STEPS TO SUCCESSFULLY SELLING YOUR BUSINESS IN SALT LAKE CITY, UTAH, AND SURROUNDING AREAS
An exit plan is a roadmap for successful business ownership transition. A great exit plan is designed to help you maximize value and minimize tax consequences, while planning a thoughtful exit time horizon. The plan additionally assists you in implementing current business processes to improve profitability and expedite transition when selling your business.
Finding the right team to help you is crucial. Make sure you have a qualified Business Broker, Investment Banker, CPA, Attorney, and Financial Advisor, whose resources and experience will best serve you throughout the exit planning and business selling process.
To market your company successfully, we first need to determine the value of the business. UBC will perform an evaluation based upon your company’s financial results, industry comparable sales, and expected future performance.
Finding the right buyer means determining the profile of likely buyers, such as financial buyers, strategic buyers, and private equity group buyers. UBC will be selective in approaching those buyers having the right mix of talent, capital, and business experience, which combined will complement the future growth and stability of your business.
UBC Compiles an in-depth review of your company including recast financial statements, its fixed assets, products or services, and other important aspects of your business. This compilation is called a Confidential Business Review (CBR). The CBR and all additional marketing information used by UBC is approved in advance by you.
UBC uses 10 or more business brokerage internet advertising sites to attract and inform interested buyers. We then qualify all interested buyers and have them execute a Non-Disclosure Agreement (NDA). Qualified buyer candidates are then approved by you before any confidential information is released. Buyers requiring SBA or other financing assistance are supplied with contacts to confirm their ability to financially execute a transaction.
A unique mix of talent is required to facilitate a deal structure that satisfies the needs and concerns of all parties. At UBC we serve as a proficient deal-maker as well as a financial analyst, tax consultant, negotiator, and strategic planner. UBC will lead negotiations culminating in non-binding offers which will propose price, form of payment, non-compete terms, and contingencies to be removed prior to closing.
After terms of the sale are agreed upon in an executed Letter of Intent (LOI), the proprietary details of operation are open for review and confirmation. A definitive schedule should be agreed to before due diligence activities proceed, in order to move the process along in a timely manner.
Following the due diligence review, the business buyer will draft a final purchase and sale contract called a definitive purchase agreement. This agreement details all the terms agreed to in the LOI, in contract form. In addition to the purchase contract, all other ancillary agreements such as a promissory note, non-compete agreement, equipment list, etc. will be attached.
This is the culmination of years of hard work in building your business. Final documents are signed and money and titles change hands, and the necessary documents are filed with government offices.