There is no denying that the Corona Virus Pandemic has dramatically changed the way we live and the way we do business. However, the Harvest Business team is encouraged that business transactions are continuing, although they are being handled slightly differently.
Case in point: Harvest Business Advisors Partner Richard Stopa recently held a buyer-seller meeting with seven people, with social distancing and other CDC recommended best practices incorporated.
A very interested buyer wished to meet with the owners of a Virginia accounting practice that Richard represents. The first inclination might have been to postpone the meeting or conduct the meeting virtually.
However, the buyer is eager to move the potential purchase of the business forward. Richard was happy to work out arrangements that helped the buyer learn more about the business and also gave everyone involved a degree of comfort in conducting a face to face meeting.
The meeting took place on a Saturday when the sellers’ employees were not in the office so as to maintain the confidentiality of the potential transaction and also reduce the number of people in one setting.
The buyer party and seller party, along with Richard, met in a very large open area of the sellers’ office where there was plenty of air circulating. All parties maintained proper social distancing (in this case actually 8 to 10 feet instead of the recommended 6-foot distance). We provided ample hand sanitizer, disinfecting wipes and other cleaning products. All parties, of course, wore face masks.
The only real difficulty was the limitations of the face masks. The parties couldn’t see each other’s entire faces (and expressions) and the masks muffled the conversation a bit, a minor inconvenience.
All told, the meeting was very positive. And the transaction will continue to move forward.
This meeting proved that business with our clients can be successfully conducted during a pandemic as long as all parties are cautious, flexible and open-minded.
Look for the transaction to be announced here in the near future.
And, if you would like to discuss any of the current business listings Harvest has posted or chat about listing your business for sale, we are ready to move forward with you.
This article was written by Richard Stopa, Harvest Business Advisors.
Clients choose Harvest Business Advisors for our accurate business valuations and our proven ability to deliver the highest price in the smoothest sale transaction possible. Harvest Business Advisors provides business brokerage, business valuation, and business succession planning services. We have extensive experience in the information technology and professional services, manufacturing, distribution, and contracting fields. We maintain offices in Maryland, New Jersey and Virginia. Connect with us at email@example.com or 877-838-4966 to discuss selling your business, ordering a business valuation or buying a business.
As a Maryland and New Jersey based business broker I found Chris Mercer’s article, “Seven Questions for Highly Effective Business Transitions” a useful guide for myself and certainly for my current and prospective business owner clients.
Before you go any further, I’d like you to look at the following if you’re considering selling your business.
Please click here for a downloadable e-book, “ 10 Ways to Increase the Value of Your Business“.
The Seven Questions: My comments are a little different than Chris’s.
1. Is your business ready for sale? Most are not. Since many of the reasons for selling a business happen quickly you should always keep your business ready for sale. Profitable, transferable, quality continuing customers, growth.
2. Are you ready for your business to be ready for sale? Probably not. Emotionally and in terms of legal and tax preparation.
3. What is business value all about? See 1. above and buy my book, “11 Secrets to Selling Your Business”
4. Do you treat your business as the (major) investment that it is? Read Chris’s book The One Percent Solution.
5. Will your buy-sell agreement work? They often don’t. Do not assume everyone will behave well and do what you hope.
6. Are you ready to make a successful transition happen? Attitude and motivation. Are you really ready?
7. What will you do after you sell or transition or graduate? Determining this often resolves the biggest barrier to really doing the other 6 steps properly.
Click here to read his article on preparing your business for sale.
Start today. Think this through. Good luck.
Auto repair business for sale that has revenues over $3,000,000 and cash flows of just over $1,000,000 in 2014. It is available for the asking price of $799,000 or less than one time cash flow. Harvest Business Advisors, Business Brokers and Business Valuation Experts in Maryland, New Jersey, and between are excited to be the exclusive business brokers on the transaction.
The company provides financing to its customers. The business has about 12 employees, a building with 10 lifts and 12 additional repair spaces, offices, storage, and large fenced yard. The real estate is owned by the same owner and is also available for sale or lease or lease with an option. This is an once in a lifetime opportunity for the right buyer. It is suggested that you have auto repair experience. Finally the seller will provide financing to qualified buyers.
Clients choose Harvest Business Advisors for our accurate business valuations and our consistent ability to deliver the highest price in the smoothest sale transaction possible. Harvest provides business brokerage, business valuation, and business succession planning services. We have extensive experience in the information technology and professional services, manufacturing, distribution, and contracting fields. We maintain offices in Maryland, New Jersey and Virginia. Connect with us at firstname.lastname@example.org or 443.334.8000 to discuss selling your business, ordering a business valuation or buying a business.
Premium product pricing should result in higher profits. Higher profits absolutely creates higher business values through the business valuation process and higher prices through a proper business sales process. You can buy a dozen eggs for $1.50. Click to read how this farming business obtains premium pricing and receives close to $5.00 per dozen eggs. How can you demonstrate value and obtain premium pricing?
Want to know more? Please click here for the downloadable e-book. “7 Things You Must Know Before You Order a Business Valuation”
Gregory Caruso, JD, CPA, CVA
Harvest Business Advisors
Business Brokerage, Business Valuation,
Bel Air Maryland, Perry Hall Maryland, Glen Burnie Maryland, Princeton NJ
Biz Buy Sell, www.bizbuysell.com just released a research report based on a nationwide survey of business brokers. The report polls business brokers views on the current business sale market for main street businesses. The findings are consistent with what we have been experiencing as business brokers in Virginia, Maryland and Pennsylvania. The report on the current outlook for selling businesses found; 1. Buyers are back which is fueling sales. 2. Seller financing is essential to getting deals done. Read the report for yourself.
Considering Selling Your Business? Please click here for a downloadable e-book, “ 10 Ways to Increase the Value of Your Business“.
Harvest Business Advisors
Business Brokerage, Business Valuations, Succession Planning
Maryland, Virginia, Pennsylvania, Southern New Jersey