phase of the business transfer process.

A smooth closing – Just as the seller wishes, the buyer also wants the closing to be a positive experience for both parties involved. It is a time of celebration, not a venue for uncertainty, debate or hesitation. Closing attorneys experienced in the business transfer process assist immensely with a seamless closing. By the time everyone is seated at the closing table, all questions should have been answered, all pre-closing paperwork completed and the buyer and seller should be confident this is a win-win situation for everyone involved.

A seller who stays involved (for a while) – While a typical buyer probably has some new ideas for the business, almost all buyers want training and initial support from the seller. Buyers want to be successful and retain employees and customers wherever possible and practical. Buyers look for sellers who will spend a week or two showing them the ropes, and buyers are especially appreciative if a seller remains available at a later date should an unexpected question arise. Buyers generally do not want sellers to be involved for a long period of time, unless they have previously presented the seller with an offer of employment. A buyer wants to feel comfortable and prepared as he assumes control of his new enterprise.

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Leading Rigging & Crane Services For Sale

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Business Type:

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business valuation

Valuation Of A Business Breaking Up Is Hard To Do

Whenever you go into business, you must plan for every situation imaginable, even the less than pleasant ones. A key component in ensuring you’re well prepared for just about anything is having a valuation done on your business. A business valuation is basically the process of determining the economic value of a business, or an owner’s interest in a business. Valuing a business is important because, let’s face it, sometimes breakups happen. If, for some reason, your business partnership comes to an end, having a business valuation will make the “break-up” process much easier. We often see business partnerships come to an end for a variety of reasons and we want to highlight some of the situations where businesses might be facing a breakup and where a valuation is necessary.

Things Get Ugly.

It might seem like a great idea at first to go into business with your spouse, best friend or even a former coworker, but going into business with someone you have a personal relationship with opens the doors for business and emotions to mix (which is not always a good idea). Sometimes things get ugly, partners decide to get divorced, maybe your co-owner isn’t as committed to making your business a success, or life happens and puts the future of your business in jeopardy. In such a situation, you’ll need to know the value of your business to determine how you should move forward. You might decide to buy out your partner, or you might decide to sell their share to someone else, no matter what path forward is best for your situation, a business valuation will be essential.

It’s Time To Sell.

Some people get into business simply to make it profitable and eventually resell. Others go into business with the hopes of passing it from generation to generation. Some people start a business but poor business tactics/ invention of new technology/ lack of customer retention causes the business to become a liability that needs more resources than the owner has in order to become profitable. If the time comes to sell that business, you need to have a business valuation done to know where you are in terms of a reasonable selling price.

Ownership Will Change.

There are multiple scenarios that might warrant the change of ownership in a business. If you’re creating a succession plan, or passing the business/shares of the business down to children, if a new owner is coming onboard or if a current owner wants to retire or get out of the business are just a few instances where ownership might change and a valuation be necessary. We know how confusing it can all get, and we’re here to help. Building a business takes patience and perseverance and you deserve to know the proper value for all of that hard work.

Whatever the reason for your business valuation, you need an experienced professional who has the knowledge, expertise and resources to give you the most accurate value of your business. Our valuations are performed in compliance with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation (USPAP) as well as the Business Appraisal Standards of the Institute of Business Appraisers. This means you can trust that we will develop a defendable opinion of value for you. Reach out to the team at Murphy Business Broker – Raleigh and Wake Forest at (919) 719-2717 if you’re ready to take this important step as a business owner.

business value

When Should You Hire Company Valuation Services?

As you prepare to sell your business, your due diligence should include a proper business valuation. But when’s the right time for you to hire company valuation services? In many cases, owners lose value when selling their business because they waited too late for a valuation — a situation any small business owner will want to avoid.

Let’s take a look at a common scenario. You’ve been running your business for more than a decade. In the past few years, you’ve thought about selling, but you’ve made no concrete plans. Recently, your circumstances have changed: it’s time to sell your company. Before listing your business, you hire a company valuation service to determine the fair market value of your business.

The catch? Your business is worth a lot less than you thought. Worse yet, you no longer have enough time to sufficiently increase its value before it goes on the market. Suddenly, you’re looking at a much smaller nest egg for your retirement.

If you want to avoid this kind of situation, you should get your business valuated well ahead of time. This way, you’ll have an earlier sense of your company’s value. More importantly, you’ll have the time and the guidance you need to ensure your business will net the figure you expect to make your next move.

