Seller’s Frequently Asked Questions
Q: How long will it take to sell my business and how long is your contract?A: According to the Business Brokerage Press, the average time for the sale of a small business was 212 days from the date of listing to the day the seller received a check. At George and Company, some deals come together within 60 days, others take quite a bit longer. Due to these statistics our average contract runs from 6-12 months. Only a careful analysis of your company will allow us to more closely project the time required. Q: Can I engage George and Company and still sell the company myself?A: Due to issues of confidentiality, George and company works with exclusive contracts only. If you have identified a potential buyer, we will arrange for a reduced success fee for that one particular buyer.Q: How will you market my company while maintaining confidentiality?A: One of our contemporaries once stated that our job was very difficult because our clients want to be sold right away but they don’t want us to tell anyone that they are for sale! George and Company has dozens of methods to introduce your opportunity into the buyer community without compromising confidentiality. Blind postings on over a dozen web sites, trade publications, national financial publications, direct mail and countless other means are utilized and only after approval of the client. Q: Do my employees need to know I am selling?A: Each company has different needs but typically employees are not told of the sale until such time that the seller and buyer agree the time is right. Q: Do I get to keep my cash on hand and accounts receivable?A: Most business sales are asset sales where the seller does keep all cash and receivables at closing. This is a negotiable issue that is discussed prior to bringing the company to market. Q: Will I need my lawyer and accountant?A: The success of any business transfer is directly related to the team effort put forth. Your attorney and accountant will be instrumental in creating a win/win deal and should be made part of the team as soon as possible. If your attorney is not experienced in business transfers, we are happy to provide a list of experienced M&A lawyers for you to choose from.
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