The Benefits of Company Valuation Services

A lot of small business owners think of valuations as little more than a formality. You need a number that you can stick on the price tag for your business. Company valuation services provide that number.

This line of thinking overlooks important benefits of getting a professional valuation. More importantly, it can lose you untold value when it comes time to actually sell your business.

A business valuation offers more than a simple dollar figure for the value of your business. It also shows you where that value comes from. What’s more, it can help you identify issues that are lowering the value of your business.

Using this information, you can develop a strategy for increased value. With help from a valuation specialist, you can come up with a plan that will strengthen areas of positive value and address areas of weakness. This way, your business will be worth much more when you finally list it for sale.

The benefits of this approach may seem glaringly obvious. After all, every business owner wants to maximize the value of their business when selling. But there’s an obvious drawback to this approach: it takes time and effort. If you wait until the last minute to have your business valuated, you won’t have the time you need to increase your valuation figure.

That’s why it’s a smart idea to hire company valuation services well in advance of selling your business.

When to Hire a Valuation Specialist

If you want to maximize the market value of your business, you need to start planning your sale well in advance. Rather than contacting a valuation specialist 3 to 6 months before you intend to sell your business, your initial valuation should take place 24 to 36 months in advance.

While this might seem excessive, it’s the only way you’ll have the time you need to increase your business’s value.

Let’s say you hire company valuation services 24 months ahead of selling your business. After your valuation, you learn that your business is worth less than half of what you expected. Accounting for the 3 to 6 months it will take to sell your business, you have roughly a year-and-a-half to address this deficit. If anything, you’ll probably regret not having valuated your business earlier.

That raises another important concern. Not only is it important that you hire company valuation services early, but it’s equally important that you find the right valuation service. If you hire an unqualified, inexperienced, or unreliable professional, you could end up wasting untold hours and/or dollars based on faulty advice.

Our suggestion? Contact your local Murphy Business® office to request company valuation services. All of our valuations follow the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation (USPAP), as well as the Business Appraisal Standards of the Institute of Business Appraisers.

As business brokers, we also know what it takes to increase the market value and appeal of your business. We pride ourselves on working closely with business owners in preparation for business sales and transfers, including professional consultation and strategic planning for raising the value of your business.

One final note: While it’s best to valuate your business well in advance of a sale, that’s not always possible. Even if you’ve waited until the last minute, there are steps that you can take to maximize the value of your company and position it for sale. So make sure to hire a trusted and experienced valuation specialist!

Need company valuation services? Call Murphy Business (888) 561-3243 to connect with a local business broker and request a valuation.

business valuation

Red Flags In Valuation Reports

The task of reviewing a valuation report can be a daunting one, especially to someone without valuation training. Family law attorneys are often presented with valuation reports for their clients or for the opposing side and are faced with the question of whether the valuation is “good.” Short of becoming an appraiser overnight, what is a busy attorney to do to decide whether a valuation report passes a basic “smell test”?
This article offers several relatively simple tools for attorneys to gauge the reasonableness of a valuation report. If the valuation report raises red flags based on these tips, the attorney can decide to hire another appraiser to perform a professional appraisal review.

Red Flags in Valuation Reports

Professional Standards and Credentials
A good place to start evaluating a valuation report is to see if the author has any credentials in business valuation and if the report complies with valuation standards. Currently, there are three professional associations in the U.S. that issue valuation standards and offer professional designations in business valuation:
1. American Society of Appraisers (ASA).
2. American Society of Certified Public Accountants (AICPA).
3. National Society of Certified Valuation Analysts (NACVA).
In addition to the above, the Appraisal Foundation issues the Uniform Standards of Professional Appraisal Practice (USPAP) that include standards for all appraisal disciplines. While having a business valuation credential and following business valuation standards is not a guarantee of reasonable valuation work, it does establish minimum requirements for work quality. In addition, to maintain their designation, appraisers must comply with continuing education requirements.
Clear Assignment Definition
The valuation report should be clear on what its assignment is, meaning that the valuation report includes the following information: the property to be valued, the ownership characteristics of the property to be valued, the valuation date, the purpose of valuation, and the standard of value. An example of a valuation assignment is: “The fair market value of 100 shares of common stock in ABC, Inc. as of June 30, 2018, on a minority non-marketable basis for purposes of marital dissolution.”
It would be very irregular if the valuation report did not include such information, as the valuation methodology and the value are driven by these parameters. If the report does include the assignment definition, the attorney can ask the following four questions:
1. Was the correct property valued?
2. Was the correct valuation date used?
3. Was the correct standard of value used?
4. Were the discounts applied appropriate?
The Report is Comprehensive
An appraisal report commonly includes several sections that culminate with an opinion of value. It is relatively easy to judge whether something included in the report is reasonable – but valuation reports can also contain errors of omission that are more difficult to detect. An example of an omission is to exclude a certain valuation procedure or method because of a “lack of data.” Attorneys should be alert to valuation reports that state that a certain valuation procedure was not performed, or a valuation method was not applied, and investigate the underlying reason for the omission. The “Valuation Quick Checklist” (below)shows the typical sections of a valuation report.
Converging Indications of Value
There are three valuation approaches – the income, market, and asset approaches – and each comprises two or more methods. As a result, a typical valuation report includes two or more indications of value. While the indications of value are typically different amounts, they are also typically not significantly different from each other. Obtaining indications of value for the same property that are far apart from each other may indicate errors in the valuation. Errors may include assumptions errors, methodology errors, or math errors. If a report includes two or more indications of value that are significantly different from each other and they are averaged to get to the conclusion of value without any further explanation or support, that may be a red flag.
Reasonable Financial Projections
A central concept in business valuation is that value today equals future expected cash flows discounted back to the present. In practice, the “future expected cash flows” come in the form of financial projections. When using financial projections, appraisers are faced with the question of whether they are reasonable for valuation purposes.
Some characteristics of reasonable projections include:
• They present the most likely picture of the business in the future based on all available information as of the valuation date.
• They appear credible in the light of the historical performance of the business, its industry, and the overall economy.
• They are not too optimistic or too pessimistic.
• They do not include upward or downward bias based on the wishes or needs of a party.
If the projections used in the valuation report appear unreasonable compared to the company’s past performance, the performance of its industry, or appear biased, this issue may need further investigation.
Sources of Information
The valuation of a business is based on information that is known or knowable as of the effective valuation date. Appraisers sometimes use professional judgment to decide whether to use older information than they would prefer or information after the valuation date. Although in some situations that may be appropriate, the use of old and potentially outdated information or information that would not be known or knowable as of the valuation date is a source of inquiry.
Report Bias
Credible valuation reports contain objective analysis grounded in reasonable methodology and credible data sources. Sometimes valuation reports contain unsupported inputs that tend to favor extreme valuations – for instance, unsupported high (low) valuation multiples and low (high) discount rates that result in high (low) valuations. When all or most of the key inputs and adjustments in a valuation report are such that they result in an extreme low or high valuation, that may be a red flag that needs a closer look.

Red Flags in Valuation Reports: Valuation Quick Checklist

1. Identification of the property
2. Effective valuation date
3. Definition of value
4. Purpose of appraisal
5. Actual or assumed ownership characteristics
a. Marketability
b. Degree of control
6. Basic company information
7. Economic and industry outlook
8. Sources of information
9. Financial statement analysis
10. Valuation methodology
a. Income approach
b. Market approach
c. Asset approach
11. Valuation synthesis and conclusion
12. Appraiser’s qualifications
13. Contingent and limiting conditions

broker valuation

Business Valuation Basics With Paula Carr

Last month we gave you a rundown on what happens when a business owner decides to sell their business and you can find that article here. As promised, this month we’ll be shifting our attention to understanding the basics of a business valuation. To begin, a business valuation is an independent and unbiased process of determining a supportable opinion of the value of a business as of a specified date. Sooner or later, every business owner will need to get a business valuation done. However, it is advised to have an updated business valuation report on hand at all times.

There are numerous circumstances that would require someone to need a business valuation. For example:

The sale or acquisition of a business
An exit strategy
To obtain a loan or financing
Restructuring from "c" to "s" corp
Valuing intellectual property
Shareholder disputes
Retirement planning
Life insurance
Buy/sell agreements
Employee stock option plan (ESOPs)
Prenuptial agreements
Divorce proceedings
Gift and estate taxes
Partnership agreement

Whatever the reason you’re seeking a business valuation for, it’s important that you choose to work with qualified professionals who are in compliance with the industry’s standards. The professional appraisers at Murphy Business and Financial – Carolinas perform their duties within the requirements of Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation (USPAP) as well as the Business Appraisal Standards of the Institute of Business Appraisers.

Similarly, it’s important to note that there are also multiple types of business valuations that can be done. The type that may be useful to you, can be determined by the reason you’re seeking a business valuation in the first place. At Murphy Business and Financial – Carolinas, we offer:

Broker’s Opinion of Value – The Broker’s Opinion of ValueTM (BOV) Report is a small business pricing report. The BOV report is used by buyers, sellers, and business brokers, etc. to determine reasonable selling / listing prices for small companies

Calculation of Value Report – A report that presents a calculated value and is compliant with the standards of the Institute of Business Appraisers (IBA) and National Association of Certified Valuators and Analysts (NACVA)

Business Appraisal Report – This formal comprehensive report is suitable for litigation support and review by third parties such as the IRS. The report explains in a step-by-step manner what was done and how the value was derived

Business Valuation Report – A formal summary report that is used primarily for non-litigation situations. This restricted-use abbreviated report is typically all that is needed for determining the selling price of a business or assisting in establishing a buy-sell agreement between partners/shareholders.

In order to accurately do a business valuation, there needs to be a level of understanding about the industry that business is a part of. At Murphy Business and Financial – Carolinas, we have a foundation of people who have represented every industry across the board, so when you work with Murphy Business and Financial – Carolinas, you’re exposing yourself to a bigger organization with various resources that can be beneficial to you.

The experience of working with the professionals at Murphy Business and Financial – Carolinas is different because you’re working with people who would’ve been in your position at some point in their lives. Our team is comprised of business owners who have gone through the process of building a business from the ground up. With the understanding and respect of what it takes to be a business owner, they approach each client with the efficiency and helpfulness they would want if they were in your position.

business broker triangle

Jeff Johnson, Murphy Business Broker - What Happens When A Business Owner Wants To Sell A Business?

Deciding to sell a business is just as much of a big decision as buying a business. It requires careful planning, which is why hiring experts who are trained in the sale of businesses and are familiar with the nuances of selling a business will prove to be an invaluable asset. As a result, you will be able to focus your energy on running your business to maintain its standard throughout the selling process.

When it comes to selling your business, there’s no doubt a lot of thought was put into making that decision. In our experience, the reasons for such a change often surrounds one of the following:

Retirement - sometimes it’s time to put the world of work behind you and focus on enjoying the harvest of your hard work.

Divorce - It’s not unusual for couples to go into business together but unfortunately sometimes a happy ending means parting ways.

Separation - from a business partner.

Change of interest - Sometimes life takes a different direction and new areas of interest are discovered.

For Jeff Johnson and his associates at Elite Carolina Brokers, most clients who are ready to sell their business usually always reach out first to request a business valuation. Typically a broker’s opinion of value is given after reviewing the company’s financial documentation from at least the last three years. We’ll give you an in-depth look at our business valuation processes in our upcoming newsletters, so stay tuned!

Confidential Offering Memorandum

The next step would be the marketing process. To get this kickstarted a confidential offering memorandum is created. A confidential offering memorandum is a legal document that states every relevant piece of information about the business being sold. Information such as products and services, financial information, market, competitors, etc. This is really helpful to potential buyers. A teaser of this memorandum is broadcasted across various websites in the hope of catching the eye of a potential buyer. However, our marketing reach does not stop there, we also keep a database of buyers handy so when a business comes up for sale, we reach out to let them know there’s a business available that they might be interested in. It’s imperative to note that the confidential offering memorandum is not given to anyone unless they sign a non-disclosure agreement. This ensures that information about the sale is not shared with anyone who is not directly involved in buying the business, legal action can be taken if this is violated.

Once a potential buyer has been sourced, we then help with the negotiation of a sale price between the seller and buyer. Working with well-connected business brokers like Jeff and the other members of our team definitely has its advantages. We have affiliates locally and nationwide with SBA lenders, that help us prequalify not only the business but also the buyers. Prequalifying the buyers ensures that the buyer and seller are a great match financially, this decreases the chance of any hiccups further down the line.

Tax Consultancy before closing

Additionally, our dedication to assisting our sellers to achieve the best possible outcome and peace of mind after selling their business, knows no limits. With the help of associate and tax consultant, Monte Walker, we are able to provide our clients (sellers) with their taxable income. This is an advantage because the seller will have knowledge of their possible tax liabilities before they settle. This eliminates future regret. With regard to the buyer, we like to ensure that they do their due diligence, so usually, a letter of intent or sales agreement is provided. This is inclusive of employee information, pictures of the business and the option to take a virtual tour of the business for sale in our password protected environment; the buyer would be able to view the premises at any time that suits their convenience. On top of offering unique services to our clients, we are also very results-driven.

Nationally, Murphy business brokers currently have $164 million in engagements, year to date and we’ve sold $36 million year to date. Locally, in 2018, Jeff and our team has represented 14 business industries in our soul transactions and in the same year, we’ve represented 18 business valuations.

Now that you’ve been privy to our personalized and one-of-a-kind procedures, we encourage you to reach out to let Jeff and his team at Elite Carolina Brokers do the work for you. Our service, dedication and drive is your guarantee that if you are prepared to sell your business, we are ready to sell it for you. Give us a call at (919) 719-2717 if you’re ready to take your final step as a business owner.

NC Business listing

What Steps Should I Take When I List My Business?

If you’re a small business owner and you’re getting ready to sell your business, you might feel like you’re in uncharted territory. Selling a business is a complicated process, and it’s easy to make mistakes. What’s more, even a relatively minor misstep could cost you thousands of dollars. So before you proceed, you should be asking yourself: “What steps do I need to take before I list my business?”

At Murphy Business, we have 25+ years of experience selling businesses, and our brokers handle countless small business listings each year. So if you’re wondering what to do before you list your business, we have the answers you need…

“What Should I Do Before I List My Business for Sale?”

Before I list my business, should I hire a valuation service?

Yes, you absolutely should! A professional valuation will be critical to protect your financial and business interests. Without one, you could undervalue your business, causing you to lose value on the transactions. Or you could overvalue your business, causing the listing to stagnate and could affect the final purchase price.

What can I do before I list my business to improve its value?

There are several steps you can take to boost value before you list your business. For example, let’s say you’re involved in every aspect of your business. In this case, the value of your business depends largely on you. That value disappears once you’re gone. So if you want to boost the value of your business, you’ll need to scale back your involvement.

Should I hire a business broker to list my business for sale?

Hiring a business broker is one of the smartest decisions you can make before you list your business. An experienced business broker can walk you through every step of the listing process, provide expert advice on how to maximize the value of your business, and connect you with specialists to help with other aspects of the sale.

“How Should I Go About Listing My Business?”

What information should I include when I list my business?

When you’re listing a business, you need to think carefully about the information that you’re including. On the one hand, you want to maintain confidentiality, so you don’t want to include identifying information. On the other hand, if you list your business without including important information, you’ll struggle to attract buyers. If you’re unsure what kind of information to include, a professional business broker can help you build a saleable listing.

What information should I NOT include when I list my business?

As noted above, it’s important that you don’t include any information that makes it easy to identify your business. This information should be presented in a detailed, confidential selling document. This document should only be made available after a prospective buyer signs a confidentiality agreement.

Where is the best place to list my business for purchase?

If you’re unsure where to list your business, this is yet another reason to hire a business broker. As an independent seller, you may not be able to access key listing networks, some of which are only available to brokers. Other networks charge expensive fees for listings, which makes it difficult for independent sellers to market their listing.

“What Should I Do After I List My Business?”

After I list my business, should I run it any differently?

Many business owners make the mistake of changing the way they do business after putting their company up for sale. Usually, this is unintentional — the owner knows they’re selling, so they become less invested in the business. The business then starts to underperform, which causes its market value to plummet. In almost every case, you’ll want to continue running your business in the same way after listing.

How should I handle offers after I list my business?

Without professional advice and support, it’s easy to make missteps when handling offers for your business. For example, many sellers jump at the first offer they receive, when it’s usually better to wait and get a sense of how the market values your business. At the same time, it’s important that you qualify any potential buyer before proceeding with negotiations. If you don’t, you could waste valuable time and resources pursuing an offer that won’t go through. Worse yet, you could lose out on properly qualified offers during this process.

Who will handle the regulatory, legal, and financial details of the sale?

If you hire an experienced business broker, you shouldn’t be worried about the finer details of your sale. Successful and respected brokers will use a proven process to make sure these details are handled correctly. In addition to a business broker, you’ll want to make sure that you have a financial advisor and an attorney who specializes in business agreements. If you’re unsure who to hire for either of these roles, a good broker can provide referrals for local specialists.

“And One More Question…”
Who do I contact if I want to list my business with a Murphy Business Broker?

To list your business with a Murphy Business Broker, simply contact us today. Our brokers can help you maximize the market value of your business, reach an extensive pool of qualified buyers, and navigate the negotiation process